Who Owns Progress Residential?

When it comes to property management for residential and rental properties, Progress Residential is the best.

Considered a leader in the real estate industry, the organization implements data-driven, technologically innovative, and highly scalable solutions to help streamline its asset management and performance, providing residents with a seamless renting experience and a decent quality of life.

The company has more than 2,700 employees and manages more than 84,000 homes on its portfolio.

Spanning throughout more than 30 U.S. cities and states, Progress Residential also provides holistic real estate supervisory and management packages run by third-party vendors. This service targets mid-sized and large families, investors, and large-scale property owners.

In light of this, we will deeply dive into understanding who owns Progress Residential and its partner and how it became such a successful organization over the years, especially considering it is a relatively new company.

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Peering into the Background and Interesting History of Progress Residential

Progress Residential was established more than 12 years ago, in 2012. The company is run and managed by a subsidiary firm known as Pretium, which Don Mullen owns. Mullen was a famous partner at the prestigious global investment and banking firm Goldman and Sachs.

Mullen became famous for making millions upon millions of dollars during the 2008 financial crisis through what is known as the “Big Short.” It was genius what he did, and a movie illustrates how powerful people made billions during the economic collapse. The movie’s name is “The Big Short.”

Pretium is one of the biggest financial companies in the US, with a whopping $40-billion investment portfolio. Progress Residential is a part of that portfolio and offers decent to high-quality single-family homes to US-based renters.

It also provides extensive real estate management services to landowners and property dealers. It has a staggering number of homes (up to 85,000) in multiple US states and cities, mainly in metropolitan regions.

In 2022, Mullen, crucial Wall Street entrepreneurs, and investors planned to invest up to $1 billion in the rental properties market owing to how favorable market conditions became close to the end of 2022 and the start of 2023.

Single-family rental property investors owned and managed by Pretium brought in very lucrative prices for the company and hundreds of landlords across the US.

In addition, the rental value at the time also helped the company prevent renters from buying homes as renting them made more sense.

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Services Provided By Progress Residential

Knowing who owns Progress Residential and understanding the types of services the Pretium subsidiary provides are also essential.

The real estate and single-home property management organization excels in offering top-notch, single-family units throughout multiple states and cities, focusing on fast-growing metropolitan regions.

The company has designed precision-based strategies for leasing and renting properties on its portfolio, providing renter-friendly policies, implementing modern home technologies, and imposing burden-free leasing requirements.

In addition, Progress Residential is also known for managing pet-friendly properties, which is a big plus for renters who own small and big dogs. In light of this, the company offers the following services:

Single-family homes for rent
Single-family properties for investment purposes
Management of single-family real estate
Single-family home categories in multiple states.

Progress Residential: Considered Among the Biggest Operators of Rental Properties for Single Families

Operating on a continuously increasing scale, Progress Residential has quickly become one of the biggest owners and supervisors of single-family rental properties in the US.

But that is thanks to the efforts of Pretium Partners, the company’s main owners. In 2022, Pretium announced that the company would inject a whopping $1 billion in new funding to enhance its rental portfolio further.

Pretium specializes in the streamlined management of value-adding assets. Operating as a holding company, it primarily focuses on single-family rental real estate, and several other niches, such as mortgage and finance, corporate credit, and much more.

In a fundraising event, the company secured $1 billion from several Wall Street investors and other companies that jumped on the single-family rental real estate bandwagon.

On the other hand, Pretium also claims to be one of the biggest private real estate owners in the United States of America, managing more than 82,000 homes in various cities and regions.

Pretium said the billion-dollar fund would allow it to establish a diversified pool of rental properties for single families in some exclusive property markets.

In addition, the company would purchase new rental properties in areas experiencing spike in population growth and employment opportunities.

Progress Residential would use its cutting-edge real estate management platform to acquire new properties and renovate and manage them. In 2023, the organization quickly bought up to 5,000 rental properties using the fund.

Donald Mullen, the owner of Pretium, expressed his sincere appreciation for the Pretium Residential Real Estate Fund, stating that it has attracted various high-profile investors from within and outside of the US.

The company now operates with a diverse portfolio of investors from various sectors, such as insurance organizations and pension funds.

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The Impact Made By Progress Residential In the Last Decade

Regarding owns Progress Residential, it is essential to understand that the company has seriously impacted the rental and single-family home market over the last ten years.

The company also highlighted its countrywide economic impact and cited a litany of contributions made by the companies, all of which played a major role in boosting domestic economies across the nation.

In light of this, let’s look at how big of an impact as well as the economic contributions made by Progress Residential in the 12 years since its inception.

Overall Impact on Residents

The organization has a staggering property investment portfolio of up to $21 billion, in rental properties across the US.

In addition, Progress Residential renovates all of its homes after acquisition or during vacancy and has served more than 500,000 single families and individuals to date.

The Economic Impact of the Company

The company owns more than 85,000 single-families residential units across multiple US cities. It employs over 2,000 employees and has built over 2,500 homes in the past decade alone. In addition, the organization offers investors lucrative investments ranging from $50,000 spread over 5 years and has generated more than $100 million in revenue by managing rental properties in 2020.

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