Alfred, a technology-powered residential real estate platform, has announced a strategic merger with Quarterra Living, the multifamily property management business of Lennar subsidiary Quarterra. With Alfred’s property management arm RKW Residential, which it acquired in 2022, the combined platform will manage approximately 52,000 residences nationwide, positioning it as one of the largest property managers in the United States.
“There is a huge opportunity to build a more modern, future-forward, technology-powered management platform, and that’s the mission we’re on,” Alfred CEO and co-founder Jessica Beck tells Multifamily Executive.
Quarterra CEO Brad Greiwe will join Alfred’s board of directors as part of the merger. The firm’s property management leadership team members also will continue their roles to ensure continued operations while integrating platforms.
While RKW has a solid presence in the Southeast, the merger with Quarterra Living adds 30,000 residences and expands Alfred’s geographic footprint.
“Quarterra adds a robust West Coast management presence while also helping us go deeper on the East Coast and in our core Sun Belt markets,” Beck says. “We can now serve all our clients across the country.”
According to Beck, the merger uniting the three firms “is setting the new frontier” for multifamily property management. The new platform will unify property operations, resident engagement, and asset performance into a single ecosystem that is designed with automation and artificial intelligence (AI).
“The big thing from my perspective is we’re not here to just manage properties; we’re here to build a new operating system for property management and do that in a modern, people-first, technology-embedded way. Technology is a huge differentiator,” she says. “We are a scaled player that has internal technology teams building proprietary tech with AI included. We need a new scale player to bring in the next age of what residential management can be, and we are that player.”
Beck adds the merger is a win-win for both residents and employees.
“For residents, it means continuing to have a resident-centric experience. We have more scale and more resources to continue to invest in the features that create the feeling of home and add to the services we deliver,” she says. “For employees, it’s the same thing. This is about bringing very talented, best-in-class people and giving them the playground of a national platform to go and change the industry. That could look like career growth, new opportunities, and market expansion. I think both groups will really benefit from the merger.”
In the next year, Beck says to watch for a refreshed brand, more tech capabilities, and a redefinition of what a great property manager looks like. “We will continue to be thoughtful in how we want to expand,” she adds.
