Wall Street Giant Invests $300 Million in Single-Family Rentals
Leading global asset manager Brookfield Asset Management wants in on the booming housing market. To do so, the company bought a controlling stake in single-family landlord company Conrex, according to Bloomberg. Conrex manages more than 10,000 rentals throughout the Midwest and Southeastern U.S. Brookfield even put $300 million into a vehicle specifically for renovating and purchasing more homes. They’re not the only Wall Street giant joining in, JPMorgan Chase & Co. had previously doubled investments through developing several thousand rental houses in May.
In addition, Brookfield has raised $300 million, including some of its own capital, for a vehicle called Brookfield Single Family Rental that will acquire and renovate homes. The firm intends to leverage the Conrex platform for that effort, one of the people added.
A representative for Brookfield declined for comment. Conrex didn’t immediately respond to a request for comment.
Wall Street discovered single-family rentals, once the domain of mom-and-pop landlords, in the aftermath of the U.S. foreclosure crisis, when firms like Blackstone Group Inc. and Starwood Property Trust Inc. spent billions buying up distressed assets.