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Invitation Homes
Invitation Homes Inc. is a public company traded on the New York Stock Exchange. It is headquartered in the Lincoln Center building in Dallas, Texas. Dallas B. Tanner is chief executive officer. As of 2017, the company was reportedly the largest owner of single-family rental homes in the United States. As of July 2024, the company owned about 84,000 rental homes in 16 markets. Seventeen percent of their rental income is from California.
In 2005, entrepreneur Dallas Tanner and several others formed the housing and apartment investment company Treehouse Group in Arizona. Between 2010 and 2011, it bought 1,000 distressed houses in Phoenix, Arizona, a city heavily impacted by foreclosures caused by the subprime mortgage crisis and one of the first areas where private equity investor purchases of homes for rent took place after the Great Recession.
In 2011, Treehouse merged with the Dallas-based property management firm Riverstone Residential. The company was acquired by Blackstone Inc in the spring of 2012, forming Invitation Homes, with Blackstone giving Treehouse and Residential more capital to expand the business.
Invitation Homes' first home purchase was in April 2012, and within a year the company had spent $4 billion on 24,000 homes in the United States, becoming the largest buyer of homes for rent in the United States; section 8 properties made up 16% of the portfolio. In April 2013, it made a $100-million-plus purchase of 1,400 Atlanta homes from Building and Land Technology.
From August 2012 to June 2013, Invitation Homes purchased 1,650 homes in the Tampa Bay Area for over $250 million. In June, 85% of Tampa Bay online listings by Invitation Homes were above the area's average rent of $1,200.
At the time, corporate home owners like Invitation Homes were purchasing houses in "strike zones," neighborhoods located near several jobs, schools, and transportation systems that were also facing high amounts of foreclosures, and rented them to middle-aged parents raising children making around $100,000 a year or more.
In 2013, Invitation Homes created an asset class of single-family rental securities (SFR) to raise money for purchasing and restoring houses.
In 2016, Invitation Homes instituted its "Resident First Look" program where some renters would be given an option to purchase the homes they rent.
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Invitation Homes
Invitation Homes Inc. is a public company traded on the New York Stock Exchange. It is headquartered in the Lincoln Center building in Dallas, Texas. Dallas B. Tanner is chief executive officer. As of 2017, the company was reportedly the largest owner of single-family rental homes in the United States. As of July 2024, the company owned about 84,000 rental homes in 16 markets. Seventeen percent of their rental income is from California.
In 2005, entrepreneur Dallas Tanner and several others formed the housing and apartment investment company Treehouse Group in Arizona. Between 2010 and 2011, it bought 1,000 distressed houses in Phoenix, Arizona, a city heavily impacted by foreclosures caused by the subprime mortgage crisis and one of the first areas where private equity investor purchases of homes for rent took place after the Great Recession.
In 2011, Treehouse merged with the Dallas-based property management firm Riverstone Residential. The company was acquired by Blackstone Inc in the spring of 2012, forming Invitation Homes, with Blackstone giving Treehouse and Residential more capital to expand the business.
Invitation Homes' first home purchase was in April 2012, and within a year the company had spent $4 billion on 24,000 homes in the United States, becoming the largest buyer of homes for rent in the United States; section 8 properties made up 16% of the portfolio. In April 2013, it made a $100-million-plus purchase of 1,400 Atlanta homes from Building and Land Technology.
From August 2012 to June 2013, Invitation Homes purchased 1,650 homes in the Tampa Bay Area for over $250 million. In June, 85% of Tampa Bay online listings by Invitation Homes were above the area's average rent of $1,200.
At the time, corporate home owners like Invitation Homes were purchasing houses in "strike zones," neighborhoods located near several jobs, schools, and transportation systems that were also facing high amounts of foreclosures, and rented them to middle-aged parents raising children making around $100,000 a year or more.
In 2013, Invitation Homes created an asset class of single-family rental securities (SFR) to raise money for purchasing and restoring houses.
In 2016, Invitation Homes instituted its "Resident First Look" program where some renters would be given an option to purchase the homes they rent.