Blackstone REIT Inks $6B Deal for Home Partners of America
Blackstone Real Estate Income Trust (BREIT) has agreed to acquire Home Partners of America (HPA), valuing the company at $6 billion. Chicago-based HPA’s portfolio of more than 17,000 single-family homes nationwide provides a rent-to-buy model for prospective homeowners.
BREIT will support the HPA management team as it explores opportunities to expand access to high-quality housing for lower-income households, including the formal introduction of its Choice Lease program. Additionally, BREIT is committed to continuing and expanding the financial planning assistance program offered to all residents, free of charge.
“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.,” said Jacob Werner, Blackstone Real Estate senior managing director. The acquisition is expected to close in the third quarter.