Invitation Homes (“Invitation Homes” or the “Company”) provided an acquisitions update and announced that it has entered into its first agreement to launch a developer lending program.
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During the second quarter to date, the Company partnered with several homebuilders to acquire over 300 newly built single-family homes, representing an investment of more than $100 million. These homes, located in key growth markets including Dallas, Denver, and Nashville, reflect the Company’s ongoing commitment to expanding housing supply in high-demand areas.
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In addition, the Company announced the launch of its developer lending program with a $32.7 million loan to a homebuilder for purposes of developing a 156-home community in Houston. The loan is secured by the development and its terms include an opportunity for the Company to acquire the community upon stabilization.
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“This loan marks an exciting milestone in our strategy to support the creation of new housing,” stated Scott Eisen, the Company’s Chief Investment Officer. “By partnering with homebuilders to selectively finance the development of new communities that are future strategic acquisition candidates for Invitation Homes, we can help create much-needed new housing supply while achieving attractive returns. We anticipate this to be the first of several such arrangements as we continue working with developers across the country to grow a sustainable and accessible housing future.”
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Source : businesswire
