Westside Rentals has found itself a new home.
The popular rental listing website was acquired last week by CoStar Group Inc., a real estate data service based in in Washington, D.C., that operates Apartments.com.
Westside Rentals will keep its headquarters in Santa Monica and funnel its listings to Apartments.com. The 20-year-old company will drop the emphasis on brokerage sales and leasing services that it delved into last year.
“Becoming part of an incredibly innovative company that has truly transformed the rental experience for consumers and landlords alike is exciting,” Mark Verge, Westside Rental’s chief executive, said in a statement.
The website counted more than 85,000 members last year and has worked with 350,000 landlords, according to CoStar, which also owns LoopNet and ApartmentFinder.com.
Frank Carchedi, CoStar’s executive vice president, said a main goal of the acquisition is to harness Westside Rental’s expertise in connecting with small property managers.
“We’re going to combine the brand, the content, and the service of Westside Rentals with the resources and the far-reaching assets of Apartments.com,” he said.
He would not disclose terms of the deal, but he said the transaction was not considered material enough to publicly report.
In a December 2015 interview with the Business Journal, Westside Rentals President Kevin Miller said the company employed 50 people and that its revenue had jumped 16 percent since 2012. A key part of its business strategy is charging users $20 a month for a minimum of three months of access.
“The proof’s in the pudding,” Miller said at the time. “We’ve always charged since day one.”
– Daina Beth Solomon
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