Blackstone REIT to Acquire Home Partners of America for $6 Billion
June 22, 2021 | James Sprow | Blue Vault
Blackstone Real Estate Income Trust Inc. will pay $6.0 billion to buy single-family rental homes company Home Partners of America Inc.
Home Partners owns more than 17,000 homes across the U.S. Blackstone REIT said it intends to help Home Partners explore opportunities in offering its high-quality homes to lower income households, in addition to continuing and expanding the financial planning assistance program offered to all residents free of charge.
The transaction is expected to close in the third quarter, subject to customary closing conditions and approvals.
About Home Partners of America
Home Partners of America is committed to making homeownership a reality for more people. The program provides a clear path to homeownership. Our process is easy, transparent, and built on a foundation of choice and flexibility. Home Partners is helping more people get into great homes, in neighborhoods they love, with the opportunity to build a more secure financial future.
The Challenge
Many people want the benefits of living in a single family home. However, whether they’re a first-time homebuyer who’s cautious about making such a large financial investment, someone who has recently relocated and is unsure of which neighborhood to live in, or someone who is creditworthy but cannot currently obtain a mortgage, they hope to one day buy a home but aren’t ready now.
Home Partners Solution
Home Partners provides the opportunity for people to move into a great home and community today that otherwise may not be available in the rental market.
How It Works
Qualified prospective residents work with licensed real estate agents of their choosing to select the right home for them. They can choose from a wide variety of properties in communities that Home Partners serves that fit their budget and meet Home Partners’ investment criteria.
Home Partners works to get potential homeowners on A New Path to Homeownership®– by purchasing the home of their choice and delivering an attractive lease structure with the right to purchase the home in the future.
Why It Works
Home Partners’ approach provides meaningful benefits for prospective homeowners, the communities it serves, and the real estate community.
Sources: S&P Market Intelligence, Home Partners of America
