Blackstone cashes out on Invitation Homes

Blackstone’s bet on the single-family rental market is now complete, as it was revealed this week that Blackstone is selling off its remaining shares in Invitation Homes for more than $1.7 billion. In the early part of this decade, Blackstone began pouring money into distressed residential real estate, spending billions to buy up foreclosures and other distressed properties, then turning those houses into single-family rental properties. Blackstone’s move into single-family rentals was conducted through Invitation Homes, which the firm helped grow into one of the nation’s largest single-family rental operators.