CNBC: Blackstone Takes Its Single-Family Rental Bet Public As Sector Soars
According to CNBC:
Investors are seeing green in single-family rentals, and one of the biggest players in the space is reaping rewards.
Invitation Homes, a Dallas-based single-family rental real estate investment trust and a behemoth in its class, raised $1.54 billion in an initial public offering Tuesday. It priced 77 million shares at $20 each, well within its previously stated range of $18 and $21. The stock opened slightly higher Wednesday.
"Blackstone and new shareholder interests will be closely aligned over the near term given the firm's significant ownership stake, which will likely be reduced gradually over the next three to five years," said John Pawlowski, senior research associate with Green Street Advisors.
Read the full article from CNBC here.