Silver Bay makes green on rentals in sunny locales. The real estate investment trust (REIT) is externally managed by PRCM Real Estate Advisers. It focuses on buying single-family homes in urban markets with an oversupply of housing. Silver Bay acquires properties via foreclosures, auctions, sales listings, and bulk purchases and uses its manager's rental property experience to achieve economies of scale for property management and maintenance. The company has a portfolio of about 2,250 income-generating single-family homes that it leases in Arizona, California, Florida, Georgia, Nevada, North Carolina, and Texas. Real estate investor Two Harbors formed Silver Bay in 2012 and it went public later that year.