Home News CompStak Breaks Into Multifamily Market With RealPage Partnership

CompStak Breaks Into Multifamily Market With RealPage Partnership

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Bisnow / John Banister

The apartment sector has become more attractive to investors and CompStak has begun adding apartment data to its platform.

As the momentum of commercial real estate investment continues to shift from the office market, so do proptech companies dealing with investors.

CompStak Entering the housing sector through a new partnership with a housing data company RealPage The two companies announced on Wednesday that this will integrate rental market information into the platform.

“Many of our clients have never invested in apartments before, so come to us and say,” We are using you for office, retail and industrial data. Can you provide housing as well? ” “I’m sorry, I won’t do that,” he said. CompStak CEO Michael Mandel Said Bisnow In an interview. “I realized that there was a real chance.”

Starting Wednesday, users of the CompStak platform will be given the option to add apartment data such as rent, concessions and vacancy rates to the service. Mandel said there would be an additional subscription fee, but did not disclose the price.

CompStak has 30,000 members and has access to office, industrial and retail market leasing and sales comparison data. The company founded in 2012 Raise $ 50 Million Series C Round In November, total funding was $ 78 million. RealPage is the company’s third-largest investor, Mandel said.

“We found that the data they had for this apartment was the best-in-class, stunning dataset, and most importantly, the very fine-grained data,” Mandel said. “This is a very complementary dataset and can provide a one-stop shop to cover all the asset classes clients need.”

Apartment houses have become a more attractive asset class for CompStak clients in recent years. Mandel says that trend will not slow down anytime soon.

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Courtesy of CompStak

CompStak CEO Michael Mandel

Even before the pandemic, Mandel said investors saw yields declining in office transactions and decided to shift to the booming housing sector.Then, after the pandemic, the apartments recovered much faster than the offices, and the landlord I managed to raise my rent dramatically Over the last year.

Today’s macroeconomic volatility due to the Federal Reserve Hiking interest rate In response to rising inflation, Mandel said it could lead more investors to the apartment sector.

“Currently, in an interesting situation where interest rates are rising, the number of people buying homes has dropped significantly, and apartments should continue to be a very safe asset class juxtaposed to it,” Mandel said. I am saying.

The largest player in the commercial real estate data space, CoStar GroupAlso Push further into the housing sector in recent years, Get Companies in both apartment rental and single-family home segments.

Mandel said he didn’t hide the fact that he wanted to be a market leader in the commercial real estate data space. He said RealPage’s data is different from competitors because it includes concessions and effective rents rather than just asking for rent, and the new partnership will allow CompStak to pull the business away from the industry giants. I think it will be useful.

“Many of our customers are also CoStar customers, and probably the majority,” says Mandel. “But we often see customers leaving CoStar and moving to CompStak, and the more data we provide, the better our position.”

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