Blackstone Group, an investment firm giant, plans to steer investors toward single-family rental homes. The company will lead a group of investors in a $300 million minority investment in landlord giant Tricon Residential Inc, which operates more than 30,000 single-family rentals, according to National Mortgage News. The CEO of Blackstone’s nontraded real estate investment trust, BREIT, says the rental housing sector continues to show strong underlying fundamentals. Even during a pandemic, single-family landlords are having much less trouble in receiving payments compared to multifamily landlords. Read more to see Blackstone’s plans.
"We continue to see strong underlying fundamentals in the rental-housing sector, and believe the company's high-quality, income-generating assets are poised to generate stable performance under the leadership of its best-in-class management team," Frank Cohen, chief executive officer of BREIT, said in the statement.
The suburbs are in high demand as city-dwellers seek quarantine comforts such as backyards and room for home offices. At the same time, with more than 16 million Americans out of work, many renters have said they lack confidence in their ability to pay for housing, and experts are warning that the country is headed for a massive wave of evictions.
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