Blackstone unit selling 1,300 Atlanta houses amid shift in strategy
The transaction would be the biggest bulk sale for the 3-year-old company
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BLACKSTONE Group's Invitation Homes, after spending more than US$9 billion in a US property-buying spree, is starting to sell some houses as it shifts focus from rapid expansion to fine-tuning its holdings.
The housing landlord has agreed to sell about 1,300 Atlanta-area residences that don't fit its strategy, which targets communities with higher rents and quality schools, according to Chief Executive Officer John Bartling. The transaction would be the biggest bulk sale for the 3-year-old company, the largest US owner of single-family homes.
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