Peninsula Capital Corp Completes Acquisition of 174 Houses in Rochester, NY

TORONTO, March 23, 2022 (GLOBE NEWSWIRE) -- Peninsula Capital Corp. (“PCC or Peninsula”), a private Canadian corporation, is pleased to announce that it has closed its acquisition of 174 houses (213 units) in Rochester, NY for an aggregate purchase price of $12.75 million excluding transaction costs. This represents Peninsula’s entry into its 2^nd market and allows PCC to increase the velocity of its acquisition strategy across multiple markets.

Peninsula CEO Mike Appelton said, “Entering this new market is a natural extension of our existing operation in Buffalo, NY given its proximity.” He adds, “The addition of these 174 houses puts us well on our way to achieving our target of acquiring 500 houses in 2022. With our recently closed capital raise, we have the necessary equity capital on hand to achieve this objective.”

About Peninsula Capital Corporation.
Peninsula Capital Corp. owns, acquires, and manages Single Family Rental (“SFR”) housing presently focused in upstate New York. PCC was formed to provide a differentiated investment opportunity by investing in affordable residential properties that provide stabilized high cash flow in markets with a high proportion of renters. We provide affordable, quality, safe and secure housing to our tenants. PCC is focused on growth and specializes in identifying and acquiring stabilized and near stabilized houses with a strong tenant base. Approximately 95% of houses are acquired off-market via private sale and sourced using PCC’s deep market knowledge and experience. Fully vertically integrated, with the internalization of property management in 2019, PCC has significant “boots on the ground” and a back office firmly in place, to manage both local and regional growth from a central location. Our investments are underwritten solely based on the merits of cashflow – house value appreciation is pure upside. PCC’s existing portfolio consists of 527 houses (795 rental units in total) and achieving our acquisition goal for 2022 of owning >900 houses.

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