CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces has announced its acquisition of Off Campus Partners, LLC (OCP) a leading online multifamily marketplace service for student housing in the United States.
Founded in Charlottesville, Virginia in 2000 by a University of Virginia student, OCP enters into exclusive agreements with universities, most of which are multi-year, to provide an off-campus housing listing service for students, parents, and faculty/staff. Currently, it has existing contracts with 132 universities servicing over 2 million off-campus students. OCP university partners include, among many others, the University of Michigan, Vanderbilt, the University of Arizona, Boston College, the University of Miami, Clemson, the University of Iowa and University of North Carolina at Chapel Hill.
“There are over 17 million college students in need of housing near universities paying approximately $100 billion in rent annually,” said Andrew C. Florance, CoStar Group founder and Chief Executive Officer. “This is a massive market with tremendous growth opportunities for us to partner with more universities and attract more advertisers, especially small independent owners. The majority of OCP’s advertisers are independent owners who are excellent candidates for the full suite of services we plan to offer soon on our Apartments.com network, the most visited apartment internet listing service in the United States with more than 60 million visits per month.”
Florance added, “Each student renter offers us an early opportunity to develop a long-lasting connection to the Apartments.com brand as they near the time when they will enter the workforce.”
CoStar is the leader in operating digital CRE marketplaces, and attracts 49 million unique visitors a month across its North American and European websites. Apartments.com is the number one apartment marketing site. Over the past 5 years CoStar Group has invested billions of dollars into building the world’s leading online property marketplaces, generating hundreds of millions of leads resulting in millions of successful property transactions for our clients.
James “Duke” Jones, Off Campus Partners President said, “We are excited to become part of CoStar Group and the very successful Apartments.com network. This is an outstanding opportunity to expand what we have developed to service more students and universities across North America.”
About CoStar Group, Inc.
CoStar Group, Inc. (NASDAQ: CSGP) is the leading provider of commercial real estate information, analytics and online marketplaces. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. LoopNet is the most heavily trafficked commercial real estate marketplace online with nearly 6 million monthly unique visitors. Realla is the UK’s most comprehensive commercial property digital marketplace. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. CoStar Group’s websites attracted an average of over 49 million unique monthly visitors in aggregate in the first quarter of 2019. Headquartered in Washington, DC, CoStar maintains offices throughout the U.S. and in Europe and Canada with a staff of over 3,700 worldwide, including the industry’s largest professional research organization. For more information, visit www.costargroup.com.
This news release contains “forward-looking statements” including, without limitation, statements regarding CoStar Group’s expectations, plans, objectives, beliefs and intentions regarding the future and other statements including words such as “hope,” “anticipate,” “may,” “believe,” “expect,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential” or the negative of these terms or other comparable terminology. Such statements are based upon the current beliefs and expectations of management and are subject to many risks and uncertainties that could cause actual results to differ materially from the results anticipated in the forward-looking statements. The following factors, among others, could cause or contribute to such differences: the risk that the OCP business may not be combined successfully with CoStar’s Apartments.com business or in a timely and cost-efficient manner; the risk that the combination does not produce the expected results or benefits, including revenue growth and expansion of service to more students, universities and advertisers across North America; the risk that the full suite of services on Apartments.com will not be released when and as expected; the risk that business disruption relating to the OCP acquisition may be greater than expected; the risk that synergies from the acquisition of OCP may not be as expected, may not be fully realized, may take longer to realize than expected or may not drive revenue and earnings growth; and the risk that the combination and integration of OCP will disrupt CoStar’s operations or result in the loss of university partners, property owners or key employees. More information about potential factors that could cause results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, those stated in CoStar’s filings from time to time with the Securities and Exchange Commission, including in CoStar’s Annual Report on Form 10-K for the year ended December 31, 2018, and CoStar’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2019, each of which is filed with the SEC, including in the “Risk Factors” section of those filings, as well as CoStar’s other filings with the SEC available at the SEC’s website (www.sec.gov). All forward-looking statements are based on information available to CoStar on the date hereof, and CoStar assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.