Envisioning the future of build-to-rent: Zelman advises on ResiBuilt’s sale to Invitation Homes

Zelman, a Walker & Dunlop company, served as the exclusive sell-side investment banker to RESICAP on the divestiture of its build-to-rent homebuilding and development platform, ResiBuilt, to Invitation Homes. The transaction represents a defining moment for the build-to-rent (BTR) sector and underscores the continued evolution of institutional investment in purpose-built housing.

This milestone transaction is the first homebuilding M&A deal of 2026 and the first-ever sale of a pure-play BTR homebuilder. It also marks Invitation Homes’ first corporate-level acquisition since 2017 and its first acquisition of a dedicated homebuilding platform, underscoring how large single-family rental companies are increasingly expanding vertically to support long-term growth.

Strengthening development capabilities at scale
Through the acquisition of ResiBuilt, Invitation Homes establishes internal BTR development capabilities that directly support its long-term growth strategy. ResiBuilt brings to Invitation a seasoned, vertically integrated platform with a track record of delivering more than 4,200 homes across the Southeast since 2018 while its active development pipeline and fee-building relationships meaningfully enhance Invitation’s ability to deliver new housing efficiently and at scale.

In addition, the transaction positions Invitation Homes to pursue future development opportunities without materially increasing land exposure, allowing for disciplined growth while maintaining balance sheet flexibility.

Continuity of leadership and people-first execution
All ResiBuilt employees and leadership joined Invitation Homes as part of the transaction, ensuring continuity of culture, operational expertise, and execution discipline. This approach preserves the platform’s entrepreneurial DNA while creating new opportunities for professional growth within a scaled, publicly-traded organization.

For RESICAP, the transaction unlocks value from its homebuilding platform while allowing the firm to remain independent and focused on its broader operating businesses, including BTR and single-family rental joint ventures, residential property management, land entitlement and development, maintenance, and related verticals.

A signal moment for the housing industry
The transaction reflects a broader shift across the housing landscape, as institutional owners increasingly integrate development capabilities to control community locations and design while better managing costs, timelines, and product quality. Purpose-built rental housing continues to play a critical role in expanding access to high-quality homes in fast-growing markets, and this transaction sets a new benchmark for how scale and specialization can come together to meet that demand.

Zelman and Walker & Dunlop’s leadership in housing M&A
Zelman, a Walker & Dunlop company, is the leading investment banking and institutional research platform dedicated exclusively to the U.S. housing industry, advising clients across single-family for-sale and for-rent, multifamily, building products, mortgage, technology, brokerage, and related sectors. Backed by Walker & Dunlop’s full-service commercial real estate financing and brokerage platform, Zelman combines deep housing specialization with the capital markets insight, execution strength, and scale of the industry’s most active commercial real estate firms.

For housing companies navigating pivotal strategic decisions, from platform sales and portfolio optimization to growth capital and transformative acquisitions, Walker & Dunlop offers an integrated advisory platform built to deliver clarity, confidence, and results. As part of Walker & Dunlop’s real estate ecosystem, Zelman welcomes confidential conversations with privately held and public companies seeking experienced guidance across mergers and acquisitions, financings, and long-term strategic planning. Reach out today to get the conversation started.