Roofstock Acquires Property Management Tech Platform Great Jones
Single-family rental investment platform Roofstock has acquired property management tech 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 lifecycle of property investment for property owners, including “trading, managing, and optimizing asset portfolios for maximum performance.”
While still operating under the Roofstock umbrella, Great Jones will continue its operations as an independent entity.
Great Jones currently manages over 5,000 homes across more than 20 markets, and has raised more than $30 million in financing.
The news follows on the heels of Roofstock’s acquisition in March 2021 of Stessa, an online investment management solution for individual investors.
“We are excited to announce the acquisition of Great Jones, which represents our second acquisition this year and third since our founding,” Gary Beasley, CEO and co-founder of Roofstock, said in a statement. “I’m particularly thrilled to welcome Great Jones founders Jay Goldklang and Abigail Besdin and the rest of the team to provide our customers with technology that is proven to simplify property management and maximize returns.”
“Given the strong performance of housing even throughout the pandemic and solid supply/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 further Roofstock’s existing approach to investing, 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 Great Jones and Roofstock team is unmatched in experience and scale,” Jay Goldklang, CEO and co-founder of Great Jones, said in a statement. “Together, we will serve investors throughout their lifecycles and across 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 founding Zillow exec Chloe Harford and commercial real estate vet Craig Robinson have joined the company’s board of directors.
During the first half of 2021, Roofstock has experienced 10x growth in transaction volume (as measured in gross merchandise value) year over year, and exceeded $3 billion in transaction volume, according to a press statement.