Invitation Homes Inc. (INVH), a home leasing and management company, announced on Monday that it has inked a deal to form a new joint venture partnership with a real estate investment partner. Dallas Tanner, CEO of Invitation Homes, said: "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."
The JV is expected to deploy around $500 million, including debt, to acquire newly constructed homes.
The JV will be initially capitalized with a total equity commitment of $200 million, of which $50 million will be committed by Invitation Homes, with the potential to upsize equity commitments.
The JV will invest in newly-constructed homes and communities in several high-growth markets.
Invitation Homes also has certain rights to potentially acquire the JV's homes in the future.
Eastdil Secured served as financial advisor to Invitation Homes in arranging the JV, while Latham & Watkins LLP acted as the company's legal advisor.
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