(Bloomberg) -- Pretium Partners is acquiring thousands of homes from D.R. Horton Inc. in a deal between the single-family rental giant and the nation’s biggest homebuilder.
The deal includes a combination of finished homes and ones that haven’t been completed, according to people familiar with the transaction who asked not to be named discussing a private matter. It is valued at more than $1.5 billion, one of the people said.
A Pretium spokesperson declined to comment. A representative for D.R. Horton didn’t immediately return a request for comment.
Pretium, led by Don Mullen, has grown rapidly in recent years, striking deals with builders, iBuyers and other landlords. The firm has remained an active buyer even as higher financing costs have led competitors to slow purchases over the last year.
The transaction comes at a time when limited inventory of existing homes for sale is creating strong demand for builders, boosting orders from consumers and pushing shares higher.
--With assistance from Prashant Gopal.
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