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AG Mortgage entering single-family rental business with $140M portfolio purchase

AG Mortgage Investment Trust Inc. is entering the single-family rental business through the acquisition of a stabilized portfolio of 1,225 single-family rental homes located predominantly in the Southeast U.S. from funds affiliated with Connorex-Lucinda LLC.

The portfolio's aggregate purchase price is approximately $140 million. The mortgage investment trust will finance the portfolio with approximately $37 million of cash on hand and approximately $103 million of five-year, fixed rate debt.

The transaction is expected to close in the third quarter.

At closing, the mortgage investment trust will enter into a property management services agreement with Conrex, whereby Conrex will continue to provide property management services with respect to the properties.

AG Mortgage Investment Trust has been examining the single-family rental space since 2017, Chief Investment Officer T.J. Durkin said in a press release.