Homebuilder Beazer Gets Into Rental Business

Atlanta, GA, May 4, 2012 -- Beazer Homes has formed a new real estate investment trust consisting initially of 200 single-family homes in Phoenix and Las Vegas that the firm plans to rent rather than sell.

The REIT, which will be named Beazer Pre-Owned Rental Homes and based in Phoenix, includes an investor group led and arranged by affiliates of Kohlberg Kravis Roberts & Co.

BPRH was formed to acquire, refurbish and lease recently-constructed, previously-owned single-family homes on a large scale in select markets in the U.S.

BPRH said it intends to become a leader in the single-family rental homes business and is one of the first REITs focused exclusively on the single-family home rental market. BPRH will be based in Phoenix, Arizona.