Everything we do is underpinned by proprietary analytical tools and methodologies – then battletested by an in-house team of research analysts and real estate capital market experts. We believe that this combination provides Amherst Capital with an information advantage and differentiated perspective into the fundamentals driving performance.
"Wall Street as Landlord: Blackstone Going Public with a $10 Billion Bet on Foreclosed Homes"
The Wall Street Journal - December 2016Read More
Blackstone has said it focused on properties in top school districts that were suitable for families, a strategy shared by rivals who have told investors that tenants in such areas more readily accept rent hikes to avoid moving. Invitation Homes spent more money buying and fixing up its homes—about $172,000, on average—than any of its competitors, Amherst Capital Management estimated in a recent study.
"Why is Blackstone Moving Ahead with the Invitation Homes IPO Now?"
National Real Estate Investor - December 2016Read More
In a recent report, researchers with real estate investment management specialist Amherst Capital Management estimated that U.S. single-family homes remain undervalued by about 5.0 percent. As a result, single-family rentals currently have the potential to produce unlevered returns of approximately 7.4 percent and leveraged returns of approximately 13.0 percent over a 10-year period.
U.S. Single Family Rental - An Emerging Institutional Asset Class
White Paper - November 2016Click Here to Download
Single-family suburban homes have been the mainstay of the U.S. housing market since the post-World War II automobile boom. However, as mortgage credit availability became scarce and homeownership plummeted following the financial crisis, the demand for single-family homes manifested itself in the form of rentals — amplifying the opportunity in the single-family rental (“SFR”) space. This paper examines single-family rentals as an institution-owned, longer-term commercial real-estate (“CRE”), much as apartment and office REITs are viewed.
"MOVES-Amherst lures back Goodman for mortgage push"
Reuters - November 2015Read More
Veteran analyst Laurie Goodman is returning to the investment side of the US mortgage market in an advisory role at a new startup called Amherst Capital.
Amherst Capital expands Originations Team to bolster growing CRE lending business
NEW YORK, Sept. 28, 2016 /PRNewswire/ -- Amherst Capital expands Originations Team to bolster growing CRE lending business, adds Gabe Boyar.Read More
"BNY Mellon Boutique Firm Beefs up CRE Lending"
GlobeSt - September 2016Read More
BNY Mellon Boutique Firm Beefs up CRE Lending
"Lenders are giving residential mortgage-backed securities a rehab"
Pensions & Investments - September 2016Read More
Lenders are giving residential mortgage-backed securities a rehab
The Case for U.S. Housing
White Paper - July 2016Click Here to Download
U.S. Single Family Housing significantly lagged post-crisis recoveries compared to equities and commercial real estate. That relative underperformance, plus potential support from pent-up demand, augur well for housing. In our opinion, median income-based measures suggesting that U.S. housing is overvalued are flawed. U.S. housing is NOT a monolithic whole; it is a very heterogeneous asset class. New constructions sit next to 70-year-old homes, across a variety of sizes and price points. Digging deep into local factors (e.g., land supply constraints, income growth of upper middle class) is essential to better understanding and forecasting home prices. We believe housing in Ohio, Illinois, Mississippi, Nevada and New Jersey is undervalued vs. local fundamentals and likely to outperform; while parts of Oregon, Texas, Hawaii and California are relatively overvalued and could lag income growth.
U.S. Housing Market remains healthy - why some indices don’t think so
Commentary - August 2016Click Here to Download
The Case-Shiller Home Price Index has for many years been the best and most widely held indicator of the health of the U.S. housing market. It has been used as an input for many models across the industry including at Amherst. Since it is widely followed, it is necessary to point out how the housing crisis has impacted the index - potentially causing it to provide misleading signals in certain market conditions.
Amherst Capital hires experienced sell-side research team to support investment performance and enhance analytic capability
NEW YORK, June 27, 2016 /PRNewswire/ -- Amherst Capital announces the hiring of Sandeep Bordia and his experienced sell-side research team to support investment performance and enhance analytic capability.Read More
1. Provided through a consulting agreement with Amherst Capital