Renters Warehouse, a property management company that specializes in managing single-family rentals, is set to grow its SFR business, as the company announced Tuesday that it is acquiring OwnAmerica, one of the country’s largest investment marketplaces for single-family rentals.
Through the acquisition, Renters Warehouse will become a platform for investors to buy and sell single-family rentals, in addition to the company’s existing property management offerings.
According to the companies, they reached definitive terms and signed agreements on the acquisition, which is expected to close Jan. 1, 2019.
“The new Renters Warehouse marketplace will allow investors to buy, manage and sell all in one place. They can now invest from the comfort of their computer by searching for properties and portfolios based on asset and investment quality,” Renters Warehouse said in a release. “They will also have access to stock-like analytics and day-to-day property management, making Renters Warehouse America’s first full-service real estate investment company.”
OwnAmerica currently has more than $21 billion in total assets on its platform, with over $200 million in assets for sale. Renters Warehouse manages more than $3 billion in residential real estate, servicing more than 14,000 investors and over 22,000 single-family rentals.
And soon, the companies will join forces.
“For over a decade, Renters Warehouse has been working to build the nation's largest and best single-family rental property management company,” Renters Warehouse CEO Kevin Ortner said.
“As we strive to offer our clients better access to information, data and resources to make investing easier, OwnAmerica’s portfolio visualizer tools and market research capabilities stood out as industry leading and a great addition to our suite of services,” Ortner added. “This technology, coupled with our full-service property management solution, will make Renters Warehouse America’s largest full-service real estate investment company.”
Anthony Cazazian, Renters Warehouse’s chief investment officer and president of portfolio services, said that the deal allows the company to provide the SFR market with something beyond what it’s ever had before.
“As new institutional investors continue to enter the SFR space, the need for a holistic solution from sourcing to leasing and managing and eventually monetizing through a single service provider has become vitally important,” Cazazian said. “This highly strategic acquisition will allow us to provide a end-to-end service offering to our institutional and professional investor clients that is unmatched in the industry.”
As part of the deal, OwnAmerica CEO Greg Rand will join Renters Warehouse as chief strategy officer. In that role, Rand is expected to lead the continued development of the marketplace platform, as well as building and leading a team of local real estate investment agents in all markets Renters Warehouse serves.
“Investors in the housing market are independent, patriotic people who use real estate investing to create long-term financial security for the people they care about,” Rand said.
“There has never been a total solution to help them envision, plan, execute and manage a long-term investment strategy,” Rand added. “We are incredibly excited to join forces with Renters Warehouse to create a first-of-its-kind solution. We are going to help millions of people own America.”
Financial terms of the deal were not disclosed.
