US: Flexible apartment living membership company Landing has acquired tech-enabled flexible housing operator Barsala in a $30 million transaction.
The acquisition will primarily expand access to Landing’s full-service Autopilot offering, which maximises revenue for multifamily / build-to-rent property partners by adding furnished, flexible living in their apartment communities. Under the terms of the new deal, Landing will add more than 1,000 units across 11 markets to its Autopilot program.
As a result of the transaction, Barsala founder and CEO, Michael Monu, will join Landing as president of the Barsala division, while co-founder and chief technology officer [CTO], Michael Copley, will join as vice-president of technology operations.
Bill Smith, founder and CEO of Landing, said: “By activating otherwise vacant units using a combination of technology and marketing, Barsala has built a profitable model and strong reputation, cultivating deep partnerships with class A multifamily property owners. This acquisition allows us to bring the benefits of our Autopilot platform and heightened demand from our qualified members to a growing number of property owners across the country, while opening doors to more fully-furnished apartment homes in new markets for our members.”
Founded in 2019, Landing offers its members an all-inclusive, flexible living experience via a subscription, giving them access to a selection of curated furnished apartments and a range of amenities. The company’s apartments are currently available in more than 375 cities across the United States.
Since its inception in 2016, Barsala has partnered with multifamily / BTR developers across the country to convert thousands of vacant, zero-income producing units into fully-furnished rentals. Over the past eight years, the company has operated over 4,000 units across 25 markets.
Michael Monu, founder and CEO of Barsala, said: “Bill is a true visionary and an extraordinary entrepreneur. I am thrilled to join forces with him and the rest of the Landing team, and share their vision for a more flexible future.
“Landing is at the forefront of bringing flexible living to the masses, and this acquisition amplifies the opportunity to offset vacancies and maximise revenue for both new and existing property partners,” he added.
