Stay Alfred, the Spokane, Wash. startup that rents out downtown apartments and turns them into short-term rentals, has completed its biggest deal yet.
Stay Alfred said it has master-leased 10 floors of a new 45-story apartment high-rise apartment tower in Nashville. In the 10-year partnership with developer Tony Giarratana, Stay Alfred will take 140 of 350 units in the 505 tower, the tallest building in Tennessee, and turn them into furnished short-term rentals.
Stay Alfred’s model consists of leasing swaths of units in new downtown apartment buildings before they open and turning them into something like boutique hotels with access to amenities. Stay Alfred says it plays a role similar to a property management company, and it is legally licensed by cities it operates in, pays taxes and runs background checks on guests.
“Travelers want a local, immersive experience with a neighborhood feel,” Stay Alfred Founder and CEO Jordan Allen said in a statement. “We’ve pioneered an ecosystem that gives guests the experience they want, while providing developers and owners a proven, turnkey way to eliminate lease-up risk.”
Founded in 2011, Stay Alfred says it hit $25 million in revenue before raising a $15 million funding round earlier this year. Allen told GeekWire in an interview that the company is on track for $100 million in revenue by the end of next year.
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