Barsala founder sells company for $30M; acquisition scales Landing’s Autopilot offering to meet demand for flexible living and drive revenue for property partners
BIRMINGHAM, Ala., March 28, 2024 (GLOBE NEWSWIRE) — Landing, the company behind the first membership for flexible apartment living, announced today that it has acquired Barsala, a leading tech-enabled flexible housing operator, for $30 million. The acquisition expands access to Landing’s full-service Autopilot offering, which maximizes revenue for multifamily property partners by adding furnished, flexible living in their apartment communities. Under the new deal, Landing will add more than 1,000 units across 11 markets to its Autopilot program.
“By activating otherwise vacant units using a combination of technology and marketing, Barsala has built a profitable model and strong reputation, cultivating deep partnerships with class A multifamily property owners,” said Bill Smith, Founder and CEO of Landing. “This acquisition allows us to bring the benefits of our Autopilot platform and heightened demand from our qualified members to a growing number of property owners across the country, while opening doors to more fully-furnished apartment homes in new markets for our members.”
Since its inception in 2016, Barsala has partnered with multifamily developers across the country to convert thousands of vacant, zero-income producing units into fully-furnished rentals. Its flexible lease-up options typically begin generating cash flow within 30 days for partners. Now, as part of Landing, its partners unlock virtually instant demand through Landing’s nationwide community of members seeking quality, furnished apartments. Property owners also gain access to Landing’s corporate housing demand and can minimize vacancy gaps with Standby bookings.
“Bill is a true visionary and an extraordinary entrepreneur. I am thrilled to join forces with him and the rest of the Landing team, and share their vision for a more flexible future,” said Michael Monu, Founder and CEO of Barsala. “Landing is at the forefront of bringing flexible living to the masses, and this acquisition amplifies the opportunity to offset vacancies and maximize revenue for both new and existing property partners.”
Barsala Founder and CEO, Michael Monu, will join Landing as President of the Barsala division, and Co-Founder and CTO, Michael Copley, will join as VP of Technology Operations.
For more information on Landing and its Autopilot offering for property partners, visit https://www.hellolanding.com/p/propertypartner/.
About Landing
Landing is changing the way people live. It offers its members an industry-first all-inclusive, flexible living experience via a subscription. Members have access to a selection of carefully curated furnished apartments and a host of amenities. Landing apartments are currently available in more than 375 cities across the United States and growing. The company was founded in 2019 by Bill Smith. For more information, visit www.hellolanding.com.
About Barsala
Barsala partners with multifamily developers to provide innovative, tech-enabled vacancy solutions that drive revenue with greater flexibility during lease-up. Barsala was founded in Seattle in 2016 and has operated 4,000+ units across 25 markets since its inception. Multifamily developers partnering with Barsala convert vacant, zero-income producing units into fully-furnished rental options for corporate housing needs. As a result, Barsala partners see a significant boost in income and a faster activation of the apartment community. For more information about Barsala, please visit www.barsala.com.
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