Second Avenue Group (‘Second Avenue’), a full-service, institutional quality single-family rental platform (“SFR”), announced today that three visionary SFR industry executives have joined the company in various senior-level roles.
Ray Barrows, who boasts more than 25 years of experience in housing operations, acquisitions and development, joins Second Avenue as the firm’s new COO. In addition, Bruce Strohm and Fred Tuomi – two iconic and longtime SFR and related housing industry executives – join as Strategic Advisors to Second Avenue.
“Second Avenue is experiencing extremely high growth in the SFR market today, which makes the hiring of these three gentlemen a truly transformative moment for our company,” said Second Avenue CEO and Founder Mike Rothman. “Not only have they validated the strength of our existing platform by joining us, but their presence on the team positions us to expand on an even greater level going forward with their combined knowledge and proven industry leadership,” said Second Avenue CEO and Founder Mike Rothman.
Ray Barrows previously served as EVP of National Operations and Chief Operating Officer at Progress Residential where he helped oversee the company’s growth from 28,000 to 55,000+ single-family home rentals. Prior to working with Progress Residential, Mr. Barrows was a Senior Vice President with The Irvine Company in California. In that capacity, he oversaw the day-to-day property management operations for the company’s 64,000 apartment units in Southern California. Mr. Barrows has also held senior positions with Waypoint Residential, Bell Partners, Archstone Communities and Security Capital Group.
“It’s an honor to join a team as experienced and innovative as Second Avenue,” said Barrows. “Second Avenue is one of the few SFR companies to create an end-to-end technology platform that effectively manages the required aspects of both maintenance and capital decisions at the home level, as well as providing the personalized customer service that residents now demand from quality SFR housing. The Board, Senior Management and Operations team are unparalleled in both experience and the understanding of how these tech-enabled systems will be utilized to provide superior returns for Second Avenue’s investors.”
Bruce Strohm previously served as the Executive Vice-President, General Counsel and Corporate Secretary of Equity Residential, an S&P 500 public company, from 1995 until January 2018. Equity Residential is one of the largest apartment companies in the United States, owning over 300 properties, with 80,000 units, with a market capitalization in excess of $30 billion. From 2018 to 2019, Mr. Strohm was Chief Legal Officer of Equity International, a private equity company focusing on investing in real estate outside the United States. During his tenure at Equity Residential and Equity International, Mr. Strohm provided legal oversight of transactions, litigation and insurance, and worked closely with the chief executive officer and chief financial officer on capital markets activities and shareholder relations.
“Having worked for Sam Zell for over 30 years, I have a highly disciplined approach to investing, with a laser focus on the right supply-demand metrics. Second Avenue does that exceptionally well, which is why I invested with Mike Rothman and his company in 2019,” said Strohm. “Second Avenue is one of the few SFR operators to have the ability to effectuate a high velocity of acquisitions because of their proprietary lead generation technology, investment valuation and underwriting expertise. I am pleased to be a strategic advisor to Second Avenue, helping them maximize performance for their institutional investors.”
Fred Tuomi served as President, Chief Executive Officer and Director of Invitation Homes Inc, the nation’s largest single-family rental company, from 2017 until his retirement in 2019. Prior to its merger with Invitation Homes, Mr. Tuomi served as Chief Executive Officer and Director of Starwood Waypoint Homes from 2016 until 2017. Prior to its merger with Starwood Waypoint Homes, he served as Co-President and Chief Operating Officer of Colony American Homes, Inc. from 2013 until 2016. Mr. Tuomi was Executive Vice President and President—Property Management for Equity Residential, the nation’s largest multi-family REIT, from 1994 until his retirement in 2013. He led the development of Equity Residential’s property management group through years of rapid growth and expansion, while helping to pioneer its leading operational platform.
Said Tuomi: “Along with the substantial level of investment capital continuing to flow to the SFR sector, there is a tremendous need for an institutional quality, full service and tech-enabled platform for acquisition, asset management and property management of SFR homes and BTR communities. Second Avenue recognized this need in 2017 and has developed a highly capable platform for large scale investors, empowered by robust technology and experienced SFR professionals. I am pleased to be an investor and to serve as an advisor to Second Avenue.”
Second Avenue, which was founded in 2017, is currently active in 10 markets, primarily in the Southeastern and Southwestern United States. The firm has targeted an additional 10 markets for entry in the next year and expects to deploy as much as ~$1 billion annually.
The firm’s growth outlook is consistent with the long-awaited and now widely recognized boom in the single-family rental sector, addressing the growing demand for high-quality suburban rental housing.
About Second Avenue
Discover the joy of renting with Second Avenue, the next-gen single-family rental investing platform. Second Avenue provides sought-after rental homes for today’s families and compelling risk-adjusted returns in single family rental (SFR) property portfolios for institutional investors. Bringing exceptional discipline, tech simplicity, and professional property acquisition and management to the industry, Second Avenue makes SFR renting and investing easier and better than ever. Discover the simplicity and possibility of Second Avenue homes and investing. With ~$2 billion under management, Second Avenue is privately held and headquartered in Tampa, Florida with regional teams throughout the United States.
For more information about Second Avenue, visit: www.secondavenue.com