Yardi Systems Acquires NYC-Based PropertyShark

SANTA BARBARA, CA-Locally based Yardi Systems has acquired New York City-based PropertyShark, creators of the PropertyShark.com property data research web site, in the second major acquisition by Yardi in recent weeks. Yardi acquired PropertyShark “to integrate deep property data into the Yardi suite of real estate investment management and property management software,” according to a statement by the Santa Barbara-based company.

Gordon Morrell, Yardi’s executive vice president and chief operating officer, comments in the statement: “PropertyShark’s aggregation of real estate data from hundreds of sources into a single property research website has changed the way real estate investors, professionals, and consumers educate themselves and make decisions about property in hubs like New York and Los Angeles.” Morrell says the incorporation of PropertyShark into Yardi’s systems will expand its service nationally and “provide our clients with fully integrated access to detailed property information.”

Matthew Haines, PropertyShark’s founder, started the company in 2002 as a means to access “hard-to-reach property information held by sellers, city agencies and brokers” in order to “make informed decisions about real estate investments I was considering,” Haines said. He said that the acquisition by Yardi will benefit “everyone involved in buying, managing, and selling real estate based on transparent and comprehensive research.” Some of the types of information provided by PropertyShark.com includes building details, ownership information, recent sales prices, property values and comparable sales, maps, for-sale and for-lease listings, foreclosures and pre-foreclosures, mailing lists, photos, and educational classes on all aspects of property.

The purchase of PropertyShark follows Yardi’s recent acquisition of Waltham, MA-based RentGrow. That acquisition, according to Yardi Systems founder Anant Yardi, enabled Yardi to “meet a growing demand among multifamily housing providers to incorporate credit checks, rental payment history searches, background checks, and other applicant screening functions into their core property management system.”