After a turbulent few years for proptech, Divvy Homes announced Wednesday that it is selling to a division of Brookfield Properties for about $1 billion.

Brookfield Asset Management Ltd. is nearing a deal to buy 3,800 single-family rentals for about $950 million through an acquisition of startup Divvy Homes, according to a person familiar with the matter.

Once valued around $2 billion, the rent-to-own startup is being scooped up by Maymont Homes, a competitor in the field.

The $1 billion acquisition of rent-to-own startup Divvy Homes, which was announced Wednesday, is expected to leave some shareholders without a payout, according to sources familiar with the deal.

Following multiple rounds of layoffs and other turmoil, Divvy Homes is reportedly being acquired by a division of Brookfield Properties.

Ltd. is close to finalizing a deal to acquire approximately 3,800 single-family rental properties for around $950 million, Bloomberg News reported. The acquisition is set to be made through Divvy Homes,

Once valued at almost $2B, the company is being “sold for parts” in what was characterized as a fire sale by FastCompany, which first reported the news. A sales price was not available, and Brookfield and Divvy did not immediately respond to Bisnow ’s requests for comment.