The single-family rental giant was born in the aftermath of the U.S. foreclosure crisis
Invitation Homes was formed in 2012 and used backing from Blackstone Inc. to rapidly accumulate a portfolio of foreclosed properties. The business then merged with rental-house competitors to form an industry behemoth.Dallas-based Invitation Homes Inc., the single-family rental giant born in the aftermath of the U.S. foreclosure crisis, is seeking a joint venture partner to take advantage of the latest dislocation in home prices.
The company is turning to external capital in part because raising equity at current levels — the stock price is down roughly 28% so far this year — is less appealing. Invitation’s search for a joint venture partner is in its early stages, said one of the people, and there’s no guarantee an agreement will be reached.
The last two years have been a busy time for housing market investors. The pandemic unleashed torrents of capital to the U.S. suburbs, as investors looked to profit from rapid household formation and work-from-home trends. But high home prices coupled with rising interest rates pushed investors to dramatically slow purchases earlier this year.
Invitation Homes was formed in 2012 and used backing from Blackstone Inc. to rapidly accumulate a portfolio of foreclosed properties. The business then merged with rental-house competitors to form an industry behemoth.
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