Entrata, a leading property management system for the multifamily industry, received a $200 million minority investment from funds managed by Blackstone at a $4.3 billion valuation. According to Entrata, this funding will help scale its reach and accelerate innovation across its operating system.
“Over 12 million residents in properties across the largest property management portfolios in the world utilize the Entrata operating system,” said Entrata CEO Adam Edmunds. “This investment from Blackstone represents a powerful alignment of capital and expertise that will allow us to bring world-class technology to an expanded footprint of owners, operators, and residents. We appreciate Blackstone’s partnership as we drive toward new levels of efficiency and expand the level of experience residents can expect across the rental housing ecosystem.”
Entrata’s suite of solutions offers a centralized property management platform for every step of the leasing life cycle. In addition, its resident portal fosters strong communication and self-service options for renters. The company, which serves residents in over 35,000 multifamily communities worldwide, recently expanded its artificial intelligence capabilities and enhanced its resident loyalty program through Homebody Rewards.
“We are pleased to invest in Entrata as they continue to expand their technology solutions for the property management industry,” added Brian Dunlap, a managing director at Blackstone. “We are excited about this opportunity to partner with Adam and his talented team as they drive continued innovation to help further improve the client and resident experience.”
Wilson Sonsini Goodrich & Rosati served as legal adviser to Entrata on the Blackstone investment. In 2021, Entrata raised $507 million, led by Silver Lake, Qualtrics founder Ryan Smith, and Vivint Smart Home founder Todd Pedersen, with participation from Dragoneer, Domo founder and CEO Josh James, and other strategic investors.
