Blackstone Group is acquiring Home Partners of America in a $6 billion deal that could be announced as soon as today, according to a report in the Wall Street Journal, which cites sources close to the transaction. 

Home Partners buys and rents out single-family homes, giving tenants a chance to buy the property. It has a portfolio of more than 17,000 houses throughout the US. 

Blackstone’s investment is the latest illustration of the strength of the SFR asset class, which is now on par with the multifamily sector in terms of investor interest and fundamentals. Walker & Dunlop estimates the SFR market to be valued at around $3.4 trillion—a staggering number when compared to the more established multifamily market, which is estimated at $3.5 trillion. 

Blackstone has a history in this sector, having been an early investor in Invitation Homes. It exited the space in 2019 and then re-entered the following year when it acquired a $240 million stake in Tricon Residential.