CoStar Adds Second MF Rental Platform

WASHINGTON, DC—Information and analytics provider CoStar Group is bolstering its presence in the apartment rental marketplace with a definitive agreement to acquire Apartment Finder as part of ts acquisition of Network Communications Inc. The $170-million acquisition, at seven times Apartment Finder’s annual EBITDA, is expected to close in the next 90 days and follows CoStar’s April 2014 acquisition of Apartments.com for $585 million from Chicago-based Classified Ventures Inc.

With approximately 13,400 listings and a menu of services that includes digital advertising on ApartmentFinder.com, the 34-year-old Apartment Finder ranks among the top five multifamily property rental listing marketplaces based on revenue, says CoStar. The new owner plans to operate Apartment Finder as a distinct brand, although ultimately both Apartment Finder and Apartments.com will be powered by CoStar data.