FLORIDA – When the neighborhood is owned by billion-dollar companies

ccfj.net: When the neighborhood is owned by billion-dollar companies

Article Courtesy of The Miami Herald

By Mike Schneider

Published July 7, 2016

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. Read more:

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