The Center for Innovative Technology announced Wednesday that its CIT GAP Funds has invested in Tenant Turner Inc., a full-service, SaaS-based leasing platform for residential property managers that streamlines the leasing process and reduces vacancies, which accounts for $36 billion in lost rent each year.
Ed Albrigo, CIT President and CEO, said, “CIT fills a market void in seed stage investing, which is crucial to creating economic opportunities for the new Virginia economy. Investing in Virginia-based innovative companies and teams like Tenant Turner will grow the new high-growth, high-tech companies that bring new jobs and new revenues to the Commonwealth.”
There are 43 million residential rentals in the U.S., representing a $3.2 billion total market opportunity. Rental property managers are inundated with tenant leads as soon as they put a rental on the market. Unfortunately, 50% of all leads don’t meet the minimum qualifications and only 6% turn into paying tenants. Furthermore, 60% of leads come in after hours and weekends which mean many prospects are left unserved.
Tenant Turner offers property managers a comprehensive, automated 24/7 leasing solution that helps track leads from across multiple platforms and provides managers with insights to find qualified tenants faster. It also increases compliance with the Fair Housing Act and gives customers unprecedented insight into the leasing process—enabling mangers to make better business decisions and position themselves as experts with their customers.
James Barrett, Tenant Turner President and CEO, “Working with the CIT GAP Funds team has helped us strengthen our business planning and allowed faster introductions to private investors. This investment will go towards enhancing our data analytics capabilities, as well as broadening our marketing and sales strategies.”
CIT GAP Funds Director Tom Weithman added, “We help entrepreneurs like James Barrett find the seed investments they need to reach new levels of company growth. With the increased demand in the rental market, the Tenant Turner team is using innovative technologies that serve both the residential manager and the tenant.”
Over its 10-year history, CIT GAP Funds has leveraged nearly $18 million with $331 million in private capital, an 18.5 leverage ratio. The total enterprise value of its portfolio is now reaching $800 million. Investments made by the CIT GAP Funds through June 2015, are projected to result in more than 8,000 new Virginia jobs.
About the Center for Innovative Technology, www.cit.org
Since 1985, CIT, a nonprofit corporation, has been Virginia’s primary driver of innovation and entrepreneurship. CIT accelerates the next generation of technology and technology companies through commercialization, capital formation, market development and revenue generation services. To facilitate national innovation leadership and accelerate the rate of technology adoption, CIT creates partnerships between innovative technology start-up companies and advanced technology consumers. Follow CIT on Twitter @CITorg and add the Center for Innovative Technology on LinkedIn and Facebook.