Poplar Homes, a Cupertino, California-based proptech for single-family rental investors, has acquired Venture REI’s Arizona-based single-family for rent property management portfolio for an undisclosed sum.
The acquisition marks Poplar’s entry into the Arizona market and adds 152 homes in Scottsdale to the company’s property management portfolio as part of its national expansion. Lindsay Shoenfeld joins from Venture REI to serve as Poplar’s property manager in Arizona.
Venture REI’s short-term rental and investment client property management portfolios were not part of the transaction, and these properties will continue to be managed by Venture REI.
“The slowing rental market is a great opportunity to demonstrate the power of Poplar’s model,” said Poplar Co-Founder and CEO Greg Toschi. “In addition to having the data and operating leverage needed to properly price and market properties, our clients have the assurance of Poplar’s rent guarantee and eviction protection as well as the benefit of unique renter offerings that allow them to differentiate their properties in a competitive market.”
“We grew our single-family rental portfolio organically and it was important that we provide our clients with a provider that offered a best-in-class experience,” said Venture REI Founder Dan Noma Jr. “Poplar shares our commitment to offering unmatched service. This, combined with its tech-forward industry-leading platform, offered the best fit for our team and our clients.”