Waypoint Homes has begun purchasing REO single-family homes in the Atlanta area to convert the properties into rentals.
The Atlanta housing market currently has the sixth highest foreclosure rate in the nation that should continue to rise, according to David Zanaty, who joined Waypoint in June as regional director.
The Oakland, Calif.-based company buys distressed single-family houses, renovates them, and then leases them to residents via innovative leasing programs that are designed to provide a path to future home ownership for the residents.
Waypoint has acquired more than 2,100 homes in California and Arizona and is rapidly expanding nationwide. The firm plans to eventually put “multiple billions [of dollars] of capital” to work in the space, with an aim to accumulate enough collateral for securitization deals.
Securitization of these single family home rental assets has taken a center role as buyers of these assets are heavily leaning towards institutional investors as an exit/solution for single family properties and nonperforming loans.