Evernest Strengthens Its Market Position with Elara Acquisition

In a strategic move, Evernest, a leading name in the national real estate and property management sector, has announced its acquisition of certain assets from Elara, which is the property management division under Picket Homes. This acquisition, revealed on December 2, 2024, marks a significant milestone for Evernest, boosting its already impressive footprint in the property management arena.

Evernest now manages a total of 15,000 homes across over 35 markets, making it one of the largest institutional third-party property management providers in the United States. With this acquisition, the company aims to deliver enhanced services, reflecting its commitment to excellence in client value and service.

Matthew Whitaker, Founder and CEO of Evernest, expressed excitement over this venture, stating, “Evernest is committed to delivering unmatched value to our clients, and this acquisition represents a strategic milestone for us.” He added that integrating the Elara team will augment Evernest's operations, enabling further progress toward their mission of providing top-notch property management services.

Quinten Shay, CEO of Picket Homes, shared a positive outlook on the merger. He highlighted Evernest's strong focus on operational excellence and innovative property management solutions as a vital factor influencing this decision. Recognizing that client and resident satisfaction is of utmost importance, Shay noted that trusting Evernest with this transition, as it meets all criteria for quality and operational efficiency, was a straightforward choice.

A notable strength of Evernest is its approach to last-mile operations, which hinges on having dedicated local teams stationed in each market it serves. This operational model is designed to guarantee that both property owners and residents receive individualized and responsive service. Furthermore, Evernest continues to develop proprietary technologies aimed at enhancing market-level operations and streamlining communication with clients, consolidating its standing as a frontrunner in the property management space.

The integration of Elara's assets is poised to benefit not only current Evernest clients but also future ones, leading to greater market density and subsequently improved net operating income (NOI) for property owners. Whitaker added, “We see this as a win-win for everyone involved. Our clients gain from improved efficiencies and an augmented market presence, while the Picket/Elara team brings incredible talent and experience that will help us elevate our services to the next level.”

This acquisition stands testament to Evernest's ongoing strategic growth efforts, further enhancing its national presence and operational expertise. The inclusion of Elara’s assets joins a series of successful acquisitions that have expanded the company’s reach and capabilities.

About Evernest

Evernest distinguishes itself as a national leader in managing single-family and small multifamily real estate. Operating in more than 35 markets, Evernest manages a diverse portfolio of 15,000 homes for over 6,000 clients, facilitates over 500 investment deals each year and relentlessly innovates its technology and processes to optimize client outcomes. The firm has celebrated its inclusion in the esteemed Inc. 5000 list for eight out of the last nine years, reflecting its commitment to excellence and growth.

About Picket Homes

Picket Homes is invested in real estate technology, aiming to empower property investors with essential tools, services, and strategies to effectively manage their investments. Its Elara division has been a specialized arm focusing on property management targeted towards institutional clientele.