- One smart player wants out of trendy buy-to-rent trade, with Oaktree Capital (OAK) and partner Carrington Mortgage Services entertaining bids for their portfolio of single-family homes (about 500). The two had planned to convert the assets into a REIT, but have now decided to simply exit.
- The two started buying properties in early 2012 with a plan to spend $450M building a portfolio, but - after seeing the paltry returns - Oaktree began souring on the idea earlier this year. Rising home prices have created an exit window for Oaktree, and the P-E firm is rushing through it.
- Blackstone (BX) is leading Wall Street's race into single-family landlordship, becoming one of the largest, if not the largest residential property owner in the country. Purer plays include recent IPOs Silver Bay (SBY), American Homes 4 Rent (AMH), and American Residential (ARPI).
Oaktreee to exit single-family rental business
Sep 24 2013, 16:22 ET