Evernest Expands Footprint with Poplar Homes Acquisition
Evernest, a prominent player in property management services, has recently announced a significant enhancement to its operational capabilities through its acquisition of Poplar Homes. This strategic move is supported by a $15 million investment from LL Funds, a private equity firm that has been an investor in Poplar since its inception in 2014.
Integration and Growth Initiatives
Chuck Hattemer, co-founder of Poplar, will join Evernest to spearhead integration and growth initiatives, marking an important step in consolidating services. Evernest already provides a suite of offerings, including brokerage, maintenance, renovation, insurance, and lending, all underpinned by local teams to ensure effective service delivery.
Vision for the Future
With the addition of Poplar Homes, which operates in states such as California, Oregon, Illinois, Nevada, South Carolina, and Washington, Evernest aims to broaden its service area and enhance efficiencies for property owners. Matthew Whitaker, founder and CEO of Evernest, emphasized the significance of this acquisition, stating, “Poplar’s addition gives us a presence in six new states… enabling us to scale, increase market density, and deliver profitability to our clients at a pace that sets us apart in the industry.”
Focus on Technology and Automation
The merger is not just about expanding geographic reach; it merges operational expertise with advanced technology. Greg Toschi, co-founder of Poplar Homes, remarked, “By joining forces with Evernest — renowned for their operational excellence — we’re uniting more than two decades of property management experience.” This integration comes at a time when the proptech sector is investing heavily in automation and AI-powered solutions, optimizing property management practices.
Ongoing Growth Strategy
This acquisition follows Evernest’s trend of continued growth; just last December, the company acquired select assets from Elara, enhancing its property management portfolio. As the year unfolds, Evernest remains committed to expansion and innovation within the sector.
New Leadership Role
In a move to bolster its multifamily management capabilities, Poplar Homes also appointed Sean Story as executive vice president in July 2024. This appointment reflects the company’s strategy to strengthen its operational framework as part of the new alliance.
Conclusion
The integration of Poplar Homes into the Evernest framework marks a pivotal moment for the company as it reinforces its commitment to delivering comprehensive and efficient services to rental property owners. With empowered local teams and robust technology, Evernest is positioning itself for sustained growth and enhanced profitability.