Blackstone Gets Back Into Rental Houses With Tricon Deal
- Firm is leading a $300 million preferred equity investment
- Blackstone led Wall Street into rental homes before exiting
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Blackstone Group Inc., which led Wall Street’s initial foray into the single-family rental business, is making a new investment in suburban houses at a time when the Covid-19 pandemic is pressuring traditional commercial real estate.
The private equity giant, which exited its stake in landlord Invitation Homes Inc. last year, is leading a group of investors in a $300 million minority investment in Tricon Residential Inc., which owns and manages more than 30,000 single-family rental homes and multifamily units in North America.