Single-family rental investment platform Roofstock has acquired property management technology platform Great Jones, the company announced on Wednesday.
Roofstock noted that the acquisition will now allow the real estate investment startup to support the full real estate investment lifecycle for owners, including “trading, managing and optimizing property portfolios.” assets for maximum performance”.
While still operating under the Roofstock umbrella, Great Jones will continue to operate as an independent entity.
Great Jones currently manages over 5,000 homes in over 20 markets and has raised over $30 million in funding.
The news follows Roofstock’s March 2021 acquisition of Stessa, an online investment management solution for individual investors.
“We are delighted to announce the acquisition of Great Jones, which represents our second acquisition this year and our third since our inception,” Gary Beasley, CEO and co-founder of Roofstock, said in a statement. “I am especially excited to welcome Great Jones founders Jay Goldklang and Abigail Besdin, and the rest of the team to provide our clients with proven technology to simplify property management and maximize returns. “
“Given the strong performance of housing even throughout the pandemic and strong supply and demand fundamentals, there has never been a better time for investors to build their single-family rental portfolios,” Beasley added.
The companies noted that the acquisition will strengthen Roofstock’s existing investment approach, which aims to help investors of all sizes access real estate investment opportunities.
With the new partnership, 97 Great Jones employees will be added under the Roofstock umbrella.
“The combined team of Great Jones and Roofstock is unmatched in experience and scale,” Jay Goldklang, CEO and co-founder of Great Jones, said in a statement. “Together, we will serve investors across their lifecycle and in more markets, bringing them a holistic digital platform and capabilities that have historically only been available to large investors.”
Roofstock also announced in the same press release that Zillow founder Chloe Harford and commercial real estate vet Craig Robinson have joined the company’s board of directors.
In the first half of 2021, Roofstock experienced 10x growth in trading volume (measured in gross merchandise value) year-over-year, and surpassed $3 billion in trading volume, according to a Press release.
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