Invitation Homes (INVH) forms premium JV with Rockpoint.

Invitation Homes Inc. (INVH) announced today that it has formed a second joint venture fund with Rockpoint Group, LLC to invest in single-family rental homes.  The new vehicle is being capitalized with $300 million of equity commitments from INVH (17%) and Rockpoint (83%), resulting in approximately $750 million of investment capacity inclusive of projected borrowings. The new joint venture is expected to focus on "premium neighborhoods that command price points and rents that average 30%-60% higher" than Invitation Homes’ current investment portfolio.

“This new JV will enable us to expand our growth opportunities and serve the growing number of renters by choice who place a high premium on location,” said Dallas Tanner, President & CEO of Invitation Homes. “We view this as complementary to our established core investment strategy that remains the focus of our on-balance sheet investment. In addition, we are thrilled to pursue this new JV alongside Rockpoint, with whom we have developed a strong and trusting partnership through our existing joint venture.”

Invitation Homes is one of the largest owners of single-family residential properties in the U.S. with an owned and managed portfolio of 84,907 homes in 17 markets. As of December 31, 2021, INVH had a total market capitalization of approximately $35 billion.