Dallas Tanner
Dallas-based Invitation Homes Inc. announced it has formed a new joint venture partnership with “a global real estate investment partner” that will leverage its homebuilder partnerships, management expertise, and scale to invest in newly constructed homes and communities in several high-growth markets.
Founded in 2012, Invitation is a single-family home leasing and management company.
“We believe our partnership approach to investing in new homes with builders is an optimal strategy for Invitation Homes to maximize risk-adjusted returns while also helping to bring high-quality new housing options to where they are greatly needed,” Invitation Homes CEO Dallas Tanner said in a statement. “This successful growth channel has become one of our trademark characteristics, and we’re pleased to work with an esteemed institutional partner to further expand upon that.”
Invitation Homes said the joint venture is expected to deploy roughly $500 million, including debt, to acquire newly constructed homes.
The partnership initially will be capitalized with a total equity commitment of $200 million, of which $50 million will be committed by Invitation Homes, with potential to upsize equity commitments via follow-on investment tranches in the future. Invitation will provide various management services to the joint venture, for which it will earn management fees in addition to the opportunity to earn a promoted interest subject to certain performance thresholds.
Invitation Homes said it has certain rights to potentially acquire the joint venture’s homes in the future.
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