How Dallas Became the Center of the Rental Home Universe in One Phone Call

It was a simple phone call between two real estate billionaires that led to the formation of a behemoth in the house-rental industry.Property investor Barry Sternlicht called Jon Gray, head of real estate for Blackstone Group LP, in the spring proposing a combination of Starwood Waypoint Homes, of which Sternlicht is chairman, and Invitation Homes Inc., majority-owned by Blackstone. The companies announced the $4.3 billion merger Thursday, with the combined company keeping the Invitation Homes name and basing itself out of Dallas. It came after months sorting out the details, creating the largest U.S. single-family landlord with 82,000 homes across the country.  Continue reading...