After helping build Invitation Homes into one of the nation’s largest single-family rental operators, Blackstone is now cashing out on part of its investment.

Blackstone, which took Invitation Homes public in 2017, sold off more than $1 billion in shares of the company’s stock this week.

Invitation Homes announced earlier this week that “certain selling stockholders affiliated with Blackstone” were offering 40 million shares of Invitation Homes stock for sale.

Later, the company revealed that it was pricing the offering at $25.30 per share.

Invitation Homes said that the company is not offering any shares of common stock and will not receive any proceeds from the sale.

Selling off 40 million shares at $25.30 per share would bring in approximately $1.012 billion for Blackstone.

Initiation Homes has grown significantly since Blackstone took the company public in 2017. Later that year, Invitation Homes merged with another of the single-family rental industry’s big players, Starwood Waypoint Homes.

The completion of the merger marked the latest in a series of consolidations in the single-family rental industry that took place over the last few years.

Most notable during that time was when Starwood Waypoint Residential Trust merged with Colony American Homes to form Colony Starwood Homes.

Colony Starwood Homes later changed its name to Starwood Waypoint Homes, which then merged with Invitation Homes.

According to Invitation Homes, the company currently owns more than 80,000 homes for lease in 17 markets across the country.

Per a Wall Street Journal report, after this sale, Blackstone now owns approximately 27% of Invitation Homes’ shares.