NEW YORK CITY-Private equity firm Blackstone Group, LP announced today that former AvalonBay Communities Inc, Chairman Bryce Blair has joined its real estate portfolio company Invitation Homes' board of directors.
Invitation Homes Chairman and CEO Nick Gould said in a statement that Blair, who worked for 20 years at AvalonBay, “will be tremendously helpful as we develop our platform.” He later added that Innovation Homes will be aided by Blair's “background building a leading company in the multifamily space.”
In addition to serving as chairman from 2002 to this past May, Blair was AvalonBay's CEO from 2001 to 2011. He currently serves as a senior advisor to McKinsey & Co., and serves on the board of directors of Pulte Homes.
David Roth, a senior managing director with Blackstone's Real Estate business, said, "We are pleased that Bryce has agreed to lend his wealth of experience and talents to helping us build Invitation Homes into the premier single-family rental company in the country."
Blackstone has spent more than $5 billion to buy at least 32,000 single-family rental homes. Invitation Homes, according to Business Week, is the largest owner of single-family rental homes. See story at Bloomberg.com.
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