REAL ESTATE INVESTMENT

Evernest Merges with Dodson Property Management and Enters Virginia Market

Evernest | July 01, 2022 | Read time : 2 min

Property Management
Evernest, a national, full-service real estate and property management firm, announced a merger with three divisions of Virginia-based Dodson Property Management. The merger will bring Dodson's divisions overseeing single-family property management, small multi-family buildings, and association management into the Evernest portfolio.

The merger includes Dodson's entire single-family portfolio of 2,450 units; 1,100 units under its Portfolio Management division of smaller multi-family buildings; and all Association Management operations, encompassing 170 associations and 15,000 units. The names of the divisions will change to Evernest.

The merger is Evernest's largest to date, and adds roughly 3,550 single-family homes and small multi-family units to Evernest's portfolio. The deal boosts Evernest's overall portfolio to more than 11,000 single-family homes and apartments under management nationwide and positions Evernest as one of the largest single-family and small multi-family real estate and property management firms in America. Additionally, the deal moves Evernest into the management of homeowners and condominium associations in Virginia and Florida.

This merger is really the culmination of two companies that have a similar culture, a similar tech platform, and similar teams that have built legacies in large-scale, single-family property management. A combined company will add value to Dodson and Evernest clients through shared resources, shared values, and shared systems."

Matthew Whitaker, Evernest Founder and CEO

The merger with Dodson places Evernest's property management and brokerage services into four new single-family markets: Richmond, Fredericksburg, and Williamsburg, Va., as well as Northern Virginia. Dodson has association management operations in Richmond, Northern Virginia, Williamsburg, and Sarasota, Fla. These markets add to the 18 national regions already served by Evernest's elite team of property managers and real estate brokers. Like Dodson, Evernest has focused in recent years on acquiring and merging operations to grow and better support owners and residents. The Dodson merger comes on the heels of 21 previous deals, either mergers or outright acquisitions, made by Evernest. Dodson is one of five deals Evernest has made in the second quarter of 2022 alone.

"We have a vision for our own company's growth, and felt scale was necessary to build the best leadership team in the industry and to provide our residents and clients with all of the resources possible to ensure that they have a quality experience," said Duke Dodson, President and CEO of Dodson Companies. "We're extremely close with Matthew and the team at Evernest and have worked together over the years to build our businesses from the ground up, share best practices, and help one another grow, so we felt very comfortable in taking this big step to come together as one."

Dodson's existing leadership, operations, and property/association management teams will remain in place in the markets the company serves. Both property owners and residents will experience a seamless transition, maintain the same team members they know, and see continually improving processes and systems. Publicly, Dodson signage will change to Evernest. Dodson's Commercial, Development and short-term rental divisions remain independent and are not included in the Evernest merger.

Adds Whitaker: "As we expand into Virginia, and join forces with the Dodson team, we're excited to help residents, owners, and investors achieve their real estate goals and show them what a great property and association management company can be."

About Evernest
Based in Birmingham, Ala., Evernest operates in 25 real estate markets across the country. It is one of the nation's largest single-family and small multi-family investment broker and property management provider. The firm manages more than 11,000 homes for over 4,100 owners, brokers more than 1,000 investment deals annually, and has made the Inc5000 list five of the last six years. 

About the Dodson Companies
Dodson was founded in 2007 as a property management and real estate company dedicated to the needs of investor owners and tenants. Today, Dodson operates a commercial property management and brokerage division, Dodson Commercial; a real estate development group, Dodson Development; and a short-term rental management division.

Spotlight

CBC Columnist Robyn Urback says governments need to do something about Toronto's alarming housing market, which is following in the footsteps of Vancouver.

Spotlight

CBC Columnist Robyn Urback says governments need to do something about Toronto's alarming housing market, which is following in the footsteps of Vancouver.

Related News

BROKERAGE,MORTGAGE AND LENDING

Greater Lansing Association of REALTORS® partners with SkySlope to provide members access to breakthrough transaction tools

