Toronto-based Casalova, an online real estate marketplace, has acquired property management group MyPropertyManagers (MyPM) and its $35 million in assets under management.
MyPM manages residential properties in the Greater Toronto Area, while Casalova allows consumers to buy, rent, sell, and have properties managed through its online platform.
Casalova said through the acquisition, MyPM’s entire team will be joining Casalova. All of MyPM’s current customers will also receive $50,000 rent guarantee and $50,000 vandalism protection; two protection packages that Casalova offers to landlords and property managers using its platform.
“We’re incredibly excited to be joining the company and for our clients to have access to the resources of Casalova.”
“We believe in creating a seamless one-stop experience for our clients. Our clients have been requesting property management services for some time now and we’ve been testing it privately since January,” said Ray Taaeb, CEO and co-founder of Casalova. “Creating this experience will streamline the entire process as we move towards our vision of creating a full-service solution to become the go-to real estate platform for Canadians.”
While MyPM is Casalova’s first acquisition since its launch in 2014, the company said it plans to bring its total assets under management to $100 million by the end of this year through more acquisitions and growing its existing customer base.
“We’ve been using Casalova for a couple years now to rent our properties and saw that the company was ahead of the curve in transforming the real estate industry with its offerings,” said Carole Charbonneau, CEO of MyPM who will work under Casalova’s asset management and realty division. “We’re incredibly excited to be joining the company and for our clients to have access to the resources of Casalova along with their protection packages. It’s a win-win for everyone.”
In March, Casalova announced a partnership with Dream Maker Developments to allow homebuyers to purchase a pre-construction condo completely online. In April, the company received a $2.5 million investment from Aviva Ventures. Casalova has also previously pitched on BNN’s The Disruptors.