CoStar Buys Apartments.com, Sees Synergies in $2T Sector

WASHINGTON, DC—Information and analytics provider CoStar Group Inc. said Monday it had agreed to acquire Apartments.com from Chicago-based Classified Ventures Inc. for $585 million in cash. During a conference call to discuss the pending acquisition, CoStar CEO Andrew C. Florance emphasized the synergies between his company’s platform and the online rental resource provided by Apartments.com.

The combination, Florance said Monday, will pair up CoStar’s multifamily analytics with Apartments.com’s marketplace for property managers and owners to target prospective renters. He said the deal was a logical follow-up to his company’s $860-million buy of LoopNet in 2012, offering “cross-selling synergy, just like the LoopNet deal did.”