A Wall Street-backed corporate landlord bought hundreds of Clark County homes in a staggering one-off residential sale in summer 2023.
Miami-based investment firm Starwood Capital Group sold 264 homes in Clark County for $98 million to Dallas-based Invitation Homes (NYSE: INVH), according to Clark County property records.
The deal, made in three separate transactions, closed on July 18, property records show. The largest sale was $57.5 million for 155 homes, the second was $26.3 million for 70 homes and the third was $14.1 million for 39.
The majority of the homes sold are in the city of Las Vegas (94), followed by the city of North Las Vegas with 77. The price range for each home ranged from around $292,000 to $694,000, with the average price at $371,514.
The sale is part of a much larger deal between Starwood Capital and Invitation Homes, a $650 million swap for a portfolio of close to 1,900 single-family rental homes, with the vast majority being in the Sun Belt, including in Texas, Florida, Phoenix, Las Vegas and Los Angeles.
So this company, the second largest owner in Las Vegas controls a whopping 1.3% of the total market?
LOL....Clearly a monopoly that the gubment needs to destroy.
Meh, as us boomers pass on I suspect it goes like this:
Kid inherits his parents' house in some far off former retirement community (that has since grown by leaps and bounds), Kid says "I don't need a house there, I'll sell it".
The multi-billionaire approaches and makes a cash offer higher than market, guess what, the kid is going to sell it to them.
That's how the game is played. It's not like the property value is going to go down. Pay 20% over market today and you'll have it back in less than a decade. If it was paid for by investor cash, there is no money lost to interest. Rent at a huge profit.
I don't blame the rich for playing the game and I don't blame the "kid" for playing into it.
At the end of the day, it just ends up the same. The only difference is who owns it all.