Poplar Homes (Poplar), the Cupertino, CA-based, tech-enabled property management company, has acquired Chicago-based 33 Realty’s (33) Property Management, Maintenance, and Leasing divisions as it expands into multi-family property management and extends its U.S. footprint. 33 Realty’s Investment Brokerage and Distressed Assets divisions were not part of the transaction and will continue to operate under the 33 banner. Terms of the sale were not disclosed.
Poplar, one of the preeminent brands in single-family property management on the West Coast, was attracted to 33’s unique and highly successful platform and impressed with the principal team of Eric Weber, Drew Millard and Sean Connelly.
33 will remain based out of Chicago and transition operations gradually over the next three years with the current C-suite remaining at the helm and running the business. 33 will eventually be rebranded to Poplar Homes.
Poplar’s ever growing national reach is opening up investment opportunities and economies of scale for investors and clients nationwide. A “game-changer for our industry” is what Poplar CEO and Co-founder Greg Toschi called the deal. “The team at 33 has perfected the multifamily client service model and has excellent momentum in terms of expansion. Together we look forward to bringing our clients across the country a best-in-class service delivery.”
Founded by Drew Millard in 2008, 33 Realty stepped into a void left by many operators post-financial crisis, seizing on the opportunity to provide clients with consistent, trustworthy services and become reliable operators of their real estate. Eric Weber and Sean Connelly joined 33 in 2012 and 2014, and the trio grew the business into a fully integrated firm serving owners and investors with almost 175 employees and independent contractors, 4,500 units under management, four states of operation, 1,500+ units leased yearly, and $250 million per year in investment brokerage transactions.
Founded in 2014 by Greg Toschi, Rico Mok, and Chuck Hattemer, Poplar leverages technology industry expertise and robust logistics to revolutionize real estate. The firm’s proprietary online platform allows clients to limit busy work while providing 24/7 support and a full-service property management solution.