“From Rags to Riches: The Rise and Fall of Divvy Homes in the Real Estate Market”
Amidst the chaos and uncertainty of recent years in the real estate industry, the once-promising Divvy Homes has been acquired by Brookfield Properties for a staggering $1 billion. This acquisition comes after a series of setbacks for the company, including layoffs and a decline in valuation from over $2 billion to $1 billion.
Divvy Homes, founded in 2016, operated on a unique rent-to-own model that aimed to help renters become homeowners by renting the property to them for three years while they saved up to purchase it. Despite raising over $700 million in funding from major investors, Divvy faced challenges when mortgage rates surged in 2022, leading to multiple rounds of layoffs.
Brookfield’s acquisition of Divvy marks a new chapter for the company, as it transitions into the hands of Maymont Homes, a Brookfield division operating in 40 markets across the US. With a track record of creating 2,000 homeowners, Divvy’s innovative approach to homeownership has left a lasting impact on the real estate market.
As the dust settles on this acquisition, the future looks bright for Divvy Homes under Brookfield’s ownership. Stay tuned for more updates on this exciting new chapter in the real estate industry.