BTR Daily - November 3, 2026 - Encore closes $275M SFR securitization

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NEWS ROUNDUP

FINANCING: Encore Finance closes $275M inaugural SFR securitization. Encore Finance Group closed its first multi-borrower single-family rental securitization, ENCR 2026-SFR1. The $275M transaction is backed by 36 five-year, fixed-rate mortgage loans financing 1,308 stabilized rental properties. Loan balances range from $1.6M to $32.2M, and Goldman Sachs served as sole structuring agent, manager and bookrunner. Founder and CEO Beth O’Brien said the transaction creates balance-sheet flexibility for further lending. Managing Director and Head of Capital Markets Caroline Morrill highlighted the company’s origination, underwriting and capital-markets capabilities.

DEVELOPMENT: BBL advances construction at 277-home Stillwell Pasco Station in Florida. BBL Building Company reports that drywall installation and texture, interior painting, Hardie siding and air-handler installation are complete at Stillwell Pasco Station, a 277-home BTR community in San Antonio, FL, near Tampa. Asphalt installation and striping are nearing completion, while crews are installing site-lighting poles. The company identifies Coastal Ridge Real Estate, Kimley-Horn and KTGY as project partners.

ACQUISITION: Invitation Homes buys 216 homes for $74M and sells 658 in Q3. Invitation Homes acquired 216 wholly owned homes for approximately $74M and sold 658 for approximately $318M during the third quarter of 2026. The net reduction of 442 homes generated approximately $245M in net proceeds used to fund share repurchases. These figures exclude joint-venture activity. CEO Dallas Tanner discussed the company’s capital-recycling strategy.

DISPOSITION: D.R. Horton sells 2,073 rental homes for $560M in fiscal 2026. D.R. Horton sold 2,073 single-family rental homes for $560M during its fiscal year ended September 30, 2026. That includes 509 homes sold for $134.3M in the fourth quarter. The company ended the year with $291.3M of single-family rental property inventory. These totals exclude its multifamily rental sales. Executive Chairman David Auld said the company continues adjusting pricing, incentives and home starts to market conditions.

READ: Real estate managers welcome clarity on investing in single-family homes.

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