NEW YORK, March 8, 2022 /PRNewswire/ — Alfredthe largest residential technology company in the US, announced the strategic acquisition of RKW Residential, a fast-growing property management firm in the Southeastern US and has concurrently raised a strategic financing round led by Rialto Capital with participation from NEA, 166 2nd Financial Services , Holland Management and others.
the acquisition, Alfred’s first in the property management space, speeds adoption of Alfred Operating System (AOS), the most advanced residential management platform, to RKW’s 30,000 single-family and multi-family rentals in fast-growing cities including Miami, Charlotte and Atlanta. Alfred already serves over 143,000 units across 44 markets in the US and Canada.
“No matter what end of the real estate spectrum you’re on – owner, operator or resident – you want more for your money,” he said. Marcela Sapon, Alfred’s co-founder and CEO. “More service, more income, more efficiency, more community, and you want it in one seamless experience. By accquiring RKW, we can more deeply deploy technology to learn, innovate and continually elevate the rental experience for all.”
Launched in 2014, RKW quickly became one of the fastest-growing property management companies in the US Headquartered in Charlotte, the company’s portfolio is 90% Class A units including 2,200 single family rental units, with 40% representing lease-up in core locations. They’ve won numerous national and regional awards including Multi-Housing News List of Top 25 Management Firms in the US in 2019, 2020 and 2021.
RKW and Alfred share a people-first philosophy. We are constantly looking for ways to help owners optimize their investments while making our properties exceptional places to live and work,“ said RKW President Marcie Williams. “Together with Alfredwe’ll revolutionize how we approach property management, with a focus on using the latest technology and resident-focused innovation.”
The funding which consists of a $50 million initial closing and access to up to an additional $75 million for future acquisitions, was also joined by Graystar Founder and CEO Bob FaithGrubhub/Seamless Founder Jason Fingerand RKW Co-founder Jay Massirman.
With Alfred’s Residential management software, AOS, owners and operators have a single stop to support all aspects of residential living including resident management and communication, management of on-site operations and maintenance, payments, and unique community and resident wellness amenities. Solutions include everything from smart package integrations, digital lease signing, utility and energy management, predictive insight into health and maintenance of a building, white glove moving services, vendor and integration management, renewal boosters and resident offers. AOS will continue being available to all Alfred partners.
Today on average, less than 1%* of a property budget is being put towards technology, unlike other innovative industries which invest closer to 10%*, and typically owners. must manage disconnected technology options As a partner, Alfred creates a customized bundle of technologies on top of its core offering to help owners and operators achieve their desired outcome while eliminating the need to work with multiple technology partners.
Data shows Alfred clients benefit from increased renewal rates, faster lease-up times, above-market rents and below-market vacancies. Alfred members on average extend their lease an extra three months and communities that utilize AOS can increase net operating income up to 10% a year.
RKW is Alfred’s fourth acquisition. Previous acquisitions include HOM, a wellness and events platform; Bixby, property management technology essential to developing the AOS platform; and WunWun, an on-demand service platform.
Alfred: Britta Mulderrig, [email protected] 203-524-4404
RKW: Eric Kalis, [email protected] 305-794-5123
Founded in 2014 by Marcela Sapon and Jessica Beck, Alfred is the largest and most advanced residential management platform. Since its inception, Alfred has focused on providing a resident-first experience. With an unparalleled knowledge of what residents want and technology that boosts income and efficiency for owners and operators, Alfred provides a single stop that elevates the rental ecosystem for all involved. Named by Fast Company as one of the Top 50 Most Innovative Companies, Alfred’s AOS technology drives lower operating costs and higher returns for property owners and operators. Through strategic partnerships with international real-estate owners and operators such as Hines, Related, RXR, Greystar, Invesco, Brookfield and J.P. Morgan. With RKW, Alfred’s portfolio now extends to more than 300,000 residents in 44 cities across the US and Canada and has planned expansions in Europe, Israel and Asia. To learn more, visit www.helloalfred.com
About RKW Residential
RKW is an award-winning third-party multifamily property management firm, headquartered in Charlotte with regional offices in Miami, Orlando, Atlanta and Raleigh. With 30,000 single family rentals and multifamily units under management and consulting, RKW has a growing footprint spanning seven states. Built on the foundation of its People First Philosophy, RKW prioritizes client relationships, employee satisfaction, and top-tier customer service for its residents. The firm’s principals have extensive experience in multifamily investments and property management including acquisitions/dispositions, developments, lease-ups, stabilized and value-add assets. RKW was formed out of a partnership between Rivergate Companies, a private real estate investment firm, and KW Property Management, one of the largest condo management companies in Florida representing more than 90,000 condo units. RKW appeared on the Multi-Housing News List of Top 25 Management Firms in the US in 2019, 2020 and 2021 and has also received numerous regional and national awards. To learn more, visit www.rkwersidential.com
* IT spends as share of revenue by industry in 2019, Statista Research Department
* McKinsey Report; The High Rise in 2030 (2020)
* Deloitte Insights 2020: Reinventing tech finance: The evolution from IT budgets to technology investments