ResiBuilt’s Acquisition by Invitation Homes (NYSE: INVH) | Case Study

The Opportunity

RESICAP sought to identify a growth equity partner for ResiBuilt, its purpose-built build-to-rent (BTR) homebuilding and development platform specializing in communities across the Southeast. Having successfully scaled the business since its founding in 2018, RESICAP was looking to bring in a source of capital that could support the platform’s next phase of growth while also evaluating opportunities to create liquidity for existing ownership.

Zelman's Role

Zelman, a Walker & Dunlop company, was engaged as Exclusive Financial Advisor to lead a comprehensive capital raise process. Leveraging its differentiated network of institutional and strategic investor relationships across the housing sector, Zelman engaged a targeted universe of potential partners to evaluate a range of transaction alternatives for ResiBuilt.

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The process generated multiple actionable paths, including joint venture equity, a partial sale of the business, and a sale of the entire platform. Zelman advised RESICAP across these alternatives, conducted valuation analyses, coordinated due diligence, and negotiated the transaction through closing.

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Throughout the process, Zelman worked closely with RESICAP to maximize value while identifying the partner best suited to accelerate ResiBuilt's next phase of growth.

The Outcome

The deal culminated in Invitation Homes' acquisition of ResiBuilt, marking the first acquisition of a dedicated BTR homebuilder by a publicly traded single-family rental company. The transaction expanded Invitation Homes' in-house development capabilities, providing greater control over land development, construction, and the delivery of new rental communities while supporting its long-term growth strategy.

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For RESICAP, the successful sale achieved its strategic and financial objectives while allowing the company to continue focusing on its core single-family rental and real estate services platform.

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^{Zelman Partners LLC ("Zelman"), a registered broker-dealer and a member of FINRA/SIPC, served as Financial Advisor to RESICAP on the transaction described above. This case study is provided for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any security, nor does it constitute investment, legal, or tax advice. Zelman & Associate’s equity research department maintains independent research coverage on Invitation Homes (NYSE:INVH). This case study was prepared by Zelman's investment banking personnel, not by research analysts, and does not represent the views, ratings, or price targets of Zelman's research department. Zelman maintains information barriers between its research and investment banking functions designed to prevent investment banking activities from influencing research content, consistent with FINRA Rule 2241. Past transactions are not indicative of future results. This case study reflects publicly available information as of the date of the transaction.}