Blackstone dives into REO rentals
As REO rentals get set to take off, major Wall Street investment firms are getting into the foray. Bloomberg News reports Blackstone Group (BX) purchased about $250 million this year in foreclosed property inventory for rental use.
While other investors have made plans to enter the single-family leasing market, or have already begun acquiring REO properties, New York-based Blackstone is thus far the largest to make a move into the market after home prices have plunged nationwide over the past few years.
Partners in the Blackstone efforts include Dallas-based Riverstone Residential and Tempe, Ariz.-based Treehouse Group, according to the new report.