Simply Homes Secures $22 Million Investment to Address US Housing Affordability
Simply Homes, an innovative Single Family Rental (SFR) sourcing and underwriting platform, recently secured $22 million in funding. The investment, spearheaded by Gutter Capital and Watchung Capital, with contributions from Village Global, Ambush Capital, RavenOne Ventures, and notable individual investors like Neil Parikh, Gabe Flateman, and Luke Sherwin, reinforces Simply Homes’ commitment to tackling housing affordability issues in the US.
The platform focuses on optimizing the acquisition, renovation, and leasing of underutilized housing, with a mission to make quality housing accessible to lower-income families. Remarkably, over 80% of Simply Homes’ tenant base comprises single parents, who would otherwise need to work 150 hours a week to afford market-rate rent on a home.
Brian Bagdasarian, CEO of Simply Homes, underscored the transformative impact of their efforts: “When we invest in a neighborhood, we’re investing in the community. Our renovated homes serve as more than just shelter; they provide a foundation for family growth and economic stability, addressing America’s housing crisis one family at a time.”
James Gettinger, Managing Partner at Gutter Capital, emphasized the significance of Simply Homes’ mission: “In this time of crisis, Simply Homes presents a solution that could revolutionize the affordability of housing nationwide. By renovating aging housing stock, the platform is positioned to significantly increase the supply of affordable and section-8 homes.”
As part of its expansion strategy, Simply Homes plans to enter additional midwestern markets in 2024, with a focus on fostering social and economic mobility. The platform’s development of AI-powered virtual analysts further enhances its ability to identify and invest in communities and properties in need.
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