Online real estate investing marketplace RealtyShares has purchased rival Acquire Real Estate.
According to a release the two companies charted their own distinct paths. RealtyShares has grown by simplifying investing and financing across the capital stack, an approach that saw it triple its second quarter originations (year-over-year) to nearly $140 million. Acquire prioritized product developments such as a real estate exchange, investor profiles, a dynamic investment calculator and self-directed IRA investing.
Acquire CEO Josh Klimkiewicz and CTO Gerry Polucci join RealtyShares and will lead integration from the East Coast, with Mr. Klimkiewicz serving as director of commercial business development and Mr. Polucci director of engineering.
“RealtyShares and Acquire share a vision that technology will make real estate investing easier and more accessible, uniting bold thinkers to set an innovative tone for the industry,” RealtyShares founder and CEO Nav Athwal said.“ Josh and Gerry are a perfect culture fit for our company. They bring the intuition, tenacity and experience we need to remove friction from the real estate investing process and help RealtyShares redefine this industry.”
A Harvard graduate, Mr. Klimkiewicz spent eight years at CBRE, rising to its vice president of capital markets. He formed Acquire in 2014.
“Like RealtyShares, we saw a real opportunity to use technology to close the gap and create a better process for raising capital,” Mr. Klimkiewicz said. “We targeted commercial equity day one, specifically middle market projects with equity checks between $5 million and $10 million, recognizing that there was just no efficient way for institutions or investors to participate in those types of deals without innovative solutions. By taking the time to understand our community, we were better able to address needs and build products that truly solved problems.”