Align Residential, based in SF, sold to Colorado management firm
Align Residential, a San Francisco-based property management firm, has been bought by a Colorado management company.
Sentral, based in Denver, acquired Align Residential for undisclosed terms, Multi Family Executive reported.
Sentral, a full-service multifamily management company founded in 2021, picked up the residential hospitality company, which offers short-term rentals and other services from its offices in San Francisco, Seattle, Los Angeles and Philadelphia.
Align services also include membership clubs, restaurants and bars, gyms and wellness spas, resort-style pools, artistic-driven events and concierge services.
The combined company will leverage best practices from both multifamily and hospitality operations to maximize net operating income and reputation for Class A building owners, according to MFE.
BHI Residential Long Term Corp., doing business as Sentral, will now be active in 15 cities, with the Align acquisition expanding its footprint into Oakland, Philadelphia, Pittsburgh, San Francisco, San Jose and Santa Monica.
The combined firm now manages more than 10,000 apartments in 40 complexes with a value of $5 billion. Lengths of stay can range from a night, a season or a traditional 12-month lease, Sentral CEO Jon Slavet said.
Roman Speron, co-founder and CEO of Align Residential, will join Sentral as chief development officer and oversee business development, design, construction, hospitality and joint-venture partnerships.
“The convergence of hospitality and multifamily has been steadily growing as renter needs and expectations have evolved and become more dynamic,” Speron said. “Flexibility, customization and curated amenities for living and working are essential in today’s urban markets.”
Last year, Sentral entered into a home-share platform agreement with Airbnb to enable its residents to earn while traveling. It also entered into development agreements with OliverBuchananGroup, targeting Austin, Dallas, Denver, Nashville, Phoenix, San Diego and Miami.
“There’s a new consumer that owners want to attract that stays between one and 70 nights,” Slavet said. “It’s a great complement to the foundation of the 12-month lease. Attracting that customer speeds the time to get leased up, increases (net operating income) and creates more demand.”
— Dana Bartholomew