Blackstone Group will sell a part of its residential rental properties business through an IPO, reported the Wall Street Journal.
Blackstone Group went on a buying spree during the foreclosure crisis, buying thousands of homes in various markets. Blackstone would ultimately rehabilitate the foreclosed properties and lease them out to tenants. Now, at a time when property values have rebounded and rents are tight, the private equity giant is trying to capitalize on its decision.
Invitation Homes LP, the Dallas-based company Blackstone formed to maintain and rent almost 50,000 leased homes in 14 markets across the U.S., is expected to fetch up to $10 billion in an IPO, according to observers.