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.
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