Poplar Homes is working to establish itself as a popular property management choice across the country and expanding its efforts into Arizona.
The Cupertino-based tech-forward firm wins contract to oversee 152 leases in Scottsdale, Silicon Valley Business Journal ReportTerms of the deal were not disclosed, but it will manage the properties on behalf of another property management firm, Venture REI.
The properties that Poplar will manage will remain on long-term leases. Other local assets in Venture REI’s portfolio, including short-term leases and investment client asset management portfolios, will remain in the company’s name.
This is the first time Poplar Homes has appeared in Arizona in nine years. Founded by three Santa Clara University students, the company manages 15,000 rental properties in 17 states.
Poplar’s entry into suburban Phoenix is significant because of the size of the city’s single-family rental market.exist Press releasePoplar CEO Greg Toschi calls Phoenix “home to some of the largest single-family rental operators in the country.”
Poplar tries to differentiate itself from its competitors through the use of technology. The company’s app offers a range of services, from 24/7 maintenance requests to assistance with future home purchases. Poplar leverages its network to deploy repair and maintenance services through an app, avoiding the time-consuming process of dealing directly with landlords or suppliers for tenants.
In March last year, the company $53 million raised In Series B funding at an undisclosed valuation. Since March 2022, it has raised a total of $110 million.
It’s not the only company vying for market share in this space, though. Last April, Florida-based Second Avenue secured $250 million in debt and equity capital from Chicago-based boutique asset manager Monroe Capital to invest through its platform, which aims to build and manage Single Family Rental Portfolio.
— holden warner
