Wall Street-backed landlord buys 264 Las Vegas homes in deal worth $98 million – even as Sin City has the nation's worst housing shortage – as study shows corporate sharks could own FORTY percent of all US homes by 2030
- Dallas-based Invitation Homes spent $98 million to buy 264 homes in Clark County, where a chronic housing shortage has led to a rise in evictions
- The deal is part of a $650 million exchange of a portfolio of nearly 1,900 single-family rental homes
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A Wall Street-backed business owner bought up hundreds of Las Vegas homes in a massive one-off home sale last summer.
Dallas-based Invitation Homes spent $98 million to buy 264 homes in Clark County, real estate records show.
The deal is part of a $650 million swap of a portfolio of nearly 1,900 single-family rental homes between Starwood Capital, billionaire Barry Sternlicht's private equity fund, and Invitation Homes.
Invitation Homes now owns 3,500 homes in Clark County, making it the second-largest owner of single-family rental properties, according to data from the Las Vegas Review Journal.
It comes as the Nevada city grapples with an acute housing shortage and evictions on the rise. Las Vegas has the largest shortage of affordable housing of any American city.
The massive real estate purchase came months after disturbing new statistics suggest corporate sharks could own up to 40 percent of all U.S. homes by 2030. Millennials now entering middle age are struggling to gain a foothold on the property ladder due to low inventories and rising prices.
Nevada is facing an acute housing shortage and evictions are increasing
Dallas-based Invitation Homes, run by CEO Dalls B. Tanner (pictured), spent $98 million to buy 264 homes in Clark County, real estate records show
The deal is part of a $650 million exchange between Starwood Capital, billionaire Barry Sternlicht's private equity fund, and Invitation Homes.
There are only 14 units available for every 100 extremely low-income households in need. Las Vegas Weekly reports this.
Nevada has the highest percentage of extremely low-income, cost-burdened renters in the United States, meaning the tenant pays more than 50 percent of income in rent and housing costs.
Eviction filings in LA Vegas increased from 3,931 cases in fiscal year 2019 to 5,328 in fiscal year 2022, about 35 percent.
Las Vegas' affordable housing crisis could spiral into a deeper homelessness crisis, Princeton's Eviction Lab warned.
The Starwood Capital and Invitation Homes Las Vegas Swap consisted of three separate parts.
The largest sale was $57.5 million for 155 homes, the second $26.3 million for 70 homes and the third $14.1 million for 39 homes.
Las Vegas' affordable housing crisis could spiral into a deeper homelessness crisis, Princeton's Eviction Lab warned
Las Vegas tops the list of metropolitan areas with the largest affordable housing shortages
The majority of homes sold are in the city of Las Vegas, followed by the city of North Las Vegas with 77.
The larger portfolio included properties across the Sun Belt in Texas, Florida, Phoenix, Las Vegas and Los Angeles.
In the third quarter of 2023, Invitation Homes had purchased 2,291 homes for $854 million during the year, according to its latest earnings report.
'They have made these properties rental obligations with collateral. They have given them collateral and what they do is exchange houses for each other as shares.” Las Vegas real estate agent Noah Herrera told the Las Vegas Review Journal.