Invitation Homes (INVH) forms $1 billion acquisition joint venture with Rockpoint.

Invitation Homes Inc. (INVH) announced today that it has formed a joint venture with partner Rockpoint Group to acquire up to $1 billion of single-family rental homes.  The JV is being capitalized with a $75 million equity commitment from Invitation Homes (20% partner) and $300 million from Rockpoint (80%), and expects to utilize 60-65% leverage for the remaining purchase commitment.

The acquisition JV is expected to target properties located within INVH's existing markets, including the Western and Southeastern U.S., Florida, and Texas.  The REIT also said that it will provide asset management and property management services to the JV on a fee basis, and will also have the "opportunity to earn a promoted interest subject to certain performance thresholds."

Invitation Homes is one of the largest owners of single-family residential properties in the U.S. with a current portfolio of 79,256 homes in 17 markets. As of June 30, 2020, INVH had a total market capitalization of approximately $23.9 billion.