Converts nearly five percent of its rental properties into owner-occupied homes, expanding
Milwaukee's tight housing supply to those who may not have had prior access to homeownership
DAYTON, Ohio, Oct. 16, 2023 - VineBrook Homes (VineBrook) announced today that it has made homeownership a reality for dozens of Milwaukee's hard-working residents who may have been denied opportunities to purchase homes in the past. Year to date, the company sold or is in contract to sell approximately five percent of its local single-family rental portfolio to owner-occupants, expanding the housing supply to a segment of the community that is typically in need of more single-family homes.
VineBrook is one of the only large single-family rental companies dedicated to providing affordable housing. With the addition of its owner-occupant sales, the company has added yet another option for affordable, accessible single-family living that otherwise might not be available in Milwaukee's supply-challenged market.
"VineBrook was founded on a vision to acquire and restore distressed properties resulting in rejuvenated neighborhoods and access to safe, affordable single-family homes for workers and families," said Dana Sprong, Co-Founder and Managing Partner of VineBrook Homes, LLC. "VineBrook is proud to be part of the Milwaukee community and we are committed to breaking down the barriers to single-family living for all Milwaukeeans."
VineBrook's local team is dedicated to helping alleviate pressures of increasing interest rates and higher prices from inflation by expanding the housing supply in Milwaukee's neighborhoods where there are limited sources of homes organically coming to the market. The company is also collaborating with some of the City's leading organizations focused on ensuring quality housing, equitable homeownership and financial literacy.
"VineBrook is providing Milwaukee's residents with steppingstones to homeownership, including the opportunity to build equity with the purchase of our affordable homes or access to single-family rentals with average monthly rents that are normally well below nationally recognized benchmarks for affordability," said Ryan McGarry, Chief Operating Officer and Managing Partner of VineBrook Homes, LLC. "Our goal is to partner with local community leaders to offer greater affordability in housing options, equipping residents with the necessary tools to build the future they desire for themselves and their families. We share a common purpose for the betterment of Milwaukee."
About VineBrook
VineBrook Homes specializes in acquiring, renovating and leasing single-family homes. Unlike other providers, VineBrook takes a different approach in the growing Single-Family Rental Home industry, focusing on affordability and value for our residents. Since our commencement in 2007, we have quickly become one of the largest providers of quality homes with a variety of housing options offered.
Our highly trained and experienced staff is dedicated to providing the best experience to current and future residents, while being a good citizen in our communities. Our core values of hard work, integrity, communication, service and execution have helped build a recognized brand known for quality and long-term resident satisfaction.
We are proud to provide the many benefits of single-family home living in great neighborhoods, with ample space, storage, yards, privacy, security and professional management at a reasonable price. Most importantly, our success in the single-family rental home business would be nothing if it weren't for our fantastic residents, and we work every day to provide the best service possible to meet their needs.
For more information, please visit www.VineBrookHomes.com.
Media Contact
Megan Grabos
VineBrook Homes
megan.grabos@vinebrookhomes.com
Cautionary Notice Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management's current expectations, assumptions and beliefs. Forward-looking statements can often be identified by words such as "will," "expect," "goal," "intend" and similar expressions, and variations or negatives of these words. These forward-looking statements include, but are not limited to, statements regarding the company's goals and commitments. Forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statement, including those described in greater detail in the company's filings with the Securities and Exchange Commission, particularly those described in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers should not place undue reliance on any forward-looking statements and are encouraged to review the company's other filings with the Securities and Exchange Commission for a more complete discussion of the risks and other factors that could affect any forward-looking statement. Except as required by law, the company does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changing circumstances or any other reason after the date of this report.
SOURCE VineBrook Homes
