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PURE PROPERTY MANAGEMENT COMPLETES ITS 70TH ACQUISITION

Shared 2 August, 2023




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PURE Property Management, the fastest-growing residential property management
and technology company in the U.S., announced today that it has completed 70
acquisitions since its start in October 2020.
 
“We average about six acquisitions per quarter and aim to do that many, or more,
for the foreseeable future,” said PURE co-founder and general partner Michael
Catalano. “Our mission is to become the first brand to provide premium
residential living experiences and management in major markets across all 50
states.”
 
PURE’s aggressive pace of acquisitions is supported by seller-aligned purchase
models managed by the most experienced and efficient acquisitions team in the
industry. “Over half of our acquisitions have been with owners who had no
initial interest in selling, but were curious about our vision and opportunity,”
said Jock McNeill, vice president of acquisitions. “Three years ago, I was in
that exact situation myself.  As an owner, it never hurts to have a
conversation. At worst, you make a friendly connection and identify what drives
value in your business for future planning.”
 
PURE maintains a highly flexible acquisition model designed to fit all types of
sellers.  In addition to cash up-front transactions, owners of independent
property management companies have the option to convert any portion of the
purchase price they choose into preferred equity in PURE, even if the seller
decides to exit the business. Knowing that their clients will be well-cared for,
and their employees will have access to career growth opportunities and
employment benefits, including equity for all full-time employees, PURE creates
a unique, win-win scenario for sellers and their employees.
 
“It’s no secret the capital markets in the current economic environment have
been unpredictable, and we have seen competitors dramatically slow down or even
stop acquisition activity,” said Joseph Polverari, PURE’s co-founder and general
partner. “Because PURE is high-tech, high-growth, and operationally,
high-profit, we have continued to accelerate, remaining attractive to growth
capital partners when needed.”
 
Recent acquisitions have anchored PURE’s presence in Los Angeles and Orange
Counties, Albuquerque, Dallas-Fort Worth, Denver, Nashville, Ocala, Portland,
and Tacoma, while expanding existing services reach in major markets like
Arizona, California, North Carolina, and Washington.
 
“Our people-first strategy of acquiring experienced teams while and scaling
their operations with next-generation processes and technology is paying off in
a big way,” noted Eric Wetherington, vice president of operations and strategy.
“By combining over 2,000 years of collective property management experience,
we’re optimizing and automating workflows, integrating and improving
standardized software, and deploying conformed best practices at all locations
in real-time. The resulting experiences for owners, residents, and our property
management professionals are simple and satisfying – the way it should be.”
Wetherington sold his company to PURE in 2021 and served as the 2019 national
president of the 6,000-member National Association of Residential Property
Managers (NARPM).
 
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