Pretium Partners LLC, the third-largest owner of U.S. single-family rentals, is working with Morgan Stanley and Ardea Partners to explore options that could include a sale of most of the company’s homes, according to people with knowledge of the matter.
Pretium, founded by former Goldman Sachs Group Inc.partner Donald Mullen, is considering ways to provide liquidity to early investors, said some of the people, who asked not be identified because the discussions are private. Pretium could sell as many as 20,000 homes valued at as much as $5 billion and is open to transactions in which it either does or doesn’t maintain management rights, one of the people said.
Representatives for Pretium, Morgan Stanley declined to comment. A representative for Ardea Partners didn’t immediately respond to a request for comment.
Pretium owns more than 26,000 rental homes in 15 markets, which it operates through its property-management arm, Progress Residential. Even a partial sale could wind up as the largest transaction in the industry since Invitation Homes Inc. and Starwood Waypoint Homes agreed to merge in August 2017. See more...