Mynd, the Oakland-based residential real estate technology platform, now offers its services in Nashville.
According to a statement, Mynd is also now active in Jacksonville and Indianapolis. Mynd expects to have over 4,000 homes under management across the three cities by 2023. With the addition of the trio and following the opening of a sales headquarters in Tempe, Arizona in late 2021, the company operates now in 25 United States. markets.
The expansion comes as Mynd – which enables retail and institutional investors to remotely locate, finance, rent, manage and sell single-family rental properties, minimizing logistical and time hassles – recently announced a $5 billion deal dollars with Atlanta-based investment management firm Invesco Real Estate. The deal makes Mynd the country, as it bills itself, “the largest buyer of single-family rental homes.”
“As we expand our national footprint, we are focused on identifying markets that have strong long-term appreciation potential and attractive current yields for our clients,” said Doug Brien, founder of Mynd, in the communicated. “Jacksonville, Indianapolis and Nashville all have strong job markets, are seeing home prices appreciate and are experiencing strong demand for rental properties, while providing affordable, good-value entry points for far-flung investors. .”
In 2021, Alexandria, Virginia-based venture capital firm QED Investors led a $57.3 million investment round in Mynd, while the aforementioned Invesco led a $40 million round. As noted, Invesco has committed up to $5 billion to facilitate the purchase of as many as 20,000 single-family rental homes over the next three years. Mynd said the funding has fueled “exponential growth” over the past 12 months as the company now manages more than 11,600 homes, up from less than 7,000 in April 2021.
Mynd has about 825 employees and expects to more than double its revenue by the end of the year. The San Francisco Business Times named it the fastest growing East Bay company in 2021.