Atlas Real Estate, a Denver-based investment brokerage and property management company in the single-family rental sector, announced Tuesday reaching $2.5 billion in assets under its management, according to a press release.
The company’s portfolio of urban and suburban homes spans more than six states, with a focus on the mountain and sunbelt states. This includes its Atlas Home Services division that it launched in 2021 to reduce maintenance and repair costs, as well as lead and renter turnover times.
In the release, company CEO Tony Julianelle spoke about the growth of its SFR property management team.
“Thanks to a tremendous, growing set of institutional partners, this segment of our property management division has skyrocketed in recent months and we are grateful for the ever-growing trust of these major partners,” Julianelle said.
Atlas started out as a local single-family rental company in 2012, then expanded into property management in the SFR sector. It has offices in 10 markets across the country and has added five new offices. Its transactions total over $1 billion in real estate annually with around 9,000 residential units.
“We began to see early signs of demand for single-family rentals 10 or so years ago, we are glad to have had the opportunity to add this option into the mix for the benefit of our clients and communities,” said Ryan Boykin, co-founder of Atlas, in the statement.
There is an increase in the real estate markets in Midwest states, with the largest annual increase in median monthly single-family listing prices from the first halves of 2021 to 2022, according to a report from HouseCanary, a real estate brokerage firm providing data-driven home valuations.
Metropolitan Statistical Areas (MSAs) like Flint, Michigan, and Fort Wayne, Indiana, attract interest from people in Chicago, New York and Atlanta, according to the report. Cities in Florida and Georgia also became emerging real estate markets in the U.S., spurred by remote work during the pandemic and sunny weather.
The report attributes this phenomenon to homebuyers’ hesitation to take on mortgages. Trends in the report show increasing demand and prices for single-family housing and tight supplies.
In other recent proptech news, SquareFoot, a commercial real estate brokerage, appointed Michael Colacino as its CEO. VendorPM, a proptech company that connects building managers and service vendors, also raised a $20 million Series A led by Prudence.