Tech 100 winner Roofstock, an online single-family rental marketplace, just acquired Streetlane Homes, a single-family rental management company, to open up new opportunities for managing SFR properties on behalf of institutional investors.
“We are excited to welcome the Streetlane team into the Roofstock family,” Roofstock CEO and Co-Founder Gary Beasley said in a statement.
“The combined capabilities of Streetlane and Roofstock create a compelling one-stop-shop for institutional investors who are looking for U.S. housing exposure but don’t have – or want to build – an operating infrastructure to acquire, renovate and manage a large portfolio of SFR properties,” he added.
Streetlane currently manages roughly 2,100 SFR properties across five markets: Atlanta, Chicago, Dallas, Las Vegas and Nashville. Roofstock will retain these contracts, and the two companies will combine their efforts to enhance Streetlane’s offerings, they explained.
Streetlane is capable of opening up an operation in a new market within 30 days to 45 days, and Roofstock plans to leverage this flexibility to expand Streetlane’s operations into new cities and service more institutional investors, Roofstock explained in a press release.
The acquisition will bolster Roofstock’s existing partnerships with more than 40 certified local property managers across the nation who are already managing properties on behalf of Roofstock’s investor clients, the company said.