Real estate technology company Darwin Homes announced the launch of its Institutional Platform for Single-Family Rental (SFR) property management and asset management, along with the appointment of industry veteran Christopher Poston – formerly SFR leader of Starwood Capital Group and Sylvan Road Capital – as General Manager and Head of Asset Management to lead the company’s rapid expansion serving institutional and entrepreneurial customers. The announcements were made by Darwin Homes co-founders Ryan Broderick and Zachary Kinloch, technology innovators who achieved success as early DoorDash executives.
Darwin marries proprietary property management software and specialized operations to empower investors to participate in SFR with confidence and scale their portfolios across different markets nationwide. Darwin’s proprietary software, Origin, serves as the property management brain, integrating and automating complex cross-functional tasks and workflows to ensure that properties are being managed and performing in-line with investor expectations. Darwin’s software allows Darwin to own data end-to-end, giving investors visibility and access to granular performance management tools that help drive investment decisions. Darwin Homes is the only SFR platform able to deliver real-time information on portfolio statuses and drive returns through disciplined property management to meet asset management goals. The company currently has more than 2,200 single-family homes under management and another 1,600 coming online in cities like Atlanta, Cleveland, Charlotte, and Tampa through institutional owners in the 4th quarter. The company is experiencing unprecedented growth in the category given the institutional demand for single-family rental homes.
Prior to joining Darwin Homes in August, Poston was Head of Asset Management at Sylvan Road Capital, responsible for the performance of all Sylvan’s investment vehicles representing approximately $700 million in committed equity, including a portfolio of over 6,000 SFR assets throughout his tenure. Previously, Poston launched and managed Starwood’s second SFR equity portfolio, including scaling to more than 3,000 single-family homes across the U.S. and overseeing the performance of all facets of operations, acquisitions, renovation, leasing and property management.
“I’ve been active in SFR almost from its inception as an institutional asset class and I believe the Darwin Homes platform is the single greatest solution for driving value in the sector, solving many of the largest challenges I experienced as an investor and asset manager. I am hugely excited to be a part of Darwin Homes and to help deliver a new range of service and value for institutional owners,” Poston said. “Darwin scratches an itch that has been bothering me for years in this sector, providing a transparent, one-stop platform addressing management, maintenance and other day-to-day operations with the key decision driver of delivering investment performance to our clients.”
As General Manager and Head of Asset Management at Darwin Homes, Poston adds an unprecedented level of SFR experience and institutional level asset management expertise to the Darwin advantage.
Single-family residential (SFR) units are the largest segment of the rental market in the United States – with about 23 million units, representing 53% of the total rental market. Unlike other asset classes, the vast majority (75% or more) of SFR owners are individual investors. The SFR rental sector outperformed much of the real estate industry in 2020 with single-family REITs outperforming REITs overall by 23%.
Single-family rentals are among the most attractive yet untapped asset classes in the U.S. today, offering similar performance to the S&P 500 over the past 25 years with significantly less volatility. But, until now, managing these rental properties could be excruciating, with ownership struggling to find reliable and professional local property managers in a highly fragmented industry. Darwin Homes co-founders Broderick and Kinloch address those challenges by marrying high-quality local operations with innovative software. The addition of Poston and his asset management team also helps the company underwrite SFR acquisitions and provide a never-before-seen level of granularity to ensure that these investments execute.
“Single-family rental real estate is evolving quickly, and there is a dislocation in the market. The expectations of new investor entrants are not being met by the current property management companies,” Broderick said. “We are separating investing from operations in a way that has never been done before by building local logistics and real estate infrastructure and software to create a one-stop shop where investors can buy and manage these properties with confidence and ease.”
Darwin’s property management automation software, Origin, streamlines accounting, leasing, inspections, maintenance, and repairs, across a single, integrated platform. When on-site issues arise, expert Darwin team members are dispatched and routed automatically, and all operations are tracked and reviewed to ensure consistent performance. Professionalism, transparency, and expertise means reduced owner stress, and an exceptional resident experience.
About Darwin Homes: Darwin Homes Property Management (darwinhomes.com) is redefining the renting experience for owners and residents everywhere. Pairing proprietary software with Darwin’s expert local property managers, Darwin provides unparalleled service throughout the leasing and management process. Our platform empowers productivity, enabling its property managers and local teams to deliver professional service and consistent results.
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Roxanne Donovan, Eric Gerard, Francisco Miranda, Eric Nizguretsky