Real Estate & Property Mgmt
PE-backed apartment operators, commercial real estate, and property management
PE-Owned Brands
AMH (American Homes 4 Rent)
Owned by The Blackstone Group
PE-backed American Homes 4 Rent (now AMH) is the second-largest single-family rental landlord in the U.S. with 58,000+ homes. Along with Invitation Homes, AMH has been the subject of congressional investigations into institutional landlord practices, rent increases, and lease terms.
Greystar Real Estate
Owned by The Blackstone Group
Blackstone and other PE investors have backed Greystar, the largest apartment property manager in the U.S. with 800,000+ units. Residents report above-market rent increases, aggressive late fees, and junk fees (valet trash, amenity fees, pet fees) added at PE-backed properties. Greystar has also faced lawsuits over rent-fixing via algorithmic pricing software.
Invitation Homes
Owned by The Blackstone Group
Blackstone created Invitation Homes by purchasing 80,000+ single-family homes during the foreclosure crisis (2012-2019), becoming the largest single-family rental landlord in the U.S. Tenants report above-market rent increases (20-40% in some markets), aggressive late fees, and difficult maintenance responsiveness. IPO'd in 2017.