Considered the largest third-party manager of single-family rental homes, Renters Warehouse LLC will continue to help investors buy properties, better the growing asset class, and bring in more landlords of any size into an all-in-one platform.
Renters Warehouse LLC, the manager of 22,000 homes in more than 40 U.S. metro areas, agreed to acquire OwnAmerica Real Estate LLC, an online service that connects buyers and sellers of rental properties, Renters Warehouse Chief Executive Officer Kevin Ortner said in an interview. He declined to comment on the price.
Investors have made $490 million of rental home purchases on OwnAmerica’s marketplace since the company launched in 2013, from deals for single properties to portfolios of hundreds of houses. Combining the two firms will help Renters Warehouse’s existing customers buy more real estate, and also help the company go after an emerging class of large investors who want a passive role in managing homes, Ortner said.
“A lot more institutional capital is coming out and saying we want to get into the SFR space but we don’t want to do anything as far as building an operation or building an acquisition team,” said Ortner. “We’ve been approached by a number of folks that have said, ‘Can you help us acquire and liquidate assets?’ and the answer was really, no.”
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