(Daily Mail) A Wall Street-backed corporate landlord snapped up hundreds of homes in Las Vegas in a mammoth one-off residential sale last summer.
Dallas-based Invitation Homes shelled out $98 million to buy 264 homes in Clark County, property records show.
The deal forms part of a $650 million swap of a portfolio of close to 1,900 single-family rental homes between billionaire Barry Sternlicht’s private equity fund Starwood Capital and Invitation Homes.
Invitation Homes now owns 3,500 homes in Clark County, making it the second-largest owner of single-family rental homes, according to data from the Las Vegas Review Journal.
It comes as the Nevada city struggles with an acute shortage of housing, with evictions on the rise. Las Vegas has the worst shortage of affordable housing of any US city.
The huge property purchase came months after disturbing new statistics suggest corporate sharks could own up to 40 percent of all US homes by 2030. Millennials now ageing into middle age are struggling to get a foothold on the property ladder due to low inventory and soaring prices.
Nevada struggles with an acute shortage of housing, with evictions on the rise
Dallas-based Invitation Homes, run by CEO Dalls B. Tanner (pictured) shelled out $98 million to buy 264 homes in Clark County, property records show
The deal forms part of a $650 million swap between billionaire Barry Sternlicht’s (pictured) private equity fund Starwood Capital and Invitation Homes
