The Blackstone buy-up

 

The Blackstone buy-up

 

Date: January 23, 2013
by: Pam Eubanks | Managing Editor

 
 

 

 

EAST COUNTY — A New York-based global investment and advisory firm is buying distressed properties in the Sarasota-Bradenton area, as well as throughout the U.S., as it expands its portfolio to include a national single-family rental home entity.

Blackstone Group partnered with Riverstone Residential Group, of Dallas, early last year to create its new single-family rental home platform, Invitation Homes. The company already has invested $2.5 billion in acquiring more than 16,000 post-foreclosure homes in nine primary markets nationwide, including the Tampa, Miami and Orlando areas. Other areas of interest include northern California, Inland Empire, Calif., Los Angeles, Phoenix, Atlanta and Chicago.

Manatee County Clerk of Courts records indicate Invitation Homes’ affiliate, THR Florida, began purchasing properties in Manatee County through trustee sales in late October. As of Jan. 18, 107 listings had been recorded since that time, including 30 in the East County — about 28%.

In Sarasota County, THR Florida was listed as the grantee on 143 documents, including property deeds and certificates of title, as of Jan. 17.

“Invitation Homes is investing in America’s recovery by reviving neighborhoods hit hard by the housing crisis, creating thousands of local jobs across the country and providing high-quality, well-maintained and professionally managed homes for our tenants,” said Mark Beisswanger, chief operating officer at Invitation Homes, in a statement to the East County Observer.

Manatee County’s purchases total more than $16.4 million. Home prices ranged greatly, spanning from a $73,000 home in Parrish to a $338,800 home in River Club.

Invitation Homes also is investing an average of 9% of each home’s purchase price into renovations to make the properties suitable for prospective tenants. Blackstone’s website notes the company is conducting a 300-plus point inspection on each home, so that deficient items can be corrected, thus creating a consistent product for renters. 
Many Manatee County properties already have been rented or are available for lease.

Invitation Homes is managing and maintaining its properties on a national scale through its partnership with Riverstone Residential Group, the largest third-party, multi-family property manager in the country. Riverstone has local offices in every market in which Invitation Homes is buying.

Contact Pam Eubanks at peubanks@yourobserver.com.


 


EAST COUNTY HOMES
BRADEN RIVER LAKES
515 49th St. E. |  $95,000
4416 11th Ave. E. |  $134,000
611 E. 44th St. Court | $167,000

CASCADES
6631 E. 38th Lane |  $260,000

CREEKWOOD
7938 49th Ave. | $117,400

COUNTRY CREEK
14750 E. First Ave. |   $240,500

FAIRFAX
4505 Bedford Court E. |  $179,000

FOREST PINES
7539 42nd Court E. |  $121,100

GREENFIELD PLANTATION
10434 Old Grove Circle | $245,000

HERITAGE HARBOUR/LIGHTHOUSE COVE
7066 Chatum Light Run |   $155,500
242 Beacon Harbour Loop  |$104,200
9040 Willowbrook Circle |  $245,000
Lighthouse Cove lot 3090 |   $100,000

LAKEWOOD RANCH
6235 Tassleflower Trail |   $185,000
12331 Hollybush Terrace |   $120,000
(Lot 22 Summervfield Village) |  $172,000
11906 Summer Meadow Drive |  $260,000
6320 Rose Rush Court |   $195,000
11518 Pimpernel Drive |   $275,000
6234 White Clover Circle |   $230,000
6210 Blue Runner Court |   $175,000

PALM-AIRE
5697 Country Lakes Drive |    $235,000

PANTHER RIDGE
8002 Snowy Egret Place |   $280,000

RIO MAR
3706 E. 67 Terrace |    $250,000

RIVER CLUB
7119 Pine Valley St. |    $338,800

SILVERLAKE
5031 60th Drive E. | $147,400

VINTAGE CREEK
7964 Glenbrooke Lane | $170,000

WINDING RIVER
14012 11th Terrace N.E. | $275,000

EAST COUNTY
5311 46th St. Court E. | $131,100
3616 E. 75th Drive | $135,000
 

View Blackstone Real Estate 01.24.13 in a larger map

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHARE
Login Register now

Currently 0 Responses

Login below to post a comment or click register.
Account E-Mail
Password
forgot password? click here
Speak Your Mind Below!


1970 Main Street, Sarasota, FL 34236 941-366-3468

Copyright 2014 The Observer Group Inc., All Rights Reserved