The prime property investment platform, Roofstock acquired Great Jones, the property investor on August, 25. Roofstock makes the deal to ease its real estate administration for its fast-growing customer base of distant retail investors.
Roofstock's homeowner services will now be able to hold the complete duration as investors to develop and handle their properties, thanks to this purchase. The company could also offer an entire digital retail investment experience, including trading, administering, and revamping asset portfolios for enhanced efficiency, which was previously only available to big investors.
Under the Roofstock framework, Great Jones will increase and function as a separate organization, profiting from Roofstock's enormous market reach. Great Jones has almost 5,000 properties under control after collecting over $30 million in venture capital. The firm induces a digitally native, user-tech vision for the real-estate administration procedure from leasing and upkeeping to asset optimization and constant customer support. Great Jones' size allows single-family rental owners to acquire important markets with greater convenience and trust without worrying about hiring local management companies for each unit.
Roof's CEO, Gary Beasley, was excited while announcing the transaction. It's their second acquisition in 2021 and third after his company's inception. He was delighted to introduce GJ's founders and its team to Roofs' clients software that has streamlined property administration and increased returns.
On the contrary, Jone's co-founder, Mr. Goldklang, too showed his enthusiasm for working with Roofstock. He conveyed that the united Jones and Roof team will serve shareholders over more marketplaces around their lifespans, providing them a cohesive digital platform.
Owning a rental property may rapidly become burdensome, especially when the property is far away. Roofstock enables users to buy, trade, and possess rental properties using a digital, convenient, and data-driven strategy. Roofstock's tech-enabled solutions for homeowners, such as Stessa, brings the premier online portfolio management tool for independent property funders. Stessa is a Great Jones-built solution that was purchased previously this year by Roofstock. Roofstock's comprehensive real estate investing methodology gives shareholders of all sizes greater opportunities to invest in, and profit from, due to information and tools that make it easier and more efficient.
On the merger announcement day, Roofstock also reported the joining of Chloe Harford (Zillow's executive) & Craig Robinson, a seasoned commercial property expert, to its governing body. Both arrivals bring generations of tech-enabled resources and property technology knowledge to the firm. They have entered during the critical period as investor heed in the single-family rental industry, proceeds to rise.
Roofstock has gained a lot of traction as a result of its purchase and vertical development. Within the first six months of this year, the business had a 10 times year-over-year increase in Gross Merchandise Value. Moreover, its platform recently reached $3 billion in trading volume.
Roof's new board member, Chloe Harford, said that the organization is redefining property trading by providing a dramatically easy, clear, and affordable end-to-end service to local and global investors. He was drawn in by the group's extensive industry knowledge, the cutting-edge data-driven tech infrastructure and the marketplace they've created, and the enormous prospects that lie ahead.
Roofstock had LionTree Partners as its financial consultant. The amount of the deal was not revealed by both the firms.