A Texas-based company that operates a huge portfolio of rental properties in the United States just mortgaged its Broward holdings for $48 million.
The funds, which were issued by JPMorgan Chase Bank, cover 177 single-family homes spread throughout the country, according to Broward County records. Invitation Homes, the rental company that owns these properties, picked up all 177 during a bulk purchase for an unknown monetary amount.
Invitation owns roughly 45,000 rental properties across the United States. It’s a division of Blackstone, a major real estate investment company based in New York. This most recent loan is part of a much larger $1.2 billion debt that’s been placed on 7,265 of the company’s properties, most of which are located in Florida, Georgia and California.
In July, Invitation Homes pulled another $51 million from 175 homes in Palm Beach County, again as part of the larger loan.
The average price per rental is $1,461 per month, and 97.1 percent of the properties were occupied as of June, according to a report from Morningstar Credit.
Blackstone, which is privately run, said it plans to open Invitation Homes up for public trading within the next year. The company held off on making that move to build up and stabilize Invitation Homes before needing to please its investors, according to a Bloomberg article published in April.