Residential technology company Alfred has acquired RKW Residential, a property management firm with a considerable presence throughout the Sun Belt.
Alfred raised $125 million for the acquisition financed by a list of lenders, including Rialto Capital, NEA, 166 2nd Financial Services and Holland Management. The funding entails a $50 million initial closing along with access to an additional $75 million for upcoming purchases. The financiers also included Greystar Founder & CEO Bob Faith, Grubhub/Seamless Founder Jason Finger as well as RKW Co-founder Jay Massirman.
With the acquisition, the company’s first in the property management area, comes the absorption of RKW Residential’s portfolio of 30,000 single-family and multifamily rental units, in key markets such as Miami, Charlotte and Atlanta.
RKW Residential was founded in 2014 and was one of Multi-Housing News’ top multifamily property management firms of the last three years. The property management company’s portfolio skews heavily toward Class A units (90 percent), which includes a 2,000-unit single-family footprint.
The integration will also enable the adoption of Alfred’s residential management platform dubbed Alfred Operating System throughout the newly acquired units. The platform is already deployed in more than 143,000 units throughout 44 markets of the U.S. as well as Canada. The platforms allows landlords to cut costs and streamline services, such as digital lease signing and even offers insights to resident retention.