(July 15, 2002) — RealPage, Inc., a leading provider of property management products and services to the multifamily industry, today announced that Camden (NYSE: CPT) has signed a seven-year contract to implement RealPage’s OneSite© web-based property management system throughout its portfolio of 146 properties.
According to Keith Oden, Camden’s president and chief operating officer, “Camden selected OneSite after a rigorous examination of the industry’s web-based property management software providers. OneSite will enable us to better interact with our prospects and improve service to our residents. Through OneSite, we expect to be able to better manage revenues and benefit from yield management techniques used in other industries. Given the scale of our operations, we felt that we needed a large, stable company with experience in managing mission-critical applications and RealPage fit that requirement. Finally, OneSite’s open architecture will allow it to interface seamlessly with Camden’s existing products, including Credit Retriever, Camden Connect (Qcorps) and OpsXchange.”
In a related transaction, RealPage announced that it had acquired the YieldStar revenue management system from Camden and will be integrating and vastly expanding the capabilities of this system over the coming months. YieldStar is designed to help property owners optimize pricing of apartment inventory using sophisticated yield models that adjust apartment rents in real time to reflect imbalances in supply and demand.
More than 20,000 apartment communities across the United States use RealPage’s products and services, which handle the entire management process for both affordable and conventional properties, including online leasing, resident screening, apartment market intelligence, accounting software, budgeting, property management, facilities management, marketing and compliance reporting.
RealPage is headquartered in Carrollton, Texas, a suburb of Dallas, with an office in Burlington, Vermont. It is the combination of five industry leaders: Rent Roll, Inc., the largest developer of multifamily property management software; RealPage Communications, Inc., the premier designer of custom web sites for the apartment industry; M/PF Research, Inc., the leader in apartment market research; ChannelTECH, Inc., a leading developer of facilities management applications for handheld wireless computing devices; and YieldStar, a leading developer of revenue management software for the multifamily industry.
Camden is a real estate company engaged in the ownership, development, acquisition, management, and disposition of multifamily apartment communities. Camden owns interests in and operates properties containing 52,175 apartment homes in the Sunbelt and Midwestern markets from Florida to California. Upon completion of three properties under development and the expansion of an existing property, the company’s portfolio will increase to 53,542 apartment homes in 149 properties.