Alabama realty firm acquires Tampa's Rent it Network
By Illyshia Parker
Tampa Bay Business Journal
Published: Dec 5, 2022

A Birmingham, Alabama company in hyper-growth mode has acquired more property management firms.

Evernest recently absorbed Colorado-based A Cut Above Property Management, Arizona-based Keep Property Management and Tampa-based Rent it Network.

The acquisition of Keep Property Management represents Everest's first foray into the Tucson market and is now the company's 28th city served.

The Florida transaction added the management agreements for about 450 homes to Evernest’s Tampa portfolio.

The Colorado acquisition increased the company's Colorado Springs portfolio by roughly 450 homes, the Arizona acquisition included the management agreements for approximately 300 homes across the Tucson area.

These latest acquisitions have boosted the firm's overall properties managed to more than 14,000 nationwide.

The firm declined to disclose any financial details of the deals but said in a release primary factors considered in any purchase are average rent, market outlook, occupancy rate, total units managed, total property management revenue, market density, owner density and any ancillary revenue streams, while working closely with each individual owner to determine and achieve unique goals.

A Cut Above Property Management, Keep Property Management and Rent it Network are the 31st, 32nd and 33rd organizations purchased by Evernest, and three of eight purchased within the last six months.

Evernest leaders said the company's goal is to reach 25,000 properties managed by 2025 and expects to continue acquiring property management companies throughout 2023.