Invitation Homes and Rockpoint Group have formed a $375 million joint venture that will acquire single-family homes to operate as rental residences.
Of the total equity commitment, $75 million will be committed by Invitation Homes and $300 million will be committed by Rockpoint. A total of over $1 billion, including debt, is expected to be deployed by the JV to acquire and renovate single-family homes in markets within the Western US, Southeast US, Florida, and Texas, where Invitation Homes already owns homes. The homes are expected to be similar to the homes in Invitation Homes' existing portfolio.
Invitation Homes will provide investment, asset management, and property management services to the JV.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
