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During the July-to-August period, Invitation Homes (NYSE:INVH) struck deals to buy 580 single-family homes for lease from two of its homebuilder partners at a total investment of about $216M, it said on Monday.
That already surpasses the 502 homes it acquired during Q2 for ~$166M.
The latest batch of homes is located in the company’s core markets of Tampa, Denver, and the Carolinas, it noted. Some 80% of the acquisitions represent completed homes in various stages of stabilization, while the remainder are future deliveries expected to begin later this month.
“These acquisitions further highlight the value of our homebuilder relationships, as well as our ability to partner with them across a spectrum of various stages, ranging from early planning of new and much-needed housing developments to purchasing of stabilized built-to-rent communities,” said Invitation Homes CEO Scott Eisen.
Earlier on Monday, RBC Capital Markets downgraded (INVH) shares due to concerns about a further deceleration in leasing spreads.
