Bronze Age Financial
The Art of Asset Management
HIGH-PERFORMING SINGLE FAMILY RENTALS IN THE AMERICAN SOUTHEAST
BAF revitalizes historic structures to offer a portfolio of distinctive Single Family Rentals
364 houses acquired
$100mm+ portfolio value
THE BAF APPROACH
"Do not ask who started it. Finish it."
- Thales
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BAF is a partner to the communities we serve. Our portfolio commands premium rental prices because we find neighborhoods with strong cohesion and historic housing stock, and buy all of the blighted or neglected houses in the area. For instance, in the St. Elmo historic district of Chattanooga, most of the homes are in pristine condition, and it is one of the more desirable parts of town to live. However, along the Northern edge of this neighborhood we discovered a pocket of neglected homes that were dragging down the surrounding area. By acquiring and renovating these homes, BAF restored vibrancy to the neighborhood as a whole, preserved historic structures, and is now able to rent safe, beautiful homes for top dollar.
REVITALIZING AMERICAN NEIGHBORHOODS
In the wake of the 2009 Financial Crisis, large banks and hedge funds acquired foreclosed homes by the hundreds of thousands, setting the stage for the emergence of the Single-Family Rental (SFR) market. Since that time, SFR has evolved into one of the most coveted investment markets for institutional capital. The problem facing institutional investors remains how to acquire high-quality portfolios at scale, which limits them to large metro markets where inflated prices dampen realizable value. Without the encumbrance of institutional minimum-buy requirements, BAF has moved aggressively into secondary markets that have dramatically higher upside.
WRITING A NEW CHAPTER IN SFR HISTORY
BAF maximizes value to investors by minimizing acquisition and operational costs. We achieve this through a vertically integrated team where finance, construction, and operations are all in house and working to ensure that money isn’t wasted on third party contract work. From acquisition, to construction, to property management—we’re one team, moving forward together.
VERTICAL
INTEGRATION
Many SFR developers are pursuing a ‘Build for Rent’ model, building whole subdivisions expressly as rentals. By contrast, BAF’s ‘scattered-site’ approach is more difficult and complex, but ultimately delivers better value to investors and renters alike. We believe that the additional work involved in renovating existing properties in desirable communities will deliver substantially better long-term value when compared to build for rent developments. Neighborhoods require a mix of renters and long-term residents (homeowners) to ensure aesthetic and social cohesion. Shorter-term residents who are renting may not contribute as greatly to this cohesion, but they recognize its intrinsic value and will pay more to live in vibrant and established neighborhoods.
SCATTERED SITE
VS
BUILD-FOR-RENT
Many SFR operators are tech startups that rely on sophisticated algorithms to determine market value. While BAF also leverages the latest technology in our operations, we understand that real estate is a complex commodity that requires human expertise working in tandem with technology. We leverage our team of real estate and development professionals to confirm data-driven targets before acquisition, and to find opportunities that are invisible to algorithms, such as unlisted properties. We keep our finger on the pulse and stay one step ahead of market changes—this is why we were in Austin in 2006, the Bay Area in 2011, and Bozeman in 2014—long before these markets rocketed into the stratosphere.
THINKING BEYOND
THE SPREADSHEET
"It is in changing that things find purpose."
-Heraclitus