Invitation Homes & PulteGroup Form Strategic Relationship For Purchase Of Approximately 7,500 New Homes
July 27, 2021 | Invitation Homes Inc.
DALLAS–(BUSINESS WIRE)– Invitation Homes Inc. (NYSE: INVH)(“Invitation Homes” or the “Company”), the nation’s premier single-family home leasing company, and PulteGroup, Inc. (NYSE: PHM), the nation’s third-largest homebuilder, announced today the formation of an innovative strategic relationship. As part of this relationship, Invitation Homes expects to purchase approximately 7,500 new homes over the next five years that PulteGroup will design and build expressly for this purpose.
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 Florida, Georgia, Southern California, 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,” said 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.”
“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,” said Ryan Marshall, PulteGroup President and CEO. “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.”
About Invitation Homes
Invitation Homes is the nation’s premier single-family home leasing 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. The company’s 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 PulteGroup
PulteGroup, Inc. (NYSE: PHM), based in Atlanta, Georgia, is one of America’s largest homebuilding companies with operations in more than 40 markets throughout the country. Through its brand portfolio that includes Centex, Pulte Homes, Del Webb, DiVosta Homes, American West and John Wieland Homes and Neighborhoods, the company is one of the industry’s most versatile homebuilders able to meet the needs of multiple buyer groups and respond to changing consumer demand. PulteGroup’s purpose is building incredible places where people can live their dreams.
For more information about PulteGroup, Inc. and PulteGroup brands, go to pultegroup.com; www.pulte.com; www.centex.com; www.delwebb.com; www.divosta.com; www.jwhomes.com; and www.americanwesthomes.com. Follow PulteGroup, Inc. on Twitter: @PulteGroupNews.
