Evernest, a national property management company specializing in single-family and small multifamily rentals, has acquired Poplar Homes, a Cupertino, California-based property management platform. This acquisition is Evernest’s largest to date, increasing its managed portfolio to nearly 23,000 units across over 50 markets nationwide.
The company has also raised $15 million in funding, led by Philadelphia-based private equity firm LL Funds. This investment aims to enhance Evernest’s tech-enabled services, designed to support residential rental property owners in the U.S., a market encompassing 36 million units.
The acquisition strengthens Evernest’s market presence, particularly in six new states: California, Oregon, Illinois, Nevada, South Carolina, and Washington. By integrating Poplar Homes’ operations, Evernest seeks to streamline property management services, achieving greater operational efficiencies for property owners.
“The combination of this acquisition and LL Funds’ strategic investment accelerates our vision of simplifying rental property ownership for millions of landlords across the U.S.,” said Matthew Whitaker, Founder and CEO of Evernest. “Poplar’s addition broadens our geographic reach while LL Funds’ support enables us to scale effectively and enhance profitability for our clients.”
Founded in 2014 by Greg Toschi, Rico Mok, and Chuck Hattemer, Poplar Homes focused on providing tools and services tailored for individual investors and small-scale property owners, services traditionally reserved for institutional players. With its operations spanning 17 states, Poplar’s expertise aligns with Evernest’s mission to deliver comprehensive property management solutions.
Evernest leverages local expertise and advanced technology to offer a range of services, including brokerage, repairs and maintenance, renovation, insurance, and lending. These services cater to a diverse client base, from individual investors to institutional stakeholders. The acquisition and new funding are expected to drive innovation, particularly in automation and AI-powered property management solutions.
“By joining Evernest, known for operational excellence, we’re combining two decades of property management experience,” said Greg Toschi, Co-Founder of Poplar Homes. “This partnership comes as the proptech sector is rapidly advancing, with increased investment in automation and AI tools.”
As part of the acquisition, Chuck Hattemer will join Evernest to lead growth initiatives and oversee the integration process.
“Evernest and Poplar Homes together create a strong platform poised to redefine the property management industry,” said Jim Morrissey, Partner at LL Funds. “This collaboration represents a significant step toward innovative and efficient property management.”
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By Proptechbuzz
By Ravi Kumar
