$272,400 median home selling price in the US, 2020 [1]
That's just over $18 Trillion for the entire US Detached Single Family Home market. I'd be interested to know how much Blackrock has budgeted for this fund (and how much of the spend is leveraged, and up to what number. And who else is doing the same type of fund and to what magnitude).
Note that per Statista, the median home price is anticipated to increase from $272,400 to $324,000 between Q4 2020 and Q2 2022. That's a 20% increase in real estate over an 18 month period. Given that we're seeing this story now, Blackrock likely executed these purchases many months ago. Their fund is likely leveraged, making the potential profits huge.
It looks like a very high-stakes play by Blackrock, which I know to be a hedge fund, so perhaps part and parcel of their business.
[0] https://www.statista.com/statistics/377896/owner-occupied-ho...
[1] https://www.statista.com/statistics/272776/median-price-of-e...