Blackstone Real Estate Income Trust, Inc. (“BREIT”) is set to acquire Chicago home rental firm Home Partners of America (“HPA”). The deal has been valued at $6 billion.
HPA offers what it calls a unique, resident-led business model expanding housing access and choice, while providing a clear path to homeownership to individuals and families across the United States. BREIT’s investment in HPA will be supported by its perpetual capital, enabling a truly long-term approach to the management of the properties. Blackstone stated that the firm’s “substantial experience with rental residential properties and commitment to acting responsibly to support residents will bring valuable perspective and best-in-class operating standards to the ownership and maintenance of these homes.”
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HPA has a portfolio of over 17,000 homes across the United States. By purchasing homes on behalf of residents, HPA boasts that the firm has helped thousands of home seekers live in a home they otherwise were “not yet ready to purchase, under terms that best fit their needs.”
BREIT says that it will support the HPA management team as they explore opportunities to expand access to high-quality housing for lower income households, including by formally launching its Choice Lease program. Choice Lease is intended to provide a direct and tangible opportunity to help address housing affordability challenges for families across the U.S.
Jacob Werner, Blackstone Real Estate Senior Managing Director, said, “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 U.S. 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.”
Bill Young, Co-Founder and CEO of HPA, said, “This partnership with Blackstone Real Estate and its consistent support of our business will ensure we are well-positioned to expand the reach of our program to provide access to more homes while also delivering on our commitments to our current residents for the long-term. Our goal has always been to make homeownership a reality for more people, and now we can continue that mission, while providing even more flexibility and services for our residents.”
