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Blackstone Starts Selling Out of Home-Rental Empire
Blackstone Group BX -1.03% LP is cashing in on its bet on the suburban rental class.
The private-equity firm late Tuesday sold more than $1 billion of shares of Invitation Homes INVH -0.55% Inc., the giant single-family home landlord it launched following the financial crisis in a wager that many Americans would be willing to rent the suburban lifestyle they could no longer afford to own.
The share offering is Blackstone’s second since March and comes as Invitation’s shares are trading at a record, reflecting rising rents and strong demand for the 80,000-odd homes it owns in 17 markets around the country. Blackstone, which invested in Invitation from private-equity funds that are approaching deadlines to return cash to investors, now owns about 27% of Invitation’s shares, down from about 34% before the latest sale.
