ATLANTA-The Blackstone Group has acquired 1,400 properties here in what analysts say is the largest bulk purchase in the homes for lease arena.
The New York City-based investment firm purchased the properties from Building and Land Technology of Stamford, CT, according to Marcus Ridgway, chief operating officer of Invitation Homes, Blackstone's single- family rental division. People familiar with the transaction told Bloomberg News that the purchase price was more than $100 million.
Most of the acquired properties in Atlanta are leased, and approximately 16% of the portfolio is Section 8 housing.
Ridgway declined to discuss the purchase price but says the deal is consistent with Invitation Homes' plans. “There has been no shift in our strategy,” he stated in an e-mail to Bloomberg News. “Our goal at Invitation Homes continues to be that we're building a company for the long term based on long-term holding and renting homes.” See story at Bloomberg News.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
