Aug
10
Real Estate Billionaires Form Rental Giant in Shifting Industry
By-
Landlords consolidate to gain scale in still-new asset class
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Invitation Homes, Starwood Waypoint to own 82,000 U.S. houses
It was a simple phone call between two real estate billionaires that led to the formation of a behemoth in the house-rental industry.
Property investor Barry Sternlicht called Jon Gray, head of real estate for Blackstone Group LP, in the spring proposing a combination of Starwood Waypoint Homes, of which Sternlicht is chairman, and Invitation Homes Inc., majority-owned by Blackstone. The companies announced the $4.3 billion merger Thursday after months sorting out the details, creating a company that will be the largest U.S. single-family landlord, with 82,000 homes across the country…
Real Estate Billionaires Form Rental Giant in Shifting Industry
