A Brookfield Asset Management Ltd. BAM-T private real estate fund has bought a U.S. rent-to-own home platform and its portfolio of single family homes for about US$1 billion.
In a joint news release, Maymont Homes, Brookfield’s single-family home rental business, says it will take on management of Divvy Homes’ portfolio on an ongoing basis.
Divvy did not disclose how many homes Brookfield would be acquiring, but says that since it was founded it has rented to over 15,000 residents and sold homes to over 2,000 of them.
Maymont Homes says on a LinkedIn profile that it has over 10,000 homes and describes itself on its website as a “full-service acquisition, renovation, and property management company.”
Brookfield acquired a controlling stake in single-family landlord Conrex Property Management in 2020, according to Bloomberg, before changing its name to Maymont Homes.
Brookfield at the time also raised about US$300 million for a vehicle to acquire houses, while the Divvy deal involves about 3,800 single-family rentals, Bloomberg reported.