RESI - Front Yard Residential goes private as Pretium/Ares deal closes

Pretium, an alternative investment management firm, and funds managed by Ares Management (ARES) close on their acquisition of Front Yard Residential (RESI), making Pretium the second-largest owner and operator of single-family rental properties in the U.S.As a result, Pretium now has more than 55,000 SFRs.Pretium will manage the venture and partner with Ares to further optimize and expand Front Yard's portfolio of SFR assets."There is significant opportunity in the SFR market and a clear sense of urgency among institutional investors to deploy capital to this asset class given record-high occupancy rates, stable cash-flow characteristics, and potential for continued capital appreciation," said Pretium Chairman and CEO Don Mullen.Joel Holsinger, partner and co-head of Alternative Credit in the Ares Credit Group, said the asset class is particularly strong given its "compelling secular market tailwinds."Previously (Nov. 23, 2020): Front Yard stock surges 21% after negotiating higher price from Ares/Pretium

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Front Yard Residential goes private as Pretium/Ares deal closes