PropTech Alfred buys RKW Residential
Residential technology company Alfred acquired RKW Residentiala property management company with a significant presence throughout the Sun Belt.
Alfred raised $125 million for the acquisition financed by a list of lenders, including Capital of Rialto, NEA, 166 2nd Financial Services and Holland Management. The financing involves an initial close of $50 million as well as access to an additional $75 million for future purchases. Financiers also included gray star Founder and CEO Bob Faith, Grubhub/Seamless Founder Jason Finger, and RKW Co-Founder Jay Massirman.
The acquisition, the company’s first in property management, comes with the absorption of RKW Residential’s portfolio of 30,000 single and multi-family rental units in key markets such as Miami, Charlotte and Atlanta.
RKW Residential was founded in 2014 and was one of the News Multi-Accommodations’ best multi-family property management companies of the past three years. The property management company’s portfolio is heavily weighted toward Class A units (90%), which includes a single-family footprint of 2,000 units.
The integration will also enable the adoption of Alfred’s residential management platform called Alfred Operating System in all newly acquired units. The platform is already deployed in more than 143,000 units in 44 markets in the United States and Canada. The platforms allow landlords to cut costs and streamline services, such as digitally signing leases, and even offer information on resident retention.