Blackstone Real Estate Income Trust (BREIT) is acquiring Home Partners of America (HPA) in a deal that values the owner of 17,000 residential assets at $6bn (€5bn).
HPA rents out single-family homes while providing tenants the option to eventually acquire them.
Blackstone has invested in single-family housing platforms in the past, creating Invitation Homes – which it eventually sold – and last year investing in Tricon Residential.
Blackstone said the perpetual-life BREIT fund would be able to provide long-term financial support to the expansion and management of the portfolio.
Jacob Werner, Blackstone Real Estate senior managing director, said: “The fundamental premise of the HPA platform is to provide residents with the opportunity to live in their chosen home with the option to purchase it – we intend to build on that goal and expand access to homes across the US.”
Bill Young, co-founder and CEO of HPA, said: “This partnership with Blackstone Real Estate and its consistent support of our business will ensure we are well positioned to expand the reach of our programme to provide access to more homes while also delivering on our commitments to our current residents for the long term.
“Our goal has always been to make homeownership a reality for more people, and now we can continue that mission, while providing even more flexibility and services for our residents.”
The transaction is expected to close in the third quarter of 2021.
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