Acquisition propels Evernest to the nation’s second-largest tech-enabled property management platform for residential rental property owners, a 36-million-unit market
Evernest, a national leader in single-family and small multifamily property management, today announced it has acquired Cupertino, Calif.-based Poplar Homes. The acquisition, Evernest’s largest to date, gives the tech-enabled property management platform a nationwide footprint and expands the company’s management portfolio to nearly 23,000 units across more than 50 markets.
Evernest also announced it has secured $15 million in strategic funding to accelerate its vision of building the most advanced, tech-enabled home services platform dedicated to serving the needs of residential rental property owners, a 36-million unit market in the U.S. The investment was led by LL Funds, a Philadelphia-based private equity firm that invests in high-growth finance and technology companies and was one of Poplar’s strategic investors.
“The combination of this acquisition and LL Funds’ strategic investment supercharges our vision of simplifying rental property ownership for the millions of rental property owners throughout the U.S.,” said Matthew Whitaker, Evernest Founder and CEO. “Poplar’s addition gives us a presence in six new states, including the West Coast, enabling us to bring additional operating efficiencies to our property owners. LL Funds’ investment allows us to operate from a position of strength, enabling us to scale, increase market density, and deliver profitability to our clients at a pace that sets us apart in the industry.”
Now with a presence in 50 markets, Evernest combines local expertise with cutting-edge technology to deliver best-in-class property management services to the owners of rental properties. With a focus on maximizing operational efficiency, driving superior investment returns, and delivering an unparalleled experience, Evernest offers a comprehensive suite of services tailored to support every phase of rental property ownership, including brokerage, repairs and maintenance, renovation, insurance, and lending to a diverse client base, ranging from individual investors to institutional stakeholders.
Founded in 2014 by Greg Toschi, Rico Mok, and Chuck Hattemer, Poplar became one of the nation’s largest property managers by offering individual investors and multifamily property owners tools and services typically only available to large institutional investors. Poplar grew to serve owners in 17 states, including six where Evernest did not have a presence–California, Oregon, Illinois, Nevada, South Carolina, and Washington.
“By joining forces with Evernest—renowned for their operational excellence—we’re uniting more than two decades of property management experience,” Toschi said. “We’re excited about combining the two companies’ local property management operations and robust technology products. This comes at a time when the proptech sector is seeing increased investment in automation and AI-powered solutions for property management.”
As part of the acquisition, Hattemer joins Evernest to lead growth initiatives and help ensure seamless integration.
“Evernest has demonstrated its ability to grow efficiently while offering unparalleled value to property owners and residents,” said Jim Morrissey, Partner at LL Funds. “The combination of Evernest and Poplar Homes creates a formidable platform that’s well-positioned to lead the industry into a new era of innovation.”
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