iApartments sees 585% increase in YoY units served

iApartments also appointed two new leadership team members to support increasing demand.

iApartments, a Tampa-based smart home technology proptech for multifamily housing, today announced it has seen an increase of 450% in properties served and a 585% increase in year-over-year (YoY) units served, according to a press release.

The multifamily disruptor company, founded in 2018, also says growing renter demand has also driven new partnership integrations with property management software leaders, including Yardi, RealPage and Entrata. The company also claimed a 93% resident adoption rate for its smart home technologies.

Dave Magrisso, CEO of iApartments, says smart home technology for multifamily communities is in high demand, and catering to the needs of apartment owners and managers as “second movers” is crucial to the enterprise’s growth.

“Instead of making a decision based on their only option, multifamily owners and managers now have the luxury of evaluating for the best option when it comes to smart home technology,” Magrisso said in the release. “As a result, we are seeing explosive growth for our approach that helps communities evolve from smart homes to intelligent homes to improve the living experience for residents, as well as NOI for operators.”

To support this increased demand, iApartments also announced appointing two new leadership team members, including Scott Stamillo as Chief Revenue Officer, and Gina Johnson as the Vice President of Institutional Sales.

Stamillo’s professional career spans 15 years in the multifamily industry, with previous executive sales roles in ePremium Insurance and eSupply Systems. Johnson has worked in the property management industry for around 20 years, previously working for Valet Living and Pacific Living Properties.

Johnson’s previous workplace, Valet Living, is now the rebranded name for Valet Waste, a company that iApartments CEO Magrisso founded to offer concierge trash services to apartments. Waste outside people’s doors would be picked up, eliminating the need to reach dumpsters at a distance.

The company also stated plans to double the number of full-time employees and installed units by the end of 2022. The release also cites the Center for Real Estate Technology & Innovation’s (CRETI) proptech sector report on venture capital funding, which shows a record investment of $13.1 billion in real estate and proptech ventures in the first half of 2022. The record is a $700 million increase compared to the first six months of 2021.

“From an asset preservation perspective, iApartments has made a huge difference in our business, especially our proactive maintenance support package,” said John Carlson, president of Mark-Taylor Residential, a client of iApartments.

iApartments has also added other clients like UBS, Merion Realty Partners, Weller Management, Wire Development, and Greystar since 2021.

“Many apartment operators do not have the capital or the budget to invest in an [expensive] intelligent apartment program,” Magrisso had said in September last year. “We’ve created an intriguing option that works well right out of the box. And, it has allowed our customers to begin generating ancillary income at launch, charging very modest fees for the added convenience the system offers their residents.”

This echoes the large demand and adoption seen by competitor Quext, which filed a patent infringement lawsuit against iApartments earlier this year, and recently raised $63 million in funding for its own smart home technology business. 

In other recent proptech news, The National Association of Realtors announced the 12 participants selected for its Innovation, Opportunity & Investment (iOi) Summit’s “Pitch Battle” competition. Real estate SaaS proptech BatchService also launched BatchLeads 3.0, a property intelligence software platform for professionals in the real estate industry.

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