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The Promise Homes Company Completes Acquisition of 167 Single-Family Homes in Atlanta, Tallahassee & Orlando

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.

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. For more information, please
visit http://www.thepromisehomescompany.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20180618005205/en/