US investor Invitation Homes has launched a joint venture with Rockpoint Group to target distressed homes.
The jv will have around $1bn to spend buying single family homes in the west and sunbelt states, which it will then refurbish and rent.
Invitation was created by Blackstone after it bought thousands of homes out of foreclosure following the 2008 financial crisis. Blackstone has now sold its shares in Invitation, which has an enterprise valuation of $25bn.
