Divvy Homes is set to be acquired by a Brookfield Properties division for about $1 billion, a significant drop from its last valuation of $2.3 billion in 2021. The company's rent-to-own model faced challenges as mortgage interest rates surged, leading to layoffs. Since its founding in 2016, Divvy has raised over $700 million from various investors and has successfully helped create 2,000 homeowners. The acquisition, anticipated to close by mid-February, marks a pivotal shift for Divvy amid a turbulent real estate market.
Divvy Homes announced Wednesday that it is being acquired by Brookfield Properties for about $1 billion, reflecting a significant shift from its previous valuation of $2.3 billion.
The acquisition by Maymont Homes marks a pivotal move for Divvy, which has created 2,000 homeowners since its inception in 2016, despite facing challenges from rising mortgage rates.
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