INVESTOR RELATIONS

The Promise Homes Company LLC is a new business venture focused on the long-term acquisition, rental and scaled management of a national portfolio of affordable, single-family residential homes in the United States. Integral to the management of this portfolio is a unique offering to residents of a comprehensive array of financial empowerment and counseling services, free of charge. In a fragmented industry with a range of institutional and mom-and-pop sellers of single-family homes nationwide, Promise Homes has a desire to nurture relationships, not simply close transactions.

Promise Homes differentiates itself in the national real estate marketplace by creating both an institutional-quality investment platform as well as best-in-class resident, manager and vendor operating system.

Promise Homes will serve as a consolidator in this highly-fragmented market and will grow through future portfolio acquisitions that meet its stringent investment criteria. Efficiencies in the model will also be gained by consolidating the key findings from existing portfolio operations and management, by increasing the scale of the platform, and by decreasing the average cost of funds of its increasingly institutional-level financing.

Founding Partners

 

John Hope Bryant, social entrepreneur, businessman, and founder of Operation HOPE, the global financial inclusion nonprofit organization, created Promise Homes. Under Bryant’s leadership, Operation HOPE has directed more than $2.5 billion into underserved communities over the past 25 years and has served more than three million clients from low wealth communities. Operation HOPE is recognized as a best-in-class nonprofit organization, operating in the top quartile of all nonprofit organizations in the nation and earning Charity Navigator’s top rating of four stars. In addition, Bryant is responsible for financial literacy becoming the official policy of the U.S. federal government.

 

Jason Stewart serves as Chief Operating and Investment Officer of Promise Homes. Prior to Promise Homes, Stewart founded the institutional equity research group of a Washington, D.C. policy- and financial services-focused investment bank, serving as Managing Director and Head of Research. Stewart spent most of his 17+ years in the investment industry as a hedge fund manager overseeing portfolios of real estate, fixed income, equities and derivatives. Stewart received his BS in Business Administration with a concentration in Finance from the University of Richmond, and has received the CFA designation. Additionally, he is a member of the CFA Institute and the CFA Society of Washington, D.C.

 

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.

 

The Institutional Backing

 

Promise Homes was established with an institutional-quality operating platform with best-in-class support, backed by approximately $130 million in initial capital support from private investors.

 

Property Management

 

Property management for Promise Homes properties will be primarily managed under contract with Renters Warehouse, which presently has approximately 20,000 homes under management across 42 markets in 25 states.

 

Financing

Promise Homes investments are located in diverse middle-class geographies that are underserved. These communities meet the qualifications under the Community Reinvestment Act (CRA) for U.S. financial institutions, and the company has a network of banks that have expressed interest or provided funding for its current and/or future acquisitions.

The Promise Homes Difference

 

Promise Homes differentiates itself in the national real estate marketplace by creating both an institutional-quality investment platform as well as best-in-class resident, manager and vendor operating system.