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Franchising is commonplace in the lodging, retail and restaurant sectors, and a New York City-based company is expanding the franchise concept to multifamily housing.

Vessel Technologies said it has launched the multifamily housing industry’s first franchising opportunity. Prior experience in apartment building management is not required for franchisees – training will be provided by the company’s Vessel University, and franchisees will have the option of selecting among investment models ranging from a capital-light, lease-based model to a more capital-intensive ownership model.

“For generations, multifamily real estate has been an exceptional source of income that’s available only to the wealthy or well-connected,” said Neil Rubler, Vessel Technologies founder and CEO. “Vessel changes all that by offering everyday people the opportunity for an extraordinary career. As a Vessel franchisee, you’ll have all the resources and guidance required and we’ll support you in every way we can to ensure your success.”

To launch its franchising endeavor, Vessel has hired Gus Stamoutsos as director of franchise development. Stamoutsos was previously executive vice president of development for Wyndham Worldwide, and earlier in his career he was vice president of franchise sales and acquisitions for Jackson Hewitt Tax Service Inc., where he led the integration of Jackson Hewitt as a new franchise.