AUSTIN, Texas, March 10, 2022 /PRNewswire/ -- GDAA Property Management announced today its acquisition by Silicon Valley-based PURE Property Management, the fastest growing profitable residential property management and technology company in the U.S. Greg Doering, GDAA's Owner-Broker, is now Regional Director of Texas at PURE and will lead growth and acquisition efforts in Texas.
"We're excited that GDAA is now a PURE Property Management company and that we will continue to grow aggressively within Texas," said Greg Doering. "While the professional property management team at GDAA remains unchanged, the PURE culture and its 'band together, build together' mission is a perfect fit for us. My team and I now enjoy working with dozens of other operators and industry leaders, many longtime friends, as day-to-day peers across the U.S."
With a vision to make the process of renting a home a simple and satisfying experience for all, PURE launched in October 2020. PURE is consolidating independently owned property management companies operated by seasoned industry leaders and supporting them with proprietary property management technology and processes designed by industry experts. PURE recently announced that it raised $50 million in equity financing from Level Equity, which values the business at over $300 million. PURE's "from the industry, for the industry" mantra resonates with the owners of successful property management companies looking for the operational efficiency and resilience derived from the technology and scale that PURE provides.
"Greg and the GDAA team are well known and highly respected within the industry," said Mike Catalano, Co-founder and General Partner of PURE. "GDAA is one of only ten companies in Texas to be recognized as a Certified Residential Management Company (CRMC®), a designation considered to be among the industry's premier credentials. We're thrilled to add GDAA's talent and experience to the PURE team as we expand in Texas and nationally."
Managing residential property investments has become increasingly complex. COVID-related regulations and market supply constraints, combined with remote workforce lifestyle demands by residents, are fueling rapid innovation and consolidation within the property management industry.
"I feel like a decade of change was thrown at us in the last two years," observed Doering. "This has led many do-it-yourself residential property investors to decide that it's too complex and not worth the hassle. GDAA grew over 50% last year, most of that attributed to investors turning over day-to-day management of their properties to us. It's a better use of their time and ultimately more profitable for them. Professional property management leads to better experiences for everyone, especially the residents."
GDAA Property Management continues operating under its established brand, now a PURE Property Management Company. For more information about GDAA, visit https://www.gdaapm.com
About PURE Property Management
PURE Property Management is the fastest-growing profitable residential property management and technology company in the U.S. Led by a team of experienced industry professionals and seasoned technology innovators, PURE acquires single-family residential property management companies and invests in their people and processes. By deploying technology and providing operational efficiencies, PURE enhances resident and investor experiences. For more information, visit https://purepm.co