Patriot Family Homes expands to 550 units through a diversified STR growth strategy

CHATTANOOGA, Tenn.--(BUSINESS WIRE)--Patriot Family Homes (Patriot) continues to deliver rapid expansion by adding 150 units in the first half of 2023, for a total of 550 units in the portfolio, solidifying its position as one of the largest private vertically integrated short-term rental (STR) investment, acquisition, and property management companies in the industry.

"Patriot Family Homes' rapid growth to 550 units highlights our value proposition and scale platform that is appealing to short-term rental guests, owners, and employees. We continue to identify and seize opportunities to expand operations across a diversified home portfolio," said Christian Hempell, President and Chief Operating Officer of Patriot Family Homes.

This growth was enabled in part by a decision from Rabbu, an STR data and technology company, to exit the STR management business and focus on its core data offerings. Rabbu recommended that its owners transition to Patriot Family Homes, including The Home Collection portfolio in Charlotte, NC, a luxury and custom-designed 40+ unit multifamily portfolio, establishing Charlotte as a new flagship market.

The company also launched its first branded and owned bed and breakfast property, The Legacy Inn in Luray, Virginia, and assumed management of the new Treetop Hideaways treehouses at Ruby Falls in Chattanooga, TN. Patriot also continued to acquire, renovate and open single family homes through its core property fund in the first half of 2023. These projects highlight Patriot Family Homes’ ability to manage unique properties at scale.

Patriot plans to continue to expand its partnerships with dynamic local STR managers, including minority investments in operating companies paired with the opportunity to identify new homes for purchase through Patriot's Prop Co fund. Patriot’s CEO, Joe Riley, explained the uniqueness of their approach: “While most investors require buyout or majority control, we want to embrace the local brands that guests love and ensure the STR founders who built them continue to earn the upside. This allows us to consider minority positions for founders who want to continue to grow.” In addition to capital, Patriot also offers back-of-house support to empower founders to focus on what they do best: creating great experiences for guests and strong returns for owners.

Joe Riley founded Patriot Family Homes in 2018 shortly after returning from a military deployment to Afghanistan. During the deployment, Joe and his wife, Rachel, rented their house on Airbnb, and recognized the need for short term rentals around military bases. Joe continued to build the company while serving tours in Ukraine and on the National Security Council at the White House. Today, the company operates in over 50 markets, acquiring, renovating, and managing single family homes in underserved markets not typically associated with vacation rentals or short-term rentals. The company remains at the forefront of the short-term rental industry, delivering exceptional accommodations and services to its guests and maximizing returns for property owners through a strong service culture. In late 2022, Patriot secured a $60M Series B Investment from two prestigious family offices, TRT Holdings and Miramar Holdings, to focus on unit acquisitions, scaled operations, and market growth.

For details and press inquiries, please visit our website at www.patriotfamilyhomes.com or contact Kate Dunne at [e-mail]