Thibault Adrien admits that when he founded Lafayette in 2011, he had no real estate experience. “My investors really had to be fearless to support me in this adventure!” Adrien joked.
In 2010, Adrien was a Vice President at Fortress Investment Group when he and some friends started to buy a few homes in the Tampa area. By 2011, Adrien had raised $40 million from investors, which he would use to buy 600 homes mostly located in Phoenix, Tampa and Atlanta. Today, Lafayette owns and operates 1,500 homes in nine markets across five states, and has its own property management teams.
“In the beginning, we outsourced our property management until I created Brandywine Homes USA,” Adrien explained. “We now have teams of property managers working together to provide best in class client services to our tenants and achieve operational efficiencies for our investors. Our renewal rate is consistently above our 75% target while our expenses are in line with our publicly traded peers.”
When he looks at the SFR industry five years from now, he hopes it looks like the Multi-family Rental Industry. He believes NRHC has helped, “the viability of the industry in many ways including by conveying a positive message about our impact on the real estate market and the communities in which we operate.”
Adrien is also excited about the idea of GSE financing and is looking forward to a major impact that technology could have on the operating margins of the industry.
“We all have a vested interest in the success of this industry,” said Adrien. “NRHC allows us to compare best practices industry-wide and helps us become better landlords.” He attributes his personal success to hard work, transparency with investors, and the delivery of a good product to his tenants.