JLL has made a multi-faceted transaction with Roofstock, a proptech company and online marketplace in the single-family rental (SFR) sector. The deal includes a strategic minority investment in Roofstock by JLL and commercial partnership that enables JLL to expand its service offerings in the residential sector. As part of the deal, Roofstock also purchased Stessa, an asset management software-as-a-service option for SFR investors, which had been owned by JLL’s technology division, JLL Technologies, since January 2018.
“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.
“We are excited by Roofstock’s scalable, data-driven platform servicing both retail and enterprise SFR clients as well as the deeply accomplished and experienced team. We see a strategic investment coupled with a commercial partnership as the best approach to offer state-of-the-art services to our investors seeking SFR exposure,” said Yishai Lerner, Co-CEO, JLLT.
“We are excited to work together with JLL to help service JLL’s clients in the SFR space, and accelerate Roofstock’s domestic growth and global expansion,” said Gary Beasley, co-founder and CEO of Roofstock. “We are also thrilled to welcome the talented Stessa team to Roofstock and are excited to integrate their asset management and accounting software into our retail product offerings. The relationship with JLL directly supports our efforts to make real estate investing more seamless and accessible.”