The Board of Directors of Waypoint Homes, Inc., a pioneer in the REO to rental industry, announced today that Gary Beasley has been named President and Chief Executive Officer. Beasley will be supported by Chief Operating Officer Scott Gable, Chief Technology Officer Ali Nazar, recently appointed Chief Financial Officer Nina Tran, and by Doug Brien and Colin Wiel in their roles as co-founders and managing directors.
Beasley joined Waypoint as a managing director in late 2011 and played a key role in securing the company's partnership with Menlo Park-based private equity firm GI Partners, which represented the first large institutional investment into the single family rental (SFR) industry, as well as the milestone $245 million revolving credit facility with Citi that Waypoint announced in October 2012.
"Gary's track record of building high growth companies combined with his investment and public company leadership experience makes him the natural choice to lead Waypoint as we continue expanding," said Doug Brien. Colin Wiel added, "Our assets under management more than doubled in 2012 and we expect continued growth in 2013. We've been operating effectively under a rather unconventional structure with three managing directors running the firm. We understand that as we mature we need to adopt a more conventional structure, and we're confident that this streamlined organizational structure is the right one to support that significant growth trajectory."
"It's been incredibly satisfying to see our investment strategy validated through the emergence of the single family rental market as an institutional asset class over the past year," said Beasley. "Doug and Colin have done an amazing job building Waypoint from the ground up. I'm honored and excited to lead Waypoint into its next chapter, and my goal is to build on our legacy of innovation in our space and to ensure Waypoint remains at the forefront of our industry for many years to come."
Before joining Waypoint, Beasley served as a partner with Geolo Capital, the private equity arm of the John A. Pritzker family, where he helped orchestrate the firm's investment into Joie de Vivre Hospitality, the second largest boutique hotel chain in the U.S. He served as the chain's CEO for a year prior to its successful merger with NY-based Thompson Hotels. Prior to joining Geolo, Beasley served as CFO and then president of the pioneering Internet-based residential brokerage ZipRealty (NASDAQ: ZIPR), which now ranks as one of the largest residential brokers in the U.S. Under Beasley's leadership ZipRealty grew from 40 to over 2,000 employees and executed a successful IPO. In addition to his previous CEO role at solar technology start-up Greenvolts, other past positions include key roles at KSL Resorts (a $2 billion KKR-backed resort/leisure enterprise), Security Capital Group (REIT pioneer), and LaSalle Partners Limited (predecessor company to Jones Lang LaSalle).
"We are proud to be on the leading edge of helping to create a new institutional asset class through our partnership with Waypoint," said Rick Magnuson, board member of Waypoint Homes and executive managing director of GI Partners. "Gary has brought great experience and strategic thinking to Waypoint. With Gary, Colin, Doug and the entire Waypoint team's support, we have purchased over 2,000 homes since early 2012."
About Waypoint Homes: Based in Oakland, Calif., Waypoint Homes (http://www.waypointhomes.com) has created a next-generation real estate company with an innovative business model to help address the lack of liquidity contributing to the prolonged U.S. housing crisis. The Waypoint solution centers on buying distressed single-family houses, renovating them, and then leasing them to residents via innovative leasing programs that are designed to provide a path to future home ownership for the residents. A leader in the emerging REO-to-rental industry since its founding in 2008, Waypoint's portfolio includes more than 3,000 homes in five states; the company is rapidly expanding operations in targeted cities nationwide.
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