Blackstone-Owned Landlord to Cease Buying Homes in 38 Cities as US Housing Market Slows
A single-family landlord firm owned by the private investment company, Blackstone, will end it purchases of homes in 38 American cities, as the U.S. housing market begins to slow down dramatically.
The residential property company, Home Partners of America, (HPA) was acquired by Blackstone in June 2021 for $6 billion at the height of the COVID-19 pandemic housing purchasing boom.
At the time, the company controlled more than 17,000 units of housing stock.
Blackstone is the latest institutional investor to pull back from the once overheated housing market.
The Blackstone Real Estate Income Trust, a non-listed real estate fund worth $97 billion, is the holding company for the private equity firm’s real estate company acquisitions….