🠈  Invitation Homes  🠊

Invitation Homes

Invitation Homes is a real estate investment firm based in Dallas that invests in single family homes. In 2019, the company had a portfolio of 80,000 homes in 17 major markets. The company trades on the NYSE with the symbol INVH..

The company had a market value of $16 billion and $9 billion in debt when I looked it up in November 2019.

The web site InvitationHomes.com has information about leasing the homes along with features for paying bills and scheduling services. The site invh.com has corporate information, SEC filings and press releases.

Corporate History

Several large financial firms had the idea of creating a single REIT that held tens of single family homes for rentals during the Great Recession. The companies formed in the early days of the Obama Administration and quickly rolled up into a single entity.

• 2012: The Blackstone Group acquired Riverstone Residential based in Dallas which it rebranded as Invitation Homes with goal of buying up tens of thousands of foreclosed homes.
  • 2011: Riverstone acquired Treehouse Group

    History of Treehouse Group

    • 2005: Dallas Tanner founded Treehouse Group in Phoenix to invest in apartments.
    • 2010-2011: Treehouse bought about a thousand destressed properties in Phoenix.
• 2017: Blackstone held an IPO for the firm with the symbol INVH.^4,5
• 2017: Invitation Homes acquired Starwood-Waypoint Homes.²

  History of Starwood-Waypoint

  Starwood Capital invested in distressed real estate including hotels, apartments and single family homes.

  • 2013: Starwood acquired Waypoint Real Estate Group which hoped to build a huge portfolio of single family homes. The merged firm became Starwood Waypoint Residential Trust.⁷
  • 2014: Starwood spun off Starwood Waypoint Residential Trust as an REIT on the NYSE with the symbol SWAY.⁶
    • 2015: SWAY merged with Colony American Homes to create a $7.7 billion company called Colony Starwood Homes (NYSE:SFR) with a total to 30,000 single family homes^3,8.
• 2019: Blackstone sold 40 million shares at $25.30. They still have 102 million shares and much of the company's debt.¹

profile page

References:

1. Housing Wire - Blackstone sells $1 billion in shares (Drawn 11/13/2019)
2. Housing Wire - Invitation acquires Starwood Waypoint (Drawn 11/13/2019)
3. Housing Wire - Starwood Waypoint Colony Merger (Drawn 11/13/2019)
4. CNBC - Blackstone IPO (Drawn 11/13/2019)
5. Behind the Deals - Blackstone's Acquisition of 50,000 Homes (Drawn 11/13/2019)
6. Business Wire - Starwood Spins Off SWAY (Drawn 11/13/2019)
7. The Real Deal - Starwood Acquires Waypoint (Drawn 11/13/2019)
8. Business Wire - Colony Starwood Homes Announces Closing (Drawn 11/13/2019)

Directory Listings:

• Phoenix Color - Apartments: Invitation Homes
• Colorado Springs Color - Apartments: Invitation Homes
• Denver Color - Apartments: Invitation Homes

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