Two startups aimed at landlords — one for property management, the other for “fostering community” among tenants — are joining forces.
Alfred, the property management company also known as Hello Alfred, has acquired tech-enabled amenities provider HOM in an all-equity deal, The Real Deal has learned. Terms, including the price, were not disclosed.
Together, the companies’ services will be available in 160,000 units in 35 markets across the U.S. and Canada. HOM’s employees will join Alfred, and HOM CEO Francesca Loftus will continue in the amenity service sector as Alfred’s director of community growth.
With the acquisition, Alfred will boost its amenity offerings for residents of its buildings — among its landlord clients are Brookfield Properties and Related Companies — while expanding to commercial buildings.
Alfred helps residents of its building streamline their life at home and helps save them time by providing access to services including home cleaning, grocery delivery, and pet care. It also works with landlords on various property management tasks, such as coordinating maintenance requests, streamlining rent payments and managing package delivery.
Marcela Sapone, Alfred’s CEO and co-founder, said HOM was attractive because its business model is all about tenant engagement and satisfaction.
“Whether you’re enticing tenants to come back to work, or attracting and retaining very valuable residents, we’re offering owners and operators a turnkey amenity layer and technology that allows them to offer experiences, events and community uplift that create a sense of belonging,” she said.
Francesca and Corey Loftus, who were married in 2013, founded HOM that same year with Ryan Freed. It now provides curated fitness and wellness programs in more than 300 multifamily and commercial buildings in the United States and Canada. The pandemic-triggered boom in home fitness helped HOM triple its client base, with residents flocking to offerings like meditation classes and rooftop mini-golf courses.
Francesca Loftus said that the acquisition makes sense given the two companies’ shared mission.
“Our programming boosts resident satisfaction, which boosts their sense of belonging, and in turn maximizes building occupancy and retention,” she said.
The acquisition follows Alfred’s recent closing of $42 million in Series C funding, which included investments from Adam Neumann’s family office 116 2nd LLC, along with Spark Capital, New Enterprise Associates and Greystar.