Las Vegas landlord, homebuilder partner on rental venture
A major landlord of single-family homes in the Las Vegas Valley has teamed with one of the region’s biggest homebuilders on a plan for thousands of new rentals around the country.
Invitation Homes expects to buy around 7,500 homes over the next five years from developer PulteGroup that will be designed and built for Invitation’s portfolio of rental houses, the companies announced Monday.
None of their initial projects is penciled for Southern Nevada.
According to news releases, the first wave of housing tracts will be in Southern California, Texas, Florida, Georgia, and North Carolina.
The first sales are expected to close next year.
Dallas-based Invitation, launched by New York financial giant The Blackstone Group to acquire rental homes after the market crashed a decade or so ago, owned 80,330 single-family rental homes as of March 31, including 3,010 in the Las Vegas area, a securities filing shows.
Atlanta-based PulteGroup’s brands include Pulte Homes, Del Webb and American West. The company reported 841 net sales – newly signed sales contracts minus cancellations – in the first half of the year in Southern Nevada, third most in the region, according to Las Vegas-based Home Builders Research.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.