The country’s latest rental-home owner is teaming up with a Boston property investor on a mission to buy, buy, buy.
Invitation Homes disclosed a joint venture with Rockpoint Group on Wednesday, providing the Dallas-based company with more than $1 billion to buy homes, according to the Wall Street Journal.
Invitation already owns about 80,000 houses and had been spending roughly $200 million a quarter to add to its portfolio, after a pause when the pandemic hit. It sold $448 million in new shares in June, and the agreement with Rockpoint will provide enough cash to buy about 3,500 more homes, Dallas Tanner, Invitation’s chief executive, told the Journal.
As the past few months of the pandemic have seen mortgage rates drop to historic lows and Americans rushing to larger homes, Invitation has reported record occupancy rates and rents.
“Post-pandemic, people have looked at our industry as a safe harbor,” Tanner told the Journal. [WSJ] — Sasha Jones