August 1, 2023, 09:00 ET
Profitable Proptech Now Managing 25,000+ Residential Properties Across 50 Major U.S. Residential Markets
Los Gatos, CA – August 1, 2023 -- PURE Property Management, the fastest-growing residential property management and technology company in the U.S., announced today that it has completed 70 acquisitions since its start in October 2020.
“We average about six acquisitions per quarter and aim to do that many, or more, for the foreseeable future,” said PURE co-founder and general partner Michael Catalano. “Our mission is to become the first brand to provide premium residential living experiences and management in major markets across all 50 states.”
PURE’s aggressive pace of acquisitions is supported by seller-aligned purchase models managed by the most experienced and efficient acquisitions team in the industry. “Over half of our acquisitions have been with owners who had no initial interest in selling, but were curious about our vision and opportunity,” said Jock McNeill, vice president of acquisitions. “Three years ago, I was in that exact situation myself. As an owner, it never hurts to have a conversation. At worst, you make a friendly connection and identify what drives value in your business for future planning.”
PURE maintains a highly flexible acquisition model designed to fit all types of sellers. In addition to cash up-front transactions, owners of independent property management companies have the option to convert any portion of the purchase price they choose into preferred equity in PURE, even if the seller decides to exit the business. Knowing that their clients will be well-cared for, and their employees will have access to career growth opportunities and employment benefits, including equity for all full-time employees, PURE creates a unique, win-win scenario for sellers and their employees.“
It’s no secret the capital markets in the current economic environment have been unpredictable, and we have seen competitors dramatically slow down or even stop acquisition activity,” said Joseph Polverari, PURE’s co-founder and general partner. “Because PURE is high-tech, high-growth, and operationally, high-profit, we have continued to accelerate, remaining attractive to growth capital partners when needed.”
Recent acquisitions have anchored PURE’s presence in Los Angeles and Orange Counties, Albuquerque, Dallas-Fort Worth, Denver, Nashville, Ocala, Portland, and Tacoma, while expanding existing services reach in major markets like Arizona, California, North Carolina, and Washington.“
Our people-first strategy of acquiring experienced teams while scaling their operations with next-generation processes and technology is paying off in a big way,” noted Eric Wetherington, vice president of operations and strategy. “By combining over 2,000 years of collective property management experience, we’re optimizing and automating workflows, integrating and improving standardized software, and deploying conformed best practices at all locations in real-time. The resulting experiences for owners, residents, and our property management professionals are simple and satisfying - the way it should be.” Wetherington sold his company to PURE in 2021 and served as the 2019 national president of the 6,000-member National Association of Residential Property Managers (NARPM).
About PURE Property Management
PURE Property Management is the fastest-growing profitable residential property management and technology company in the U.S. Led by a team of experienced industry professionals and seasoned technology innovators, PURE acquires single-family residential property management companies and invests in their people and processes. By deploying technology and providing operational efficiencies, PURE enhances resident and investor experiences. For more information, visit https://purepm.co
Media Contact: media@purepm.co
