(Bloomberg) -- Pretium, the US housing giant led by former Goldman Sachs Group Inc. partner Don Mullen, is selling a minority stake in the firm to Hunter Point Capital as it seeks financial muscle for new initiatives.

The investment is part of a strategic partnership between Mullen’s firm and Hunter Point, founded by Avi Kalichstein and Bennett Goodman, according to a statement Tuesday. The new capital will also help Pretium expand existing businesses. Terms weren’t disclosed.

The transaction is a testament to “the many opportunities that lie ahead for our firm,” Mullen said in the statement. “We look forward to drawing upon HPC’s strategic expertise, value-added operational capabilities and global network to propel Pretium’s development into our second decade.”

Pretium has emerged in recent years as the largest single-family landlord in the US, outpacing Wall Street competitors to amass a portfolio of 100,000 rental homes. It has $50 billion in assets under management and a line of businesses that includes financing home purchases through subsidiaries Deephaven Mortgage and Anchor Loans. 

Read more: Mullen’s Pretium Nears $1 Billion for Single-Family Rental Fund

Higher interest rates have slowed housing market transactions in recent years, leading single-family landlords to focus on acquiring communities of purpose-built rentals. In addition, Pretium has begun extending credit to homebuilders, aiming to capitalize on a void created as regional banks retreat from real estate finance. 

The new capital from Hunter Point also positions Pretium to take advantage of consolidation in the asset-management industry, according to the statement. Last year, the firm hired Jonathan Pruzan, former chief operating officer at Morgan Stanley, to help guide its foray into new areas. 

Pretium has grown by acquisitions in the past, including deals for mortgage servicer Selene Finance and single-family landlord Front Yard Residential. In 2020, Pretium sold a stake in itself to American Equity Investment Life Insurance Co.

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