Invitation Homes Inc. has announced the acquisition of Atlanta-based build-to-rent developer ResiBuilt. This strategic move significantly bolsters Invitation Homes’ presence in the single-family rental market, integrating ResiBuilt’s established development capabilities and existing home portfolio.
Key Takeaways
- Invitation Homes acquired ResiBuilt for $89 million, with potential for an additional $7.5 million in payments.
- ResiBuilt has delivered over 4,200 homes across Georgia, Florida, and the Carolinas since 2018.
- ResiBuilt’s president, Jay Byce, and its 70 associates will join Invitation Homes.
Strategic Expansion into Build-to-Rent
The acquisition marks a significant step for Invitation Homes in expanding its footprint within the rapidly growing build-to-rent sector. ResiBuilt, founded in 2018, has a proven track record of developing quality homes specifically for the rental market. Their portfolio spans key Sun Belt states, aligning with Invitation Homes’ strategic growth objectives.
Financial Details and Integration
The transaction involved an upfront payment of $89 million, with the possibility of up to $7.5 million in future performance-based payments. This investment underscores Invitation Homes’ commitment to scaling its operations and enhancing its offerings to residents seeking high-quality rental homes. The integration is expected to leverage ResiBuilt’s expertise in development and construction with Invitation Homes’ extensive property management and operational capabilities.
Leadership and Team Continuity
Jay Byce, president of ResiBuilt, expressed enthusiasm about the acquisition, stating, "Joining Invitation Homes is an exciting opportunity for our team and our business." He highlighted ResiBuilt’s dedication to building a best-in-class operation focused on delivering quality homes for the single-family rental market. The continuity of ResiBuilt’s 70 associates and its leadership team ensures a smooth transition and the preservation of valuable operational knowledge. This move is anticipated to broaden their reach and better serve families looking for rental homes.