Latest Acquisition Creates Online Information and Marketplace Leader in $2 Trillion Asset Class for Multifamily Property
CoStar Group this week wrapped up its $585 million acquisition of Apartments.com,
creating the combined online information and marketplace leader in commercial real estate
’s $2 trillion multifamily asset class.
Under the deal, which was first announced last month, CoStar will add the leading apartment rental marketplace to its expanding lineup of real estate marketplaces.
"We believe that the two companies now together are uniquely capable of providing invaluable new services to both apartment seekers and apartment owners," said Andrew C. Florance, CoStar's founder and CEO. "The combination unites CoStar’s leading apartment information content and extensive online marketplace experience with the substantial brand, sales force, and online apartment marketplace experience of Apartments.com."
CoStar said it plans to keep the acquisition of Apartments.com,
Apartments.com brand,while upgrading the quality of its online content and user experience. Seeing a similar opportunity as its 2011 acquisition of LoopNet, CoStar plans to draw on its extensive database of multifamily property information to deliver richer content and drive more traffic to Apartments.com.
"The Apartments.com brand is recognized by over 95% of apartment owners and used by millions of apartment searchers," added Florance. "Our goal is to transform Apartments.com into the best consumer experience in the apartment space."
Apartments.com allows prospective apartment renters to search for apartments by location, rent level, and number of bedrooms and bathrooms and other criteria.
Created as a digital alternative to newspaper classified ads, Apartments.com was launched in May 1998 by Classified Ventures, a joint venture between several prominent newspaper publishers.
In addition to Apartments.com, the transaction includes ApartmentHomeLiving.com and RentalHomesPlus.com. RentalHomesPlus provides similar services for home, townhouse and condominium rentals, and ApartmentHomeLiving provides apartment search tools.