Blackstone Group LP may take one of its divisions focused on single-family rentals public in the first half of 2017, according to a published report.
Invitation Homes currently oversees about 50,000 single-family house rentals across the country. It would go public as a real estate investment trust, Bloomberg News reported .
Blackstone saw opportunity in the single-family housing rental market after the recession, as mortgage credit remained tight and the economy stagnant. It’s one of several investment firms that have snatched up distressed properties left behind in the wake of the housing bust. Demand for rental homes is expected to remain high even as the housing market recovers.
Blackstone declined to comment.