Haystacks.AI, a data aggregation and intelligence platform for real estate investors, today announced successfully piloting its 1031 exchange solution to execute a single-family rental portfolio trade for Rayn Capital, according to a press release shared with FinLedger.
The company says via its platform, Massachusetts-based client Rayn Capital was able to create a tailored buybox and surface over $20 million in single-family rental assets in targeted micro-markets that “exceeded return objectives in less than 24 hours.”
Haystack.AI says that by using its machine learning algorithm in conjunction with alternative SFR data, it is able to identify future growth prospects and underpriced micro-markets at the zip code level. It says this in turn creates accessibility in the SFR market, and provides real estate investors to mobilize capital in a de-risked and diversified portfolio.
“Current market volatility has disrupted transactions and the Haystacks platform has been able to provide a unique solution to owners with time-sensitive transactional needs,” stated Brendan Joyce, President of Haystacks. AI, in the release. “This is just one of the many examples of how our platform has been increasingly used by clients as market volatility continues.”
Haystack.AI also pointed to recent research which it says found that institutional penetration of the SFR market will increase from less than 10% to over 40% of overall stock by 2030, citing factors such as short apartment supply, reduced homeownership and rising interest in larger rental spaces.
It says that its plug-and-play investment solution facilitates an increase in liquidity options for this growing institutional interest, and enables this demographic to identify SFR homes in major metropolitan areas that can generate capital immediately.
“Haystacks.AI’s motley crew of data scientists and engineers have–in a very short span of time–built out what we believe is the most comprehensive alternative dataset in the SFR market. Given the breadth of our nationwide data coverage, and our ability to represent the insights in a meaningful and actionable way through advanced mapping tools, we have positioned ourselves to be a market leader in this space,” said Pulkit Jaiswal, co-Founder of Haystacks.AI.
In other recent proptech news, companies are working to help managers and residents deal with the end of eviction moratoriums. Tongo also raised a $7 million seed round for its agent commission advance product.