Invesco-backed Mynd to spend $5B on single-family rentals

Partnership makes Mynd one of the biggest players in the single-family market

National /
Jun.June 02, 2021 05:00 PM
Mynd CEO and co-founder Doug Brien and Invesco Real Estate CEO Scott Dennis (Mynd, Twitter via CBRE)

Mynd CEO and co-founder Doug Brien and Invesco Real Estate CEO Scott Dennis (Mynd, Twitter via CBRE)

Mynd Management is gearing up to dominate the single-family rental market with help from one major investor.

Thanks to Invesco Real Estate, Mynd will receive $5 billion to purchase 20,000 single-family rental homes in the U.S. over the next three years, Bloomberg News first reported.

The partnership will make Mynd one of the largest purchasers and managers of those homes in the U.S., the company said in a press release. The company will focus on buying for Invesco as it builds out its management platform of more than 7,000 homes across 25 cities.

Mynd operates a platform that aims to democratize real estate access and help investors buy, sell or manage single-family rentals across the country.

Invesco is also leading a $40 million financing round for Mynd, which will be spent on technology and acquisitions, according to Bloomberg News.

Mynd has been acquiring about 50 homes per month and hopes to up that number to 1,000 by next year, the publication reported.

The partnership comes at a time when more than half of the country’s multifamily properties are owned by institutional investors. Meanwhile, ownership of single-family rentals makes up 2-3 percent, Bloomberg News reported.

Traditional commercial real estate investors whose key strategy was to invest in multifamily have since focused on single-family rentals, the publication reported.

“We’re seeing the market flooded with institutional capital,” Mynd CEO and co-founder Doug Brien told the publication.

This will make it more competitive for Mynd to find those properties, but its data-driven technology should give it a boost when it comes to making offers across the country, the publication reported.

Thomvest, Common Fund, Squarepoint and other investors also participated in the financing round, valuing Mynd at $300 million.

[Bloomberg News] — Cordilia James





    Related Articles

    arrow_forward_ios
    45 South Grove St in East Orange (Rendering via Progress Capital)
    Hero Construction lands $20M loan to build East Orange apartments
    Hero Construction lands $20M loan to build East Orange apartments
    90 Morton Street and 212 West 18th Street (Photos via 90MortonSt and JDS)
    Walker Tower pad to sell at loss as Manhattan luxury market hits 7-month low
    Walker Tower pad to sell at loss as Manhattan luxury market hits 7-month low
    Rep. Alexandria Ocasio-Cortez, President Joe Biden and House Speaker Nancy Pelosi (Getty)
    Democrats urge Biden to extend eviction ban after House effort falls short
    Democrats urge Biden to extend eviction ban after House effort falls short
    Anderson Cooper is selling the apartment of his late mother Gloria Vanderbilt (Getty, Corcoran)
    Gloria Vanderbilt’s Beekman Place apartment lists for $1.1M
    Gloria Vanderbilt’s Beekman Place apartment lists for $1.1M
    Some real estate agents are seeing a rebound in international interest, but others believe foreign buyers aren’t quite back yet. (iStock)
    Some say foreign buyers are back, but evidence is anecdotal
    Some say foreign buyers are back, but evidence is anecdotal
    Susan Rice (Getty, iStock)
    Susan Rice to co-chair home appraisal inequity task force
    Susan Rice to co-chair home appraisal inequity task force
    Rep. Alexandria Ocasio-Cortez and President Joe Biden (Getty)
    Tenant advocates frustrated with Biden’s eviction response
    Tenant advocates frustrated with Biden’s eviction response
    Dumped by Macklowe and Churchill, Core Real Estate demands fees
    Dumped by Macklowe and Churchill, Core Real Estate demands fees
    Dumped by Macklowe and Churchill, Core Real Estate demands fees
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...