Invitation Homes (INVH) said Monday that it agreed to invest $50 million in a new joint venture that will target the acquisition of newly constructed homes in "high-growth markets."

The company said it signed a joint venture agreement with global real estate investment partner, but did not name the firm. The joint venture will have an initial capital of $200 million, including Invitation Homes' $50 million investment, and is expected to have a total capital of about $500 million, according to the statement.

Invitation Homes said it will provide management services to the joint venture in exchange for service fees, and will have the right to potentially purchase the ventures' acquired homes. The company said it will also be eligible to earn a promoted interest, subject to certain performance milestones.