The Promise Homes Company Completes Acquisition of 167 Single-Family Homes in Atlanta, Tallahassee & Orlando
ATLANTA--(BUSINESS WIRE)--The Promise Homes Company, a single-family residential rental property asset manager, announced today the closing of two portfolio acquisitions comprised of a total of 167 homes in Atlanta, Tallahassee, and Orlando. This is the third and fourth portfolio acquisition for Promise Homes since launching in May 2017, bringing the total number of homes in its portfolio to more than 400 and increasing the company’s geographic coverage from its base in the metro Atlanta area to middle and working-class communities in northern and central Florida.
“These latest transactions are comprised of quality homes both in the Atlanta area – where we are continuing to build our presence – as well as in new markets in Florida, where we are proud to be able to expand our unique services to these communities.“ ”
As part of the company’s innovative business model, current and future Promise Homes residents will have access to free financial literacy and economic support services through Promise Homes’ contract with Operation HOPE—the leading non-profit, global provider of financial dignity education and economic empowerment programs.
“In less than a year, we have made meaningful progress on providing quality housing and financial literacy services to middle and working class families, all in an effort to enhance their financial dignity and contributions to their communities,” said John Hope Bryant, Chief Executive Officer of Promise Homes. “These latest transactions are comprised of quality homes both in the Atlanta area – where we are continuing to build our presence – as well as in new markets in Florida, where we are proud to be able to expand our unique services to these communities.“
Property management services for the homes in Tallahassee will continue to be provided by Park Place. For the homes in Atlanta and Orlando, these services will be provided by Renters Warehouse, a nationally-recognized firm that currently services more than 19,000 homes across 42 markets in 25 states including all homes in the existing Promise Homes portfolio. Promise Homes and its property management providers place a priority on contracting with local, minority- or women-owned small businesses to provide property maintenance services for its homes, thereby supporting local job creation.
About Promise Homes
Launched in May 2017, the Promise Homes Company is one of the largest minority-led owners of institutional-quality, single-family residential rental property in the United States, with a focus on working class and middle class communities. Promise Homes offers its residents quality housing at affordable prices as well as financial empowerment and assistance that would position them financially to eventually own a home. Promise Homes also contracts with local, minority-owned businesses for property maintenance services, thereby creating local, sustainable jobs in the communities where it invests. Promise Homes is led by Chief Executive Officer John Hope Bryant, an entrepreneur, author, philanthropist, and prominent thought leader on financial inclusion, economic empowerment and financial dignity. He is also the Founder, Chairman, and Chief Executive Officer of Operation HOPE, Inc.; Chairman and Chief Executive Officer of Bryant Group Ventures, and Co-Founder of Global Dignity. Chief Operating and Investment Officer Jason Stewart, who has more than 17 years of experience overseeing portfolios of real estate, fixed income, equities and derivatives, leads the day-to-day management and operations of the company.
Tony Ressler, Chairman, Co-Founder, & 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, have both made an investment in the company and serve on Promise Homes’ Investment Committee along with John Hope Bryant and Jason Stewart.
For more information, please visit http://www.thepromisehomescompany.com.
Bill Mendel, 212-397-1030