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Real estate investment management firm Pretium Partners is acquiring thousands of homes from home construction company D.R. Horton Inc. in a $1.5 billion deal, as Bloomberg first reported.
The deal includes a combination of completed homes and homes that are not yet finished, according to the outlet, which cited people familiar with the transaction who asked not to be named.
Neither company commented to Bloomberg about the deal.
More than 4,000 homes are involved in the transaction, which are primarily located in high-demand markets in the Southeast and Southwest, the Wall Street Journal reported. The homes, planned as rentals, have already been leased.
The deal comes at a time when a lack of for-sale home inventory is boosting the appetite for homebuilders.
The transaction could also signal investors’ re-entry into the housing market after institutional investors shed properties at the end of 2022 following a drop in housing prices nationwide.
Founded in 2012, the Pretium platform capitalizes on investment and lending opportunities and has more than $50 billion of assets with real estate investments across 30 markets in the U.S, according to the firm.
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