PulteGroup, the No. 3 builder on the 2021 Builder 100, and Invitation Homes, a single-family home leasing company, announced a new strategic partnership. As part of the relationship, Invitation Homes expects to purchase approximately 7,500 new homes over the next five years that PulteGroup will design and build.
“We have been evaluating potential structures for participating in the single-family rental market that would seek to capitalize on our strengths in community development and new-home construction while delivering high returns,” says Ryan Marshall, president and CEO of PulteGroup. “We are excited to be working with an industry leader in Invitation Homes, and believe this relationship will allow us to increase our scale in our existing markets, make investing in larger land parcels more practical, and generate attractive risk adjusted returns.”
The companies have already reached agreement on the construction and sale of over 1,000 homes across seven communities over the next several years, with the first sales expected to close in 2022. Initial projects are scheduled for delivery in California, Florida, Georgia, North Carolina, and Texas.
“At Invitation Homes, we’re committed to serving the growing share of Americans who are opting not to buy a house by providing high-quality homes with valued features such as close proximity to jobs and access to good schools,” says Dallas Tanner, president and CEO of Invitation Homes. “We’re thrilled that this strategic relationship with PulteGroup further strengthens that commitment while also enhancing our multichannel acquisition approach to growth.”
