Invesco Backs Mynd to Spend $5 Billion on Single-Family Rentals
- ‘Market flooded with institutional capital,’ Doug Brien says
- Mynd expands to U.S. Midwest, Southeast amid Covid demand
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Funds managed by Invesco Real Estate are backing Mynd Management to spend as much as $5 billion, including debt, purchasing about 20,000 single-family rental homes in the U.S. in the next three years.
The partnership marks a “significant moment” for the single-family rental industry, Doug Brien, chief executive officer and co-founder of Mynd, said in an interview. More than half of the country’s multifamily properties are owned by institutional investors compared with an estimated ownership of 2% to 3% of single-family rentals, a gap that he expects to narrow in time.