An asset manager targeting single-family residential rental properties launched with initial funding of $130 million from private investors.

The newly launched The Promise Homes Co. also said it made its first purchase: a portfolio of single-family homes in the Atlanta area for $22 million, sold by an institutional owner.

The newly launched firm tapped K3 Hauling & Grading to provide maintenance services for its Atlanta portfolio. Renters Warehouse, meanwhile, will provide property management services for the firm's initial portfolio and will be its preferred provider for additional U.S. acquisitions.

Promise Homes said it aims to expand its affordable single-family residential rental home portfolio to lower- and middle-income urban and suburban communities across the U.S.

The firm is headed by CEO John Hope Bryant and COO and Managing Partner Jason Stewart.