October 1, 2020 - HomeRiver Group (HRG), the nation’s leading provider of property management services for single-family and small multifamily properties, announced today the acquisition of Property Frameworks from Realogy Brokerage Group, the nation's largest residential real estate brokerage company by sales volume. The acquisition will create the largest third-party property management company of its type in the U.S., with approximately 25,000 homes under management, and expand HRG’s operations from 14 to 22 states by adding Arizona, Delaware, Georgia, Hawaii, Maryland, Oklahoma, Pennsylvania, and Virginia as well as Washington, D.C. to HRG’s existing markets.
“This acquisition enables HRG and Property Frameworks - two of the largest players in property management - to combine best practices and recognize unique advantages of scale on behalf of our clients and other stakeholders. It also creates a strategic opportunity with Realogy Brokerage Group by offering property management and related services to their clients,” said John Hirschfeld, Chairman and President of HRG. “The acquisition of Property Frameworks accelerates HRG’s expansion into multiple attractive geographies and will allow HRG and Property Frameworks to better serve clients of both organizations,” added Andrew Propst, CEO of HRG.
Matthew Robbins, President of Property Frameworks said, “We are looking forward to working with HRG’s leadership team to expand and continue to refine our services across both platforms.” Mr. Robbins will join HRG as a senior member of the leadership team, working closely with HRG’s Chief Financial Officer, Andrew Napurano, and others to integrate, optimize and continue building out the combined company.
Vladimir Gutin, Partner of TZP Group, HRG’s largest shareholder, said, “We are excited about HRG’s acquisition of Property Frameworks, which significantly enhances HRG’s market presence and ability to serve property owners in nearly all major SFR markets in the U.S.”
Financial terms of the transaction were not disclosed.
About HomeRiver Group
HomeRiver Group (www.homeriver.com) is the nation’s leading integrated provider of single-family and small multifamily property management services. HRG offers a comprehensive suite of acquisition, renovation, leasing, management, maintenance, and brokerage services to large and small real estate investors as well as Community Association Management services for Home Owners Associations. The company currently manages over 13,000 homes, and 10,000 additional HOA units, across fourteen states.
About Property Frameworks
Property Frameworks (www.propertyframeworks.com) is one of the largest residential property management companies in the country, with over 11,000 homes under management.
About TZP Group
Founded in 2007, TZP is a private equity firm focused on investments in lower-middle market Technology & Business Services and Consumer Products & Services companies in the United States and Canada. TZP has raised over $1.7 billion since inception.