Invesco Sees Promise in SFR Landlord Company Mynd
Posted on 06/03/2021
Oakland, California-based Mynd Property Management (Mynd) announced a deal with Invesco Real Estate. Invesco Real Estate is investing capital into the Mynd business, as well as partnering with Mynd as an institutional investor. Mynd has partnered with Invesco Real Estate, with plans to invest US$ 5 billion in single-family residential assets during the next three years. Invesco Real Estate is the lead investor in a US$ 40 million dollar financing round for Mynd.
Doug Brien co-founded Mynd in May 2016. Doug Brien was a co-founder of Waypoint Real Estate Group, a platform that renovates, leases, and manages single-family real estate assets in select markets across the United States. In 2011, GI Partners made an investment in Waypoint Real Estate Group. Starwood Property Trust acquired Waypoint Real Estate Group in 2013. Waypoint Real Estate Group then merged with an affiliate of Starwood Capital Group to manage its portfolio of single-family residental assets, which were later merged with Colony American Homes in 2016 to create Colony Starwood Homes. In June 2017, GI Partners sold a portfolio of 3,106 single family rental properties to Colony Starwood Homes for approximately US$ 815 million.
Other players in the market include Invitation Homes Inc. Invitation Homes is the largest owner of single-family rental homes in the United States, owning approximately 82,000 homes. Blackstone Group formed Invitation Homes in 2012. Invitation Homes’ first home purchase was in April 2012. Between 2012 and 2016, Blackstone acquired almost 50,000 single family homes. In February 2017, Blackstone Group took Invitation Homes public.
