Invitation Homes has entered into an agreement with Rockpoint Group to form a joint venture partnership that will acquire single-family homes to operate as rental residences.
The joint venture will be capitalized with a total equity commitment of $375 million, of which $75 million (20 percent) will be committed by Invitation Homes and $300 million (80 percent) will be committed by Rockpoint. A total of more than $1 billion (including debt) is expected to be deployed by the joint venture to acquire and renovate single-family homes in attractive locations in markets within the western United States, southeast United States, Florida and Texas, where Invitation Homes already owns homes. The homes are expected to be of similarly high quality and similar characteristics to the homes in Invitation Homes’ existing portfolio.
