JLL is taking a strategic minority investment in Roofstock, an online marketplace in the single-family rental sector, in a multi-faceted partnership that also includes Roofstock's purchase of Stessa, an asset management software-as-a-service product for SFR investors, which had been owned by JLL's technology division, JLL Technologies since January 2018.
The partnership will allow JLL to offer clients the ability to access the US SFR market at scale, while Roofstock will be able to tap JLL's global footprint for continued growth and "create a new pipeline of activity", according to the two companies' announcement.
This asset class is of increasing importance to JLL. Last month, for instance, it created a dedicated team to handle investment sales in the space.
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"The single-family rental asset class is seeing strong demand from our investor clients—both private and increasingly institutional—and this investment will position our teams to offer unique insights and access to opportunities in this space," said Richard Bloxam, CEO, Capital Markets of JLL in prepared remarks.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
