Avenue One, a property technology service platform and marketplace for institutional owners, buyers and sellers of residential homes, announced a strategic funding round of $100 million. The round is led by early investor WestCap with participation from MetLife and other leading investors. The new funding will be used to enhance the company’s technology and data platform, expand its local partner network and support the growth of its institutional marketplace. Other existing investors in Avenue One include credit funds managed by global investment firm KKR Global Atlantic, an insurance company.
Avenue One simplifies institutional access to a large and complex asset class. The company does this through a service platform that combines proprietary data and a network of local partners to identify, acquire, renovate, lease and manage residential investment properties. This ecosystem of independent businesses — including brokers, contractors, title professionals and property managers — provide local expertise to create and maintain portfolios of quality rental properties across the country. To date, Avenue One has contracted more than $400 million in goods and services to 400-plus operational partners. In connecting institutional capital to local market experts, Avenue One makes investing in the residential rental market more transparent and efficient for institutions, while also supporting local businesses.
Avenue One’s proprietary technology is hyper-scalable and nimble, enabling its rapid growth, the company said. In addition to its tech-driven service platform, Avenue One also offers a marketplace of services to buyers, owners and sellers of residential real estate. By offering a robust, independent marketplace and not buying for its own balance sheet, Avenue One has been able to quickly attract a wide variety of market participants. In just over two years, the company has expanded its operational footprint to 21 U.S. markets and has onboarded billions of dollars for investors.
“Today we stand on the shoulders of these world class investors who have committed to supporting our work with local real estate businesses across the country,” said Ryan Stroker, co-founder and CEO of Avenue One. “Local partners are the bedrock of our thriving ecosystem fueled by efficient access to the capital markets.”
