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KKR just made a major change to how it manages its single-family rental portfolio. Here's what happened:
- KKR is ending its asset management relationship with Avenue One and bringing oversight in-house through its subsidiary, My Community Homes (MCH)
- ~10,000 SFR doors are affected across four property managers: Mynd (4,000), Evernest (3,500), North Point (1,500), and Pure Home River (1,000)
- MCH is keeping Mynd on, but cutting Evernest, North Point, and Pure Home River loose — most of the work is shifting to Darwin Homes instead
- The move follows new legislation restricting large investors from buying SFRs, plus a broader trend of institutional owners pulling property management in-house (Blackstone did the same earlier this year)
- North Point expects to lose ~30% of its door count; Evernest and Pure Home River are looking at roughly 15% and 3% hits, respectively
Lesson: don't tether too much of your business to one or two institutional clients.
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Disclaimer: The content of this news video is for informational purposes only and does not constitute professional advice. I may have consulting agreements with, or financial interests in, companies mentioned in this podcast (more info here: https://www.peterlohmann.com/financial-interest-disclosure ). Additionally, some of the links included may be affiliate links, meaning I may earn a commission if you purchase through these links. Always perform your own due diligence before making any financial or business decisions.
