Company bringing factory-built homes acquires dozens of sites
Texas-based Amherst Holdings has acquired a nearly $500 million mortgage loan and over 20 properties in Pinellas County. The company, one of the largest owners of rental homes in the nation, intends to bring affordable housing to St. Pete.
According to deeds and mortgage loan transactions published this week, Amherst has assumed a $498.97 million mortgage loan from Goldman Sachs and purchased lots and residential homes in St. Petersburg, Largo, Safety Harbor and Clearwater.
Last year, the full-service real estate company team said it had entered a partnership agreement with the City of St. Petersburg to increase the affordable housing supply.
Through the company’s StudioBuilt division, it converts vacant lots into affordable housing, utilizing a modular home construction process while keeping rents below market rate.
The company manufactures the components of the houses in multiple factories, and delivers the pieces to the sites to construct the home.
Although the company announced it was adding to the city’s housing inventory, Amherst also purchases existing homes and turns them into rentals.
Amherst executives were not immediately available to comment on the plans for the county sites.
Today, Amherst manages $16.8 billion of assets and over 45,000 homes, according to its website.
The home at 7312 6th Ave N. in St. Petersburg, one of the many domiciles Amherst owns. Realtor.com.
A breakdown of the transactions recorded this week:
Under the Alto Asset Company 5 LLC entity, Amherst purchased 15 tracts of land from VM Pronto for $6.598 million. Some of the properties include:
- 3032 40th Ave. N., St. Petersburg
- 7312 6th Ave. N., St. Petersburg
- 9200 53rd Way N., Pinellas Park
- 4080 41st St. Ave. N., St. Petersburg
- 358 Wertz Dr., Largo
- 1829 Alberta, Clearwater
- 518 N. Duncan Ave., Clearwater
- 5763 Cresmont St., Clearwater
Amherst purchased five properties from the related entity VM Master. Those properties include:
- 1824 42nd St. S., St. Petersburg
- 711 15th Ave. S., St. Petersburg
- 3 Bay Hill Court, Safety Harbor
- 505 13th Ave. NW, Largo
Amherst also purchased additional properties from the ARVM 5 LLC entity. The St. Pete properties include:
- 3775 32nd Ave. N. and 4936 5th Ave. N.
Peaches Greer
August 7, 2023at7:11 am
The homes are still not affordable and the qualifications and application process keep alot of hard working people out of their properties.
Lynn
August 6, 2023at10:59 pm
Amherst Holdings has been buying lots in St. Pete for a few years for modular homes. You’ll find them dotting south side neighborhoods today. They only rent the homes giving no home ownership opportunity for our residents and all rental income goes out of state. This is not an ideal situation for the city.
Donna Kostreva
August 4, 2023at9:41 pm
No one company can properly manage 45,000 homes. Rentals remove the opportunity for 45,000 persons to OWN their own homes.
Kath
August 4, 2023at4:06 pm
Is the company only renting out all the homes?
Will they be offering homes for sale as they continue to grow in St Petersburg?