WASHINGTON: It was a simple phone call between two real estate billionaires that led to the formation of a behemoth in the house-rental industry.
Property investor Barry Sternlicht called Jon Gray, head of real estate for Blackstone Group LP, in the spring proposing a combination of Starwood Waypoint Homes, of which Sternlicht is chairman, and Invitation Homes Inc, majority-owned by Blackstone.
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