The Blackstone Group is leading a $300 million minority investment in Tricon Residential, owner of more than 30,000 single-family rental homes.
Why it matters: This is Blackstone's return to the single-family rental market, which it dominated until cashing out of Invitation Homes late last year.
- It also reflects how single-family rent collections have outperformed apartment rent collections during the pandemic.
The bottom line: "Single-family rentals have been around for decades, but Wall Street viewed scattered-site portfolios as difficult to manage. That changed following the U.S. foreclosure crisis, when firms like Blackstone began assembling massive holdings and developing new property-management systems," writes Bloomberg.
