Blackstone Real Estate Income Trust Inc. has entered into a definitive agreement to acquire Home Partners of America, valuing the company at $6.0 billion. HPA seeks to help expand housing access and choice, while providing a path to homeownership to individuals and families across the United States. HPA has a portfolio of single family rental homes across the United States.
Jacob Werner, Blackstone Real Estate Senior managing director, said, “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. We look forward to working with HPA’s leadership team to further invest in the properties and continue its role as a valuable resource for people considering home purchases.”
Bill Young, co-founder and CEO of HPA, said, “This partnership with Blackstone Real Estate and its consistent support of our business will ensure we are well-positioned to expand the reach of our program to provide access to more homes while also delivering on our commitments to our current residents for the long-term. Our goal has always been to make homeownership a reality for more people, and now we can continue that mission, while providing even more flexibility and services for our residents.”
Goldman Sachs & Co. LLC acted as financial advisor and Sidley Austin LLP and Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal counsel to HPA. BofA Securities and Wells Fargo Securities acted as financial advisors to BREIT and Simpson Thacher & Bartlett LLP acted as its legal counsel.