NEW YORK--(BUSINESS WIRE)--Sep 7, 2023--
June, a proptech company improving the rental experience for both tenants and landlords, today announced that it is among the first venture-backed real estate operators to achieve EBITDA profitability. The company became profitable with annualized revenues surpassing $54 million while sustaining an impressive growth rate of more than 60% year-over-year. The company also announced that Chief Operating Officer Mauricio Zuniga is being promoted to be the new Chief Executive Officer, replacing founder Dan Mishin, who will remain as Chairman of the Board. The company will scale its growth with a new real estate investment platform seeded by June investors, NextStory Capital, that will acquire urban multifamily assets to be operated by June. NextStory Capital is led by co-founder & CEO Daniel Cohen.
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“I'm extremely proud of the team's ability to build one of the first large profitable proptech companies. Despite all the volatility of market cycles, this team has stayed laser-focused on what's important - customer experience, asset-light growth, profitable unit economics, and adding long-term value to our owner-partners,” said Dan Mishin, Chairman of June. “I'm very excited for the new phase of growth for both June and NextStory and am a huge believer in Mauricio's and Dan's ability to execute the long-term vision for both companies.”
“I know I speak for everyone at June in thanking Dan for his leadership and tireless devotion,” said Mauricio Zuniga, CEO of June. “I am honored and privileged to lead our extraordinary team of talented, passionate, and high achieving professionals. We will continue to innovate to deliver exceptional experiences to our residents and drive above market returns for our landlord partners. June plans to expand its footprint from 3,000 to 15,000 units in target markets, including New York, Boston, Washington D.C., and Chicago, in the next four years.”
NextStory Capital will play a significant role in June's strategic growth. The real estate investment platform will act as a PropCo (property-owning company) to June’s OpCo (operating company). NextStory Capital will acquire Class B urban residential assets and June will manage those properties, driving significant above-market revenue and NOI. The arrangement will enable NextStory Capital to enhance the value of its real estate portfolio while rapidly growing June’s inventory and offerings to its customers. NextStory Capital will make its first acquisitions in New York City this year.
"June and NextStory Capital together as an OpCo/PropCo partnership presents an opportunity to provide unparalleled value to our customers, partners, and investors," said Daniel Cohen, Co-founder and CEO of NextStory Capital. “I am thrilled that we have structured a relationship that maximizes collaboration, aligns incentives and creates significant scaling opportunities for both platforms. NextStory will deliver consistent, valuable inventory, helping June scale quickly, while June can create NOI premiums in NextStory Capital’s assets, creating value for NextStory’s investors.”
To date, June has raised over $60M with support from Softbank Ventures Asia, FJ Labs, Quiet Capital, K50, TQ Ventures, Altair Capital, Olive Tree Capital, HR capital, and others.
"June sets itself apart from other proptech companies by understanding the importance of staying extremely focused on what’s important - customers, profitability, technology-driven competitive advantage, and a truly scalable capital model," said Matt Humphrey, Partner at Quiet Capital. "We are grateful for Dan’s leadership as CEO since the day June was founded and we welcome his continued role as Chairman of the Board going forward. Together, we expect both companies will scale effectively and continue to deliver an exceptional experience to both renters and landlords across the country."
About June
June is a tech platform for a rapidly growing flexible living category. June provides renters with flexible apartment leases (1-18 months) that can be rented furnished or unfurnished at a discount to corporate housing. June does not charge renters massive price premiums for mandatory furnishings, hotel-like services, and all-inclusive community events. While providing incredible value to renters, June also enables mom-and-pop landlords to achieve institutional-like returns from their real estate portfolios by using June’s strong flexible living brand, proprietary tech engine, and by eliminating their expenses on various middlemen (brokers, property managers, etc.) June has served tens of thousands of tenants across NYC, DC, San Francisco, Los Angeles, Chicago and Boston. The company has raised $60M in total funding from investors including SoftBank Ventures Asia and Demi Lovato (musician and human rights activist). For more information or to rent with June, please visit https://junehomes.com/.
Mauricio Zuniga joined June in 2021. Prior to June, he led strategic operations at Wheels, a micro mobility startup, founded his own e-commerce apparel brand, and led strategic initiatives at IBM. He holds a bachelor's degree from the University of Illinois, an MBA from the Wharton School of Business and an MPA from Harvard University. Zuniga grew up in Chicago and currently resides in Fairfield, Conn. with his wife and their three children.
About NextStory Capital
NextStory Capital is a new investment manager with institutional DNA investing in urban multifamily, starting in New York City. Its secret weapon is the PropCo/OpCo relationship with June Homes, NextStory’s management partner. With more than 20,000 tenant leases done, June’s tech-enabled management platform is the operational backbone of NextStory's investment strategy. As NextStory strategically acquires multifamily assets and June optimizes operations, our PropCo/OpCo platform drives consistent NOI premiums. For more information, please visit https://www.nextstorycapital.com/.
NextStory is run by longtime real-estate investor and entrepreneur Daniel Cohen. Previous to NextStory, Cohen started and sold Sentral, one of the largest multifamily opco/propcos in the U.S. He serves as an advisor to several real estate and PropTech firms and has more than 15 years of real estate private equity experience investing pension fund capital in value-add and opportunistic investments throughout the U.S. Cohen has been responsible for more than $2.5 billion of real estate during his career. He has a bachelor's degree from Wesleyan University and an MBA with Distinction from New York University. Cohen lives in Denver with his wife and two children.
View source version on businesswire.com:https://www.businesswire.com/news/home/20230907283047/en/
CONTACT: Vanessa Moore
press@junehomes.com
KEYWORD: NEW YORK UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: REIT RESIDENTIAL BUILDING & REAL ESTATE TECHNOLOGY CONSTRUCTION & PROPERTY SOFTWARE
SOURCE: June
Copyright Business Wire 2023.
PUB: 09/07/2023 02:27 PM/DISC: 09/07/2023 02:27 PM
http://www.businesswire.com/news/home/20230907283047/en
