CHARLESTON, S.C., March 1, 2022 /PRNewswire/ -- New Heights 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. Eric Wetherington, New Heights Property Management's Broker, joins PURE's executive team as Vice President Strategic Initiatives.
Eric Wetherington, Vice President Strategic Initiatives, PURE Property ManagementShannon Daugherty, Operations Manager, New Heights Property Management, a PURE Property Management CompanyA serial entrepreneur and business executive, Wetherington is a well-known industry leader, recently serving as 2019 National President to the over 6,000 member National Association of Residential Property Managers (NARPM).
"The property management industry is evolving with consolidation," said Wetherington. "The turbulence within the real estate market, regulatory compliance, and shifting consumer demand is challenging for small, independent operators. By 'banding together and building together' with PURE, New Heights remains dynamic and able to resolve many more of the problems that frustrate smaller regional third-party operators."
Shannon Daugherty, Operations Manager at New Heights Property Management assumes day-to-day leadership responsibilities. "I am thrilled to join PURE and add our experience and market knowledge to their property management experience, now over 1,000 years combined," remarked Daugherty. "I joined New Heights after 14 years in multi-family. Eric's industry leadership and mentorship has prepared my team and me to grow and deliver the professional property management services our clients and residents demand."
With a vision to make the process of renting a home a simple and satisfying experience for all, PURE launched in October 2020 focusing on 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 derived from the technology and scale that PURE provides.
"Eric Wetherington is a well-known and respected industry leader. His experience in educating property managers nationwide on best practices in running profitable operations will contribute greatly to PURE's mission," said Mike Catalano, Co-founder and General Partner of PURE. "With a focus on driving new and enhanced tech-enabled services to our owner-investor clients and residents, we are thrilled to have him on our executive team as we expand in South Carolina and across the U.S.
"New Heights Property Management continues to operate under its established brand, now a PURE Property Management Company. New Heights is the only Certified Residential Management Company (CRMC®) in South Carolina, a designation considered to be the industry's premier credential.
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. Owners of independent third-party property managers interested in joining PURE can reach Eric Wetherington, Vice President Strategic Initiatives at https://purepm.co