Invitation Homes is back on the single-family rental scene with its third securitization, according to a presale report published today by Kroll Bond Rating Agency.
The deal, Invitation Homes 2014-SFR2, is collateralized by a single $720 million loan secured by mortgages on 3,750 residential properties. The properties are located in or near 28 Core Based Statistical Areas across 10 states. The top three states represent 77.8% of the portfolio balance and include California (36.5%), Florida (33.1%), and Georgia (8.2%). The portfolio is comprised of homes primarily with three or more bedrooms, two or more bathrooms, and an average estimated square footage of 1,906 square feet.