I'm a real estate agent and I can tell you a few things from what I have seen and gathered

1: publicly they have only bought one full neighborhood development in dallas that I know of. Maybe it is a test or maybe it is a slow rollout starting in major cities 2: there are often big investment companies that are used in real estate but not necessarily affiliated 3: people buying cash are usually wholesalers or investors trying to get a good deal to flip it for profit or turn it into a rental. Usually nothing nefarious 4: I have seen people come across companies that own tens of millions of dollars in one city but sometimes it is through a corporation and hard to find info publicly....that would be where you could potentially have Blackrock style owners.

Blackrock however has money to pay and from what I understand they bought at 20% or so above asking price