Partners Group Holding AG has agreed to buy more than 2,000 rental houses owned by Fortress Investment Group, according to people with knowledge of the matter -- the latest bet on US residential real estate by an alternative asset manager.
The transaction values the portfolio at more than $1 billion, said one of the people, all of whom requested anonymity because the deal is not yet public. Included are more than 2,000 new-build homes operated by Kairos Living and about 1,000 homes in contract. They are primarily located in the US Sun Belt, and cities such as Oklahoma City; Amarillo, Texas; Birmingham, Alabama; Tampa, Florida; and Atlanta.
