The Real Deal Miami

Public Storage founder races to catch Blackstone in U.S. rental acquisition sprint

February 14, 2013 10:00AM

B. Wayne Hughes (source: Business Insider)

B. Wayne Hughes, the founder of Public Storage, has amassed roughly 10,000 homes, which makes his American Homes 4 Rent firm the second-largest owner of single-family rentals behind the Blackstone Group, Bloomberg News reported. The properties primarily come from foreclosure auctions; Hughes targets areas hit hardest by the housing crash. “Wayne founded Public Storage at a time when the industry was run by moms and pops out of their garages, and it’s kind of the same pattern,” Paul Saylor, chairman of CS Capital Management, told Bloomberg. Buying “single-family homes has been dominated until very recently by small investors across the country doing it locally.” [more]