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When the neighborhood is owned by billion-dollar companies

July 6, 2016

 

 


When the neighborhood is owned by billion-dollar companies

APOPKA, Florida (AP) — Many of the single-family homes in the Piedmont Park neighborhood of Apopka, Florida, used to be owned by families — the Vargases and the Townes, the Pierces and the Riddles. Now, they’re owned by Blackstone, American Homes 4 Rent and Colony Starwood Homes, companies associated with big real estate investment firms.

And the occupants are tenants, not owners.

In the decade since the housing boom deflated into a bust, financial firms recognized an investment opportunity in hard-hit areas like this Orlando suburb. Single-family homes lost to foreclosure could be bought cheaply and transformed into rent-generating income streams.

The corporate purchases have spread through Piedmont Park and surrounding neighborhoods, where the percentage of renters rose from a bit over 10 percent to more than 35 percent within a decade. Piedmont Park homeowners complain that the result is more transient neighbors, less engagement at homeowners’ meetings and difficulties reaching absentee corporate landlords.

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Steve Siepak
Blue Vault session at the recent National Planning Holdings National Conference
September 13, 2017

The well-attended Blue Vault session at the recent National Planning Holdings National Conference was very well received. The value of their products was evidenced by the volume of questions from the attendees. Stacy Chitty, Managing Partner, did an excellent job of explaining the history, strategy and value of Blue Vault data.