Blackstone’s announcement in late 2019 that it was cashing out of Invitation Homes marked the completion of one of real estate’s boldest bets of the decade. In the wake of the financial crisis, Blackstone strategically invested hundreds of millions of dollars into foreclosed and distressed properties and converted them into single-family rentals, creating Invitation Homes as its corporate vehicle. Now, as Blackstone winds down its investment in single-family rentals, it’s a good time to review where we’ve been, where we are now and where we may be headed.

Blackstone’s first-mover investment with distressed real-estate, just like similar heady investments made by the likes of Starwood Waypoint Homes, American Homes 4 Rent and Tricon, certainly helped to stabilize and beautify some hard-hit local communities and helped clear a few key markets glutted with unsellable homes. 

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