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Austin property management firm merges with Atlanta company
Two apartment property management firms have merged, forming a company that will operate nationally under an Austin-based brand.
Austin-based RPM, formerly known as Roscoe Property Management, and Atlanta, Ga.-based CF Real Estate Services announced this week that they have combined. The merger creates a national apartment property management firm with more than 84,000 units across 17 states.
The combined company will operate under the RPM brand across the U.S.
RPM is one of the largest multifamily management companies in Texas.
Company executives said the combined organization will be one of the largest third-party providers of real estate and property management services nationwide. They said the merger will pave the way for continued growth this year, with leaders from both companies on the executive team to guide the company going forward.
It appears the COVID-19 outbreak has changed that, at least for the time being.
The shift in the market began with the pandemic-induced stay-at home orders put into place last spring and summer, and it has been extended by a decline in the number of people who typically move to Central Texas from out-of-state, market experts say. At the same time, new apartment projects that were planned before the pandemic continued to be completed, adding even more available units into the market.
The upshot is that, for the first time in years, renters and landlords in the Austin area appear to be approaching equal footing, market experts say.
Continuing the Austin-area housing market s hot streak, home sales and the median price paid for those homes set records for a January, according to new data from the Austin Board of Realtors.
Low mortgage interest rates, high demand and a shortage of homes continue to fuel the market and drive prices higher, experts and real estate agents say.
Sales of single-family homes, townhomes and condos soared almost 24% in January, with 2,523 homes changing hands, a record volume for the month.
Half of the houses sold for more than $365,000 and half sold for less, a January record for the median price and an increase of nearly 20% over January 2020 s median.
After losing power in his apartment unit in South Austin last Monday morning, Lucas Askew awoke to the sound of pounding on this door. They said there was a fire in the apartment building. I threw my keys and my wallet in my pocket and grabbed my dogs, said Askew, a mechanical engineering major at Austin Community College. By the time we came back the whole roof was on fire, so we couldn t get any of our stuff.
Askew, who is currently staying at a hotel, spent this week surveying the damage to his unit at the Park on Brodie Lane apartment complex, where the ceiling in the living room and dining room caved in.