Invitation Homes (INVH.N), the largest U.S. home rental company, raised $1.54 billion in an initial public offering on Tuesday, the company said, setting the stage for a pick-up in IPO activity in 2017.

The stock market debut is the largest by a U.S real estate investment trust (REIT) since Paramount Group Inc (PGRE.N) raised $2.29 billion in 2014 and represents a big win for its private equity owner Blackstone Group LP (BX.N) and Jonathan Gray, who runs the firm’s real-estate business.

The New York-based buyout firm founded Invitation Homes in 2012, about five years after the housing market began crashing and it started buying foreclosed homes in bulk. It has spent about $10 billion on the 48,000-home portfolio, representing one of Blackstone’s biggest bets.

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