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Homz, the First National Housing Company Dedicated to Standardizing Attainable Rental Housing Communities in the U.S., Raises $50 Million in Pre-Seed Funding
Round led by Nanban Ventures, a venture capital firm investing in startups catering to the social good
Proceeds will be used to fund the development of Homz-branded wellness-centric communities in markets throughout the South
DALLAS, March 1, 2023-- Homz, the first national housing company in the U.S. developing wellness-centric multifamily housing, today announced it raised $50 million in pre-seed funding. Nanban Ventures, a Dallas-based venture capital firm investing in startups across the U.S. and India that are committed to making a positive societal impact, served as the lead investor, with additional contributions made by family offices, high-net-worth individuals and ultra-high-net-worth individuals.
Homz seeks to address the shortage of attainable housing units available for rent in the U.S. by creating a portfolio of sustainable, wellness-focused communities that all feature the same design, layout and amenities. The idea to create a single, uniformed concept and apply it to housing was derived from the hospitality industry, to which Homz’s founders have deep ties, possessing decades of experience developing, owning and managing over $5 billion worth of assets.
Homz plans to use the proceeds from its pre-seed round to advance its efforts to form partnerships with cities across the Southeast and fund the development of its communities in markets throughout the Southeast. Homz, which is seeking to develop 50 communities, targets tier-2 markets that are located within a roughly 20-to-30-minute drive from major high-growth Metropolitan Statistical Areas (MSAs). Homz is actively looking to engage with city officials from municipalities that fit this criteria and are interested in providing incentives that make it possible to develop these communities.
“It’s no secret that there is a lack of attainably-priced housing in the U.S., which severely restricts optionality and socioeconomic advancement,” stated Kim Diamond, Board Member of Homz. “We are committed to changing this by delivering a uniformed brand of sustainable, wellness-centric communities at attractive price points that people actually want – and can be proud – to live in. The pre-seed funding illustrates the value institutions see in our business model and its potential to be an important solution that addresses the universal funding challenges prohibiting the development of attainable housing communities throughout the country. We look forward to using the proceeds to accelerate the progress we’re making and fund market research in the cities we have identified as strategic fits for our product.”
Through its mixed-use master planned communities, Homz seeks to preserve or increase socioeconomic diversity while providing public access to vibrant, highly-amenitized urban environments. All of its communities will feature 54 publicly available amenities, including clubhouses, pools, athletic fields, playgrounds, urban farms, Miyawaki forests and more, that are designed to foster deeper senses of wellness and satisfaction among residents and their neighbors in the community. These amenities create dynamic, vibrant neighborhoods and lifestyles that bring people together and draw visitors and business from within and outside the community.
Moreover, each community will feature four multifamily brands – UP, 24, NJOY and LYF – that are designed to meet renters at each stage of their lives, along with a selection of build-to-rent single-family homes. UP and 24 target value seekers, while NJOY and LYF offer larger floorplans to accommodate roommates and growing families. By offering greater housing optionality, Homz communities are positioned to attract the diverse, highly talented work forces that meaningfully contribute to the growth and development of their local economies.
“What really stood out to us about Homz was its commitment to address the lack of attainable housing supply in the country in a way that not only reduces costs – which it does through city partnerships and standardization across communities – but also by creating communities that prioritize the health, safety and wellness of people and the environment,” said Gopala (“GK”) Krishnan, CEO and Managing Partner of Nanban Ventures. “Investing in Homz provides us with an opportunity to contribute to the betterment of society and the livelihoods of many individuals and families without limiting our return potential. We are excited to see these communities come to life.”
Homz expects to invest between $140 million and $170 million in each community and will secure financing from the Department of Housing and Urban Development. Homz will hold each investment for approximately 25 years, creating a close alignment of interests with each city. It is designing these communities with ESG and sustainability in mind, and each property is being developed to meet the requirements of the United Nations Principles for Responsible Investing initiative.
Homz is the first national housing company dedicated to building a portfolio of sustainable, wellness-focused communities centered around branded attainable housing in key markets across the U.S. Homz looks to develop communities that bring greater housing options to residents at more attainable prices, helping to preserve or increase socioeconomic diversity while providing public access to vibrant, highly-amenitized urban environments. Homz’s mission is to create a better living world with integrated communities that support more meaningful connections between individuals and their surroundings. For more information, please visit www.homzglobal.com.
ICR for Homz