PURE Property Management Celebrates 50th Acquisition, Completes 20 Transactions in the First Half of 2022
Profitable Proptech Is Now Managing Over 20,000 Residential Properties Across 23 States, Advancing Rapidly Towards Nationwide Coverage
LOS GATOS, Calif., Sept. 22, 2022 /PRNewswire/ -- PURE Property Management, the fastest growing residential property management and technology company in the U.S., announced today that it completed 50 acquisitions since its launch in October 2020 with 20 transactions occurring in the first half of 2022.
"The real story here isn't about the number of acquisitions, but rather the quality and experience of the people joining us," said PURE Co-founder and General Partner Michael Catalano. "Experienced owners, while technically selling to PURE, are staying on and joining in our mission to band together and build together innovative product and service offerings at scale."
With the industry's only true seller-aligned model, property management entrepreneurs can have both an investment in PURE's future and, because the company is growing rapidly on a national level, they can also enjoy new opportunities for professional growth. Owners who choose to exit at sale can do so knowing that their clients are in good hands and their employees have more career growth opportunities and employment benefits than they could provide them as an independent operator.
As a result, PURE is rapidly acquiring independent proprty management companies with experienced leaders and management professionals to assemble a team that now counts over 2,000 years of combined property management experience across the company.
"People are our secret sauce. We aim to have the most talented and experienced property managers in the industry join us while we tech-enable their operations for efficiency and growth," said Joseph Polverari, PURE's co-founder and general partner. "Collectively, and aided by our technology investments, we're focused on eliminating the friction and complexities of renting a home for not just our clients and residents, but for the property managers as well."
Frustrated by the cumbersome and complex process of managing and renting homes within the highly fragmented residential rental market, industry insider Michael Catalano and fintech pioneer Joseph Polverari co-founded PURE Property Management with the vision of making renting a home a simple and satisfying experience for all, and at a scale never seen before.
By empowering its people with proprietary PURE Playbooks, processes, and technology, PURE has rapidly emerged to be an industry leader by delivering consistent, high-tech, high-touch, and hyperlocal property management services in over 300 cities and markets across 23 states. The company is profitable, and acquisitions of independent property management companies nationally are fueled by a recent $50 million financing at a $300 million valuation.
"I'd say over two-thirds of the owners that have joined PURE were not actively looking to sell their business, but were instead intrigued by what we are doing and what their company may be worth," observes Jock McNeill, vice president of partner relations. "Once they see our strategy and talk to their peers that have joined PURE, they realize that this is a once-in-a-lifetime opportunity. It never hurts to have a conversation about the future." McNeill's company was the first to be acquired by PURE.
About PURE Property Management
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SOURCE PURE Property Management