Mynd Property Management raised $20 million just over a year ago, saying at the time that it planned to use the money to expand its business. And now, Mynd is doing just that.
The company, which provides full-service property management of small multifamily buildings and single-family homes, announced recently that it has acquired HomeUnion, an online real-estate investment management firm.
Mynd was founded in 2016 by Doug Brien and Colin Wiel, who previously founded Waypoint Homes, a single-family rental operator that eventually grew into the largest player in the industry.
The deal to acquire Mynd to offer more services to real estate investors. In 2015, HomeUnion announced the launch of HomeUnion Lending, which focused on lending to single-family rental investors. Later, HomeUnion became an investor in single-family rentals itself, launching a crowdfunding platform that will allow individual investors to buy into a fund that will seek to create a return by identifying single-family rental investment opportunities, improving the properties, increasing the rents, and potentially selling the properties to other investors.
Now, Mynd is acquiring HomeUnion, and the addition is one that Brien, CEO and co-founder of Mynd, said will help the company’s investors grow their portfolios. The company aims to eventually become a full-service real estate investment solution in the top 50 most investable markets in the U.S., and manage 1 million units. This acquisition moves Mynd further toward its goal, the company said.
“Adding HomeUnion’s capabilities to the Mynd platform solidifies our position as a leader in the small residential real estate investment business,” Brien said. “Property management is a fundamental aspect of executing a successful investment.”
“We look forward to leveraging our investment experience and HomeUnion’s data and tools to help our investors grow their portfolios,” he adds.
One of these newly acquired tools is HomeUnions INVESTimate, an online home valuation tool that allows users to determine the investment potential of any home in the U.S.
“We are pleased to be part of the Mynd team,” said Don Ganguly, president of HomeUnion. “Investors who purchase SFR homes through the new Mynd platform also gain access to the company’s high-caliber property management services and proprietary local operating data, thereby making investing accessible to a greater number of investors.”