Invitation Homes will manage the 4,400 homes in
the portfolio that are within its core markets and invest in the
joint venture
Invitation Homes Inc. (NYSE: INVH), the
nation’s premier single-family home leasing and management company,
announced today that it has entered into a joint venture with
Quarterra Group Inc., a wholly-owned subsidiary of Lennar
Corporation (NYSE:LEN and LEN.B), Centerbridge Partners, L.P., and
other high quality institutional investors. As part of their
agreement, Invitation Homes has acquired a minority equity interest
in a portfolio of single-family homes for lease that are part of
the Upward America joint venture. Upward America has selected
Invitation Homes to provide management services to the 4,400 homes
located primarily within Florida, Texas, and the Carolinas.
“This partnership is emblematic of Lennar’s broader focus on
building a healthier housing market across America and meeting the
needs of families and individuals across the country,” said Stuart
Miller, Executive Chairman and Co-Chief Executive Officer of
Lennar. “The shared build-to-rent vision between Lennar and
Invitation Homes creates opportunities that make the single-family
lifestyle in a quality-built home more attainable.”
“We’re pleased to join these esteemed partners and be chosen to
manage this newly-built portfolio of high-quality single-family
homes for lease,” stated Dallas Tanner, Chief Executive Officer of
Invitation Homes. “Including these homes, the total number we own
and/or manage approaches 110,000 homes. Through these new
relationships and additional efficiencies of scale, we believe we
can achieve meaningful growth for our stockholders and a
significant expansion of our premier service and experience for the
residents of Upward America.”
“This exciting partnership with Lennar and Invitation Homes, the
premier operator of single-family rental homes, brings together two
best-in-class industry leaders whose scale and capabilities are
complementary to the joint venture,” said Ally Heyburn, Managing
Director at Centerbridge. “Invitation Homes’ investment in the
joint venture validates our thesis around the attractiveness of
high-quality, new homes concentrated in some of the fastest growing
markets in the country.”
About Invitation Homes
Invitation Homes, an S&P 500 company, is the nation's
premier single-family home leasing and management company, meeting
changing lifestyle demands by providing access to high-quality,
updated homes with valued features such as close proximity to jobs
and access to good schools. Invitation Homes’ mission, "Together
with you, we make a house a home," reflects its commitment to
providing homes where individuals and families can thrive and
high-touch service that continuously enhances residents' living
experiences.
About Lennar Corporation
Lennar Corporation, founded in 1954, is one of the nation's
leading builders of quality homes for all generations. Lennar
builds affordable, move-up and active adult homes primarily under
the Lennar brand name. Lennar's Financial Services segment provides
mortgage financing, title and closing services primarily for buyers
of Lennar's homes and, through LMF Commercial, originates mortgage
loans secured primarily by commercial real estate properties
throughout the United States. Lennar's Multifamily segment is a
nationwide developer of high-quality multifamily rental properties.
LENX drives Lennar's technology, innovation and strategic
investments. For more information about Lennar, please visit
lennar.com.
About Quarterra
Quarterra Group, Inc., a wholly-owned subsidiary of Lennar
Corporation (NYSE: LEN and LEN.B), is a multi-strategy, real estate
focused, alternative asset management company comprised of two
rapidly growing verticals: Multifamily and Single-Family Rental.
Launched in 2011, Quarterra Multifamily, previously known as LMC,
is among the nation's most active developers, builders, and
managers and has been on the National Multi-Housing Council's
(NMHC) annual Top 50 list for nine consecutive years. Quarterra
Single-Family Rental launched in 2020 to provide individuals,
couples, and families who prefer to rent over home ownership the
opportunity to live in exceptional neighborhoods with great
amenities. For additional information, please visit
Quarterra.com.
About Centerbridge
Centerbridge Partners, L.P. is a private investment management
firm employing a flexible approach across investment disciplines —
Private Equity, Private Credit and Real Estate — in an effort to
develop the most attractive opportunities for its investors. The
firm was founded in 2005 and as of December 31, 2023, has
approximately $38 billion in capital under management with offices
in New York and London. Centerbridge is dedicated to partnering
with world-class management teams across targeted industry sectors
and geographies.
For more information, please visit www.centerbridge.com and
LinkedIn.
Forward-Looking Statements for Invitation Homes Inc. (the
“Company”)
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), which include, but are not limited
to, statements related to the Company's expectations regarding the
performance of the Company's business, its financial results, its
liquidity and capital resources, and other non-historical
statements. In some cases, you can identify these forward-looking
statements by the use of words such as “outlook,” “guidance,”
“believes,” “expects,” “potential,” “continues,” “may,” “will,”
“should,” “could,” “seeks,” “projects,” “predicts,” “intends,”
“plans,” “estimates,” “anticipates,” or the negative version of
these words or other comparable words. Such forward-looking
statements are subject to various risks and uncertainties,
including, among others, risks inherent to the single-family rental
industry and the Company's business model, macroeconomic factors
beyond the Company's control, competition in identifying and
acquiring properties, competition in the leasing market for quality
residents, increasing property taxes, homeowners’ association and
insurance costs, poor resident selection and defaults and
non-renewals by the Company's residents, the Company's dependence
on third parties for key services, risks related to the evaluation
of properties, performance of the Company's information technology
systems, risks related to the Company's indebtedness, and risks
related to the potential negative impact of unfavorable global and
United States economic conditions (including inflation and rising
interest rates), uncertainty in financial markets (including as a
result of events affecting financial institutions), geopolitical
tensions, natural disasters, climate change, and public health
crises, on the Company’s financial condition, results of
operations, cash flows, business, associates, and residents.
Accordingly, there are or will be important factors that could
cause actual outcomes or results to differ materially from those
indicated in these statements. The Company believes these factors
include, but are not limited to, those described under Part I. Item
1A. “Risk Factors” of its Annual Report on Form 10-K for the year
ended December 31, 2023 (the “Annual Report”), as such factors may
be updated from time to time in the Company's periodic filings with
the Securities and Exchange Commission (the “SEC”), which are
accessible on the SEC’s website at www.sec.gov. These factors
should not be construed as exhaustive and should be read in
conjunction with the other cautionary statements that are included
in this release, in the Annual Report, and in the Company's other
periodic filings. The forward-looking statements speak only as of
the date of this press release, and the Company expressly disclaims
any obligation or undertaking to publicly update or review any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except to the extent otherwise
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240430502724/en/
For Invitation Homes Investor
Relations Contact: Scott McLaughlin 844.456.INVH
(4684) IR@InvitationHomes.com
Media Relations Contact:
Kristi DesJarlais 972.421.3587 Media@InvitationHomes.com
For Lennar Media Relations
Contact: Danielle Tocco 949.648.1823
Danielle.Tocco@Lennar.com
For Centerbridge Partners Kekst CNC Jeremy Fielding /
Anntal Silver Centerbridgepartners@kekstcnc.com
Invitation Homes (NYSE:INVH)
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