Premium Point Investments Buys Majority Stake in Single-Family Rental Operator
Partnership with Residential Capital Management (“RCM”) expands
Premium Point’s diversified residential mortgage platform into single-family rental market
NEW YORK, ATLANTA – October 14, 2014 – Premium Point Investments (“Premium Point”), a New York-based alternative asset management firm focused on residential mortgage assets, today announced it has acquired a majority interest in Atlanta-based Residential Capital Management (“RCM”). Terms of the transaction were not disclosed.
Founded in 2010, RCM is a leading operator of single-family residential homes in the southeast region of the US. The firm provides a combination of investment management services, including acquisitions, construction, property management, property preservation, leasing, title and disposition services.
For Premium Point, the partnership represents an opportunity to add to its investment platform across the residential markets in a proven institutional asset class.
“We see great synergies between our businesses, and significant opportunities in the single-family rental market,”said Anilesh Ahuja, Chief Executive Officer and Chief Investment Officer of Premium Point. “In RCM, we have a partner that is a best-in-class operator with a proven track record of investing for large institutional clients.”
Lance Popp, President of Residential Capital Management, commented on how PPI’s investment expands his firm’s capabilities.
“This partnership with Premium Point provides us with capital markets expertise and access to its residential platform. With Premium Point as our partner, we now have the necessary resources to develop and expand nationally beyond the Southeast US,” he added.
Citi advised Premium Point on the transaction.
About Premium Point Investments
Premium Point Investments LP (“Premium Point”) is a $1.7 billion institutional asset manager that engages in relative value trading and fundamental credit investing in the residential mortgage markets. Premium Point operates an established mortgage platform from real estate acquisition and property management to loan underwriting & sourcing to bond securitization, issuance, trading. Premium Point was founded in 2008 by Anilesh Ahuja and is based in New York. www.premiumpt.com
About Residential Capital Management
Residential Capital Management was founded in April 2010 and is headquartered in Atlanta, GA with additional offices in Marietta, GA, Orlando, FL, Tampa FL, Boca Raton FL, and Nashville, TN. RCM is a vertically integrated operator of single family residential properties. RCM provides a combination of investment management services, including acquisition, construction, property management, leasing, property preservation, title and disposition services. As of June 2014, RCM has acquired, renovated, and managed over 7,200 homes since its founding: 1,200 self-funded acquisitions and an additional 6,000+ on behalf of private equity partners. RCM has 120 full-time employees. http://www.residentialcapitalmanagement.com/