Rockpoint Group and Invitation Homes have joined forces to invest $375m (€319m) to buy single-family US rental homes, could see the pair deploying over a billion dollars to buy and renovate assets.
Announcing the partnership, Invitation Homes said it will contribute $75m of the $375m total equity commitment and Rockpoint will hold the remaining 80% stake in the venture with a $300m capital commitment.
IPE Real Assets understands that Rockpoint’s investment is being made via Rockpoint Real Estate Fund VI, the manager’s sixth opportunistic fund which raised $3.8bn in June.
Invitation Homes said the venture expects more than $1bn, including debt, to be deployed to acquire and renovate single-family homes.
The plan will be to target assets in markets within the Western US, Southeast US, Florida, and Texas, where Invitation Homes already owns homes.
Dallas Tanner, president and CEO of Invitation Homes, said: “In Rockpoint, we have found a high-integrity partner who shares our commitment to providing an unparalleled living experience that puts residents first.
“We believe both the fundamentals in our sector and the need for high-quality rental housing in the US are as strong as they have been in our company’s history, and we are thrilled to be expanding the channels through which we can invest for the benefit of our local communities and our shareholders.”
Rockpoint co-founder, Keith Gelb, said: “We view this investment as an opportunity to supplement our long-standing focus on for-rent housing across the United States through a partnership with a proven industry leader in the single-family rental sector.”
“We are thrilled to be investing alongside Invitation Homes and to be part of the housing solution in America by expanding quality of choice for those seeking homes for lease in areas with attractive supply and demand fundamentals.”
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