Renters Warehouse Partners with Promise Homes
Renters Warehouse Blog
The Promise Homes Company, a newly-formed single-family residential rental property asset manager, announced today its official launch with $130 million in initial funding from private investors.
Founded by social entrepreneur and businessman John Hope Bryant, Promise Homes has established an innovative business model that seeks to provide residents with quality housing at affordable prices as well as free financial and economic support services through a contract with Operation HOPE--the leading non-profit, global provider of financial dignity education and economic empowerment programs. Additionally, Promise Homes partners with local, minority-owned small businesses to provide property maintenance services for its homes, thereby supporting local job creation.
"Promise Homes was established with the clear objective of creating a new relationship between owner, resident and the community," said Mr. Bryant. "We know that by supporting residents with financial and economic support services through Operation HOPE, we will be able to improve the lives of residents, while also making Promise Homes a stronger and more resilient company. By treating residents as partners in shared prosperity, Promise Homes will also improve the communities that it serves. Promise Homes will do well by doing good."
Promise Homes also announced today its first acquisition of a $22 million portfolio of single-family homes in the Atlanta area from an institutional owner of single-family homes, making Promise Homes one of the largest minority-controlled owners of institutional-quality, single-family residential rental homes in the U.S.
"This initial transaction demonstrates both the power of our real estate expertise as well as our desire to impact communities throughout the metropolitan Atlanta area," added Mr. Bryant. "This is an important step for both Atlanta and our business model that embraces our residents as partners."
In addition, Promise Homes also announced today that it has executed two vendor contracts for property management and maintenance. Specifically, the company has contracted with Atlanta-based minority supplier/contractor K3 Hauling & Grading to provide maintenance services for Promise Homes' Atlanta portfolio.
"K3 is excited to partner with The Promise Homes Company and continue our commitment to improving Atlanta communities," said Kegdrick Smith, Sr., Chief Executive Officer of K3 Hauling & Grading. "At K3, we are focused on hiring minority professionals who are local to the communities where we operate, which also results in building their economic resiliency from the grass roots."
Renters Warehouse, a nationally-recognized firm that currently services more than 19,000 homes across 42 markets in 25 states, will provide property management services for the initial portfolio as well as serve as a preferred provider for additional acquisitions across the U.S.
"Renters Warehouse is incredibly proud to be partnering with Promise Homes," said Anthony Cazazian, Chief Investment Officer & President of Portfolio Services at Renters Warehouse. "We love their mission and are very excited to help bring their practical and innovative vision to life. This transaction also validates the benefit of our 'stapled' property management solution for other institutional owners that may sell portfolios to buyers that don't have their own internal infrastructure."
Promise Homes is led by Chief Executive Officer John Hope Bryant and Chief Operating Officer and Managing Partner Jason Stewart. Members of its Investment Committee include Tony Ressler, Co-Founder, Chairman and Chief Executive Officer of Ares Management, L.P. and Principal Owner of the Atlanta Hawks Basketball Club, and Michael Arougheti, Co-Founder, Director and President of Ares Management, L.P. and Executive Board Member of Operation HOPE. Each has also made an investment in the company. Promise Homes plans to expand its portfolio of affordable, single-family residential rental homes to lower and middle income urban and suburban communities across the U.S.
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