**Rental Home Giant Buys 152 Townhomes in Wake County for $41.4 Million**
Invitation Homes, the nation’s largest institutional rental home investor, has purchased 152 townhomes in the Glennon at Wendell development in Wake County, North Carolina. The acquisition totals $41.4 million, translating to approximately $272,000 per unit.
The townhomes were constructed and sold by Meritage Homes in clusters ranging from six to seventeen units. Glennon at Wendell is a mixed-use community situated just east of Raleigh, directly across from the Wake Tech East campus. The development includes 228 townhomes, 312 apartments, and 50,000 square feet of commercial space.
Invitation Homes currently lists the acquired townhomes for rent, with prices ranging from $1,793 to $1,999 per month. The company already owns around 1,000 homes in the greater Raleigh area.
Nationally, Invitation Homes owns approximately 86,000 properties, with an average rent of $2,357, according to data from Parcl Labs.
