It will provide investors expanded access to Promise Homes’ model of resident empowerment and attractive returns. It too will provide financial empowerment offerings to thousands of new residents.
Atlanta-based Promise Homes describes itself as one of the nation’s largest minority-owned managers of institutional-quality, single-family residential rental property, centered on working with middle-and-working residents. The company’s existing portfolio of 663 homes is seeding the joint venture. Promise Homes reported it plans to continues to pursue additional institutional equity and debt capital to grow the portfolio to more than 10,000 homes over the next two to four years.
Promise Homes reportedly pays Operation Hope to offer counseling to its residents.
In order to get the deal, “I had to perform. I had to be good. I had to hit my numbers,” Bryant said on CNBC’s Squawk Box. “And I had to have a business plan at work. But I also had to have access and have the right relationships to be able to get in the right doors.”
He also stated, “This transaction provides an unparalleled proof point that Promise Homes’ mission of ‘doing well by doing good’ can in fact be profitable for all stakeholders.”
Reflecting on the transaction, William Awad, head of the global private structured finance group at Barings, said, “We are excited to partner with Promise Homes, which has proven that providing housing at affordable prices and free financial coaching and incentive programs for residents can be good business.”