Zillow Group to Acquire Naked Apartments
February 08, 2016 - New York
Zillow Group, the parent company for online real estate portalsZillowandTrulia, is growing its operations in New York City with the acquisition of Naked Apartments, which bills itself as “New York City's largest rentals-only platform.”
According to Zillow, the acquisition of Naked Apartments will bring its total number of consumer brands to five, with Naked Apartments joiningStreetEasyas the second NYC brand for Zillow.
The purchase price for Naked Apartments will be $13 million, funded with cash on hand, Zillow said in a release.
“This acquisition reinforces Zillow Group's commitment to providing buyers, sellers, renters and real estate professionals with New York City-centric tools and information that make their lives easier,” Zillow said in a release.
Naked Apartments is “dedicated to simplifying the rental process” for renters, brokers and landlords in New York City, where, according to Zillow-provided data, approximately 70% of the population rents their home.
Naked Apartments’ comprehensive database of for-rent listings across the five boroughs is bolstered by unique tools on web and mobile that provide timesaving ways for renters to find apartments and connect with real estate professionals, Zillow said in a release.
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