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Real Estate/Development

Jan. 31, 2017

Invitation Homes files $1.5 billion IPO

The Blackstone Group subsidiary has spent more than $9.6 billion to acquire single-family real estate during the past five years, including significant investment in Murrieta and Moreno Valley.

Invitation Homes, which owns more than 4,600 single-family rental properties in Southern California, filed a $1.5 billion initial public offering to pay down debt and pave the way for future acquisitions.

"We invest in markets that we expect will exhibit lower new supply, stronger job and household formation growth, and superior NOI (net operating income) growth relative to the broader U.S. housing and rental market," the company said in its IPO filing. "Within our 13 markets, we target...

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