Billion-dollar investors backed by Wall Street continue to buy metro Phoenix houses with plans to turn them into rentals. New York-based Blackstone Real Estate, buying through a Tempe partnership called Treehouse, has spent several million dollars on houses in the region over just the past few weeks. At the end of 2012, almost 25 percent of all the region’s homes were owned by investors, according to an Arizona Republic analysis.
Read more: Wealthy investors keep buying metro Phoenix homes to rent
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