news 5 days ago

Mynd Property Management Merges with RentVest to Create One of the Largest Small Residential Property Management Firms in the U.S.

The Associated Press

OAKLAND, Calif.--(BUSINESS WIRE)--May 15, 2019--

Mynd Property Management, a property management firm serving the small residential sector with a combination of on-the-ground experts and innovative technology, has merged with RentVest, a property management company operating in major metro areas nationwide.

Combined, the new entity forms one of the largest small residential property management firms in the U.S. The small residential sector includes all single-family rental (SFR) homes and multifamily properties with 50 units or less, where the majority of U.S. residents reside.

Mynd expands its footprint to 16 markets nationwide, including existing markets of the Bay Area, San Diego, Sacramento and Seattle. The bulk of the 4,000-plus RentVest portfolio is located in Phoenix, Reno and Las Vegas. Additional markets include Dallas, Atlanta, Portland, Vancouver, Tucson, Denver, San Antonio, Houston and Tampa. In all, Mynd oversees more than 8,000 units on behalf of its property owner clients.

“The RentVest team shares similar values to ours, and we believe they are a perfect fit culturally,” says Doug Brien, CEO and co-founder of Mynd. “We’re excited to collaborate on best practices and create a best-in-class nationwide service.”

Colin Wiel, chairman, CTO and co-founder of Mynd, says, “This merger is a huge step forward in our goal to become the first company to scale property management for the small residential industry. By leveraging technology, we hope to transform the industry and scale to over 100,000 units under management within a few years.”

Mynd’s vision is to offer investors easy access to high-caliber investments and property management nationwide. The partnership between Mynd and RentVest moves the company closer to that goal by providing investors access to strong rental markets, such as Phoenix, Las Vegas and Dallas.

Under the leadership of Vincent Deorio, Mynd’s director of M&A, the company continues to target property management partners whose core values align with its own.

Pursuant to the merger, RentVest co-founders and principals, Jacob Ash and Benton Cotter, join Mynd’s leadership team. Ash and Cotter bring decades of experience in the property management and real estate investment sectors to Mynd.

“We were very impressed with Mynd once we started learning more about what they were doing, and how they were doing it,” explains Ash. “The company’s business operation is built for scale, which will further enhance our offering to property owners,” he adds.

“Teaming with Mynd means that we gain additional resources that will further streamline our operations and improve our service,” adds Cotter.

www.mynd.co

About Mynd Property Management

Mynd Property Management serves the small residential sector with on-the-ground experts in all of the regions it serves. Headquarters in Oakland, Calif., Mynd’s team of property management professionals and technology combine to boost efficiencies for property owners, and improve the rental living experience for residents. Currently, Mynd manages over 8,000 units in major metros nationwide. The firm plans to expand into additional markets in 2019 to provide real estate investors with access to fully managed, income-generating properties in markets with strong employment and rental growth.

About RentVest

RentVest in a national property management company based in Mesa, Ariz., offering high-quality and affordable property management services nationwide. RentVest manages income-producing properties in Phoenix, Salt Lake City, Tucson, Denver, Dallas, Houston, San Antonio, Portland, Atlanta, Vancouver, Reno, Las Vegas and Seattle.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190515005780/en/

CONTACT: Stacey Corso

stacey.corso@mynd.co

Phone: (415) 672-6460

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE

SOURCE: Mynd Property Management

Copyright Business Wire 2019.

PUB: 05/15/2019 12:56 PM/DISC: 05/15/2019 12:56 PM

http://www.businesswire.com/news/home/20190515005780/en