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California-based property manager arrives in Arizona

Poplar Homes to oversee 152 rentals in Scottsdale

Poplar Homes' Greg Toschi (Getty, Poplar Homes)
Poplar Homes' Greg Toschi (Getty, Poplar Homes)

Poplar Homes is trying to make itself a popular property management choice across the nation, expanding its efforts into Arizona.

The Cupertino-based technology-forward company acquired the contracts to oversee 152 rentals in Scottsdale, the Silicon Valley Business Journal reported. The terms of the deal were not disclosed, but it will be managing the properties on behalf of another property management firm, Venture REI.

The properties Poplar will manage are set to remain long-term rentals. Venture REI’s other local properties in its portfolio, including the short-term rentals and investment client property management portfolios, will remain under that firm’s guise.

It’s the first time Poplar Homes has popped up in Arizona during its nine years in business. Founded by three Santa Clara University students, the company manages 15,000 rentals across 17 states.

Poplar’s entry into the Phoenix suburb is significant because of the sheer size of the city’s single-family rental market. In a press release, Poplar CEO Greg Toschi referred to Phoenix as the “home to some of the largest single-family for rent operators in the country.”

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Poplar tries to differentiate itself from competitors through its use of technology. The company’s app has a range of services, from round-the-clock maintenance requests to future home buying aid. Poplar leverages its network to deploy repair and maintenance services through the app, avoiding the time-consuming process of renters dealing with landlords or vendors directly.

Last March, the company raised $53 million in a Series B funding round at an undisclosed valuation. Since March 2022, it has raised a total of $110 million.

It’s not the only company fighting for market share in this space, though. Last April, Florida-based Second Avenue received $250 million in debt and equity capital from Chicago-based boutique asset manager Monroe Capital to invest through its platform, which is geared towards building and managing single-family rental portfolios for institutional investors.

— Holden Walter-Warner

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Tags
ArizonaProperty ManagementProptechRental MarketTechnology