SkySlope and Greater Lansing Association of REALTORS | August 05, 2022

SkySlope, the leader in real estate transaction and brokerage software, is partnering with the Greater Lansing Association of REALTORS® (GLAR) to offer its premier transaction management solution SkySlope Suite — including SkySlope Forms and DigiSign — as a benefit to GLAR members. SkySlope's suite of products enables real estate professionals to centralize their workflow while remaining compliant. As the transaction management platform that serves over half of the top 20 largest brokerages in the nation, SkySlope is known for its 24/7 award-winning technical support and customized onboarding and training — both benefits that are now available to GLAR agents. "We are ecstatic to offer SkySlope to our members, SkySlope provides a valuable resource for REALTORS® to get the most out of their form libraries and elevate the transaction process across the state. Seeing as SkySlope is dedicated to building innovative, easy-to-adopt solutions, we know our members will thrive using SkySlope." -Aaron Fox, 2022 Greater Lansing Association of REALTORS® President SkySlope launched in 2011 with a mission to create technology that makes life better for real estate professionals. In October 2017, after several years of impressive growth, SkySlope became a part of the Fidelity National Financial family. This partnership reinforces SkySlope's commitment to its vision, providing them with greater resources to innovate. Since then, SkySlope has continued to create groundbreaking products for its growing community of over 450,000 real estate professionals. Located in Lansing, Michigan, the Greater Lansing Association of REALTORS® was founded with a mission to promote the American dream of homeownership through a free enterprise system. They provide support for their REALTORS®, allowing them the ability to take on industry challenges, protect homeowner and private property rights, and build communities. GLAR's partnership with SkySlope will empower its agents with top-tier tools designed to help them succeed. SkySlope Suite for GLAR members will include: SkySlope Suite - Flagship transaction management solution (includes DigiSign and Forms). DigiSign - Send documents for signature quickly and easily with intuitive (and free) features. Forms - Association and MLS forms that are always up-to-date and synced with data from the MLS. The way REALTORS® work today is changing as they take on more clients, adjust to market swings, and adopt more tech, At SkySlope, we are driven to provide tools that make an immediate impact in our customers' lives which is why we designed SkySlope Suite to be simple, flexible, and user-friendly. We are excited to work with GLAR to provide this benefit to all of its members,says Tyler Smith, CEO of SkySlope. About SkySlope Established in 2011, SkySlope is the customer experience platform managing real estate transactions from contract to close. Serving over 450,000 real estate professionals across the U.S. and Canada, SkySlope manages nearly 3 million transactions annually. SkySlope is on a mission to build solutions that reshape the real estate industry by creating the most powerful autonomous transaction platform. About Greater Lansing Association of REALTORS® Founded in Michigan in 1907, the purpose of the Greater Lansing Association of REALTORS® is to promote the American dream of homeownership through a free enterprise system by preserving the right to own, use, and sell real property. GLAR members work together to take on industry challenges, maintain the most accurate housing data, protect homeowners and private property rights, and help build communities.

Read More

REAL ESTATE TECHNOLOGY

Lower.com Creates MortgagePass to Help Customers and Real Estate Agents Win

Lower | June 15, 2022

Amidst a growing number of cash offer products, Lower.com, the multi-channel fintech aimed at creating wealth through homeownership, is launching MortgagePass to help customers get their dream home with that it refers to as the ultimate cash offer, while continuing to work with their preferred real estate professional. We recognize the immense value real estate agents bring to this transaction. All too often, customers are forced to unhook from their agents or pay an additional fee to retain their agents in order to offer cash on a home. We want our customers to benefit from the expertise of their local agents while also gaining the competitive advantage of offering cash, as nearly a third of purchases are cash offers." Dan Snyder,co-founder and CEO Through the program, customers will be pre-approved for a mortgage through Lower.com. Then, they can shop for a home and place an offer that is backed by cash. They will continue to finance as normal, and if it gets delayed, Lower.com will purchase the house in cash. Once financing is complete, Lower.com will sell the home to the buyer for the original purchase price. Customers who use MortgagePass™ also have access to a simple application and tech platform, low fees, and the ability to choose their own loan term, in addition to their own agent. They'll also get access to extended rate locks and if rates drop, they'll be lowered for free. "Giving customers a smooth experience with more certainty is our top priority. We want them to feel at ease during the process and focus on finding the right house, not on financing," said Snyder. "We also want them to know that if the market changes, they'll still get the best deal and won't miss out on lower rates." MortgagePass™ is launching in Columbus with plans to quickly expand throughout 2022. About Lower Lower's multi-channel fintech platform helps consumers build wealth through homeownership, no matter where they are in their life's journey. Our products for mortgage, banking, insurance, and real estate provide customers with an intuitive ecosystem to simplify their homeownership goals, whether it's their first home or their last. Lower is a national and local best place to work, and the naming rights partner of Lower.com Field, home of the Columbus Crew.

Read More

REAL ESTATE INVESTMENT

Gray Capital Purchases 122-Unit Apartment Property, the First Acquisition of 100M Multifamily Fund

Gray Capital | June 06, 2022

Multifamily investment firm Gray Capital has closed on Stonybrook Commons, a 122-unit apartment community located on Indianapolis's East side, built in 1991. Gray Capital's plans for the property include interior renovations with updated flooring and appliances as well as other modernizations and efficiency improvements. Additionally, $500k has been aimed at improving the exterior of Stonybrook and increasing curb appeal. Renovations include replacing several roofs, replacing gutters, improving drainage, replacing and painting shutters, and asphalt improvements. The business plan also includes revitalizing existing outdoor amenities and taking advantage of a large green space on the property with the addition of a soccer field for residents. Indianapolis, IN is seeing a substantial amount of job growth, particularly in the sub-market where Stonybrook is located, and Stonybrook Commons will be ideally situated to meet the growing housing demand in the area." Spencer Gray,Gray Capital CEO and President George Tikijian, Hannah Ott, and Cameron Benz of the Indianapolis Cushman & Wakefield were the selling brokers in the transaction. Stonybrook Commons is the first property within Gray Capital's $100 million multifamily investment fund, The Gray Fund, and Gray Capital plans to continue this momentum with additional acquisitions in the near future. The purchase of Stonybrook Commons follows the 2021 acquisition of Suncrest Apartments and adds to Gray Capital's $500+ million in assets under management and more than $1 billion in commercial real estate projects to date since its founding in 2015.

Read More