Divvy Homes, a leader in the property-technology industry, announced that they have entered into a definitive agreement where a Brookfield private real estate fund will buy Divvy Homes’ property portfolio and platform for a total consideration of approximately $1 billion. And Maymont Homes, Brookfield’s single-family home rental business, will manage the portfolio.
This sale will enable Divvy to evolve and maintain a focus on customer satisfaction. And Maymont’s deep experience with rental residential properties will bring industry-leading operations to the management of these homes.
Since its founding, Divvy has helped over 15,000 residents across 20 cities start their journey to homeownership and has created 2,000 homeowners to date.
The deal is expected to close in mid-February, subject to the satisfaction of customary closing conditions. As part of the deal, Divvy’s residents can expect a seamless experience, with operations continuing as usual and with all purchase options being honored.
As part of the deal, Divvy Homes was represented by Wilson Sonsini Goodrich & Rosati and Brookfield was represented by Latham & Watkins.
KEY QUOTES:
“We’re thankful to our residents who put their trust in us, and can assure them that Maymont will continue Divvy’s mission to support our residents on their path towards homeownership. This transaction provides the backing of one of the largest and most reputable real estate firms.”
- Adena Hefets, Divvy CEO
“We are excited to work with Divvy Homes and we look forward to providing a valuable experience for their residents.”
- David Todd, Maymont CEO
