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.


 

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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

 

 

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