Blackstone is making a $200 million investment in Entrata, which will allow the property management software provider to expand its offering across multifamily properties.
Entrata's solutions include management for acquisitions, accounting and leasing. These all help with processing payments, money management and tracking orders. Also, according to the company, tenants can stand to benefit from self-service options on its centralized platform that help boost satisfaction. Some of Entrata’s brands include Homebody (along with a rewards program for it) and ELI+.
Currently, Entrata provides services to more than 35,000 rental communities and over 12 million residents worldwide.
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“This investment from Blackstone represents a powerful alignment of capital and expertise that will allow us to bring world-class technology to an expanded footprint of owners, operators and residents," Adam Edmunds, CEO of Entrata, said in a statement.
"We appreciate Blackstone’s partnership as we drive towards new levels of efficiency and expand the level of experience residents can expect across the rental housing ecosystem."
No other specifics on the expansion of services were provided.
This isn't the first time a private equity firm has made a major investment in the Utah-based firm. In 2021, Silver Lake led an investment round that raised Entrata $507 million, allowing the software company to increase its research and development investments by more than 100 percent and expand in international markets.
As of late, confidence in multifamily properties has been surging. That's proven by investment volume in the asset class spiking by 33 percent year-over-year in the first quarter to $28.8 billion, according to a report from CBRE. Also, net absorption skyrocketed by 77% to 100,600 units in 1Q 2024 – the highest quarterly amount since 2000, as rents rose by 0.9%. Additionally, demand outpaced supply.
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