GoodHomes

GoodHomes Communities is a private, vertically integrated real estate investment firm that acquires and converts underperforming hospitality and senior housing properties into essential workforce housing. The company focuses on assets in well-located areas, utilizing adaptive reuse to create apartment communities at a significantly lower cost than ground-up construction, which allows them to offer rents at attainable levels for individuals and families earning between 80% and 120% of the Area Median Income (AMI). GoodHomes was founded in 2021 by managing partners Leo Tran and David Lau. Their business model involves converting former hotels into furnished studio apartments, with projects like the 124-unit 'GoodHomes El Camino' in a former Extended Stay America hotel in Santa Clara, California, and another project in Sacramento. By keeping the existing building structure, the firm can complete conversions more quickly and economically than new developments, addressing the critical need for affordable housing in high-cost areas.

The firm's strategy directly targets the "missing middle" housing gap, providing quality living spaces for essential workers who are often priced out of the communities they serve. GoodHomes handles the entire process from acquisition and financing to construction and property management, ensuring a streamlined execution. Their projects aim to deliver not just housing, but vibrant communities, often including amenities tailored to the residents. The company has secured significant financing for its projects, including a $23 million loan for the acquisition and renovation of the Santa Clara property. This approach of converting existing structures is presented as an environmentally friendly and economically efficient solution to the housing crisis.

Keywords: real estate investment, workforce housing, adaptive reuse, property conversion, affordable housing, hospitality assets, senior housing, real estate development, property management, attainable rents