Invitation Homes (NYSE:INVH) has acquired ResiBuilt Homes for $89 million, a strategic move that transforms the nation’s largest single-family landlord from a secondary-market buyer into a vertically integrated developer.
The deal includes an additional $7.5 million in potential earn-out payments based on future performance.
By absorbing ResiBuilt, Invitation Homes gains an immediate foothold in the high-growth "build-to-rent" (BTR) sector across Georgia, Florida, and the Carolinas.
Since 2018, ResiBuilt has established itself as a Top 10 builder in Atlanta, focusing on "Dedicated Rental Communities" that mirror the aesthetics of traditional for-sale subdivisions.
The transaction structure underscores a shift toward fee-based income and capital efficiency.
While the $89 million price tag did not include immediate land holdings, Invitation Homes secured options on approximately 1,500 residential lots.
The acquisition also brings in 23 existing fee-building contracts, which management expects to be "modestly accretive" to 2026 Adjusted Funds From Operations (AFFO) per share.