Blackstone Group has announced an agreement to acquire Home Partners of America, a company that buys and rents single-family homes, for approximately $6 billion.
The deal, which is expected to close in the third quarter of 2021, will see Blackstone Real Estate Income Trust acquire Home Partners’ portfolio of over 17,000 rent-to-own homes across the United States. Founded in 2012, Home Partners rents out homes and eventually gives tenants the option to buy their rentals. Through this business model, the company said that it has helped thousands of home seekers live in a home they otherwise would not be ready to purchase.
“The fundamental premise of the HPA platform is to provide residents with the opportunity to live in their chosen home with the option to purchase it—we intend to build on that goal and expand access to homes across the US,” said Jacob Werner, senior managing director at Blackstone Real Estate. “We look forward to working with HPA’s leadership team to further invest in the properties and continue its role as a valuable resource for people considering home purchases.”