Blackstone Bets $6 Billion on Shifting Path to Suburban Homes
- Private equity firm buys company with more than 17,000 houses
- Demand for larger living spaces has drawn investor interest
Photographer: Elijah Nouvelage/Bloomberg
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Blackstone Group Inc.’s new single-family rental strategy is a $6 billion bet that tight housing markets will lead Americans to seek new ways to get suburban housing.
The private equity giant agreed to buy Home Partners of America Inc., a rental company that owns more than 17,000 houses, according to a statement on Tuesday. The company gives tenants the option of buying their rental at a predetermined price, making it unique among large single-family landlords.