Created: 12/03/2013 10:28 AM KSTP.com By: Jennie Olson
Photo: MGN Online
A giant private equity firm has taken a major stake in the Minneapolis-St. Paul housing market.
Minnesota Public Radio reports that Dallas-based Invitation Homes has bought around 700 single-family homes in the Twin Cities and their suburbs.
Across the nation, the company has spent $7.5 billion to acquire 40,000 properties in 14 markets, making it the largest landlord of single-family houses in several cities. Invitation Homes is backed in turn by The Blackstone Group investment firm.
MPR reports the company has been in Minnesota such a short time that its track record isn't clear. But families who've rented homes from the company say they've had mixed experiences with repairs and renovations.
Spokesman Andrew Gallina says the company is still learning the business but is committed to getting it right.
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