Apartment rental platform Loftey has been acquired by Anacapa Partners, a San Francisco-based investment group, to facilitate new growth and expansion for the service provider.
Along with this acquisition, Loftey co-founder Corey Lerner and Ashley Messina have been named co-CEOs.
Based in New York City, Loftey works primarily off of commissions paid on the “back end” by landlords and large management companies. The format allows the company to save clients money by not charging direct fees, only asking for loyalty in exchange. In turn, agents are provided with qualified leads who convert at a rate more than 30 times the industry average, providing landlords with a consistent stream of pre-vetted tenants.
Since its inception in 2015, Loftey now represents more renters than any other brokerage in New York and has generated more than 300,000 rental leads for agents and landlords.
“We are already the best-reviewed rental brokerage in NYC,” said Lerner. “Together with Anacapa, we will aim to bring our industry-leading tenant-rep services to even more clients throughout Manhattan, Brooklyn, Queens and even new cities.”
Anacapa Partners is a private equity fund focused on tech enabled search fund investment opportunities.
“We are seeing great interest from agents seeking to take advantage of Loftey’s world class lead generating engine, including its proprietary algorithms,” noted Jeff Stevens, founder of Anacapa.
In addition to adding to its team of in-house agents, Loftey is also partnering with agents at other NYC brokerages – including Compass and Oxford Property Group – to grow its business with a sustainable, scalable source of leads.