Home rental company Invitation Homes has bought 152 townhomes in the Glennon at Wendell development in Wake County. The Triangle Business Journal reports that the company paid $41.4 million for the individual units. That comes out to about $272,000 a unit. Meritage Homes built the townhomes at Glennon and has been selling them in lots of six to 17 to Invitation Homes.

Glennon at Wendell is a mixed-use development with 228 townhomes, 312 apartments and 50,000 square feet of commercial space. It is across from the Wake Tech East campus, just east of Raleigh.

Invitation Homes lists the townhomes for rent ranging from $1,793 to $1,999. Invitation Homes owns about 1,000 homes in the area.

Invitation Homes is the largest institutional rental home investor in the country, with 86,000 homes, an average rent of $2,357, according to Parcl Labs data.