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.
