Landing secures $180M to expand portfolio and grow workforce
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Today, Landing—the Birmingham-based network for flexible-lease apartments—announced that it has secured $180M in debt financing to support its new flexible stay platform for multifamily owners, scale its national portfolio of fully-furnished apartments and grow its workforce in Birmingham and beyond.
About Landing
Founded by Birmingham entrepreneur Bill Smith in 2019, Landing is a membership-based apartment leasing service that provides fully-furnished, short-term rental units for traveling professionals.
“Landing offers people a level of freedom, consistency, and convenience they can’t find anywhere else. No matter where they go––for however long––we guarantee they can feel at home with the accommodations, amenities, and locations they love.”
Bill Smith, Founder and CEO, Landing
Landing offers flexible, as-you-need access to more than 7,000 apartments in 375+ U.S. cities, including units with California-based real estate agency Passco.
“Landing initially piloted with us on 5 properties and drove $500K in a few months on otherwise vacant units. Since then, we’ve expanded our partnership with Landing to 18 total properties and see them as a critical tool in our portfolio strategy. They’ve covered the operations and marketing, and it couldn’t be easier to utilize this new demand to help us outperform the competition.”
Colin Gillis, Chief Investment Officer, Passco
Landing secures $180M in new financing
According to a Landing press release, the company has added thousands of new apartments across more than 300 properties in the past year, allowing multifamily unit owners to access the national demand for flexible accommodations.
“We’ve grown tremendously over the past year, allowing us to provide our multifamily partners with incremental revenue to help them achieve higher profitability on their assets. As we build on this momentum, we’re focused on growing our network and providing greater optionality and value to our customers and partners alike.”
Bill Smith, Founder and CEO, Landing
The $180M in debt financing will allow Landing to scale several aspects of its business, including:
- The rapid adoption of Landing’s flexible stay platform for multifamily owners
- The addition of new fully-furnished accommodations to Landing’s national portfolio
- The growth of Landing’s customer service team, sales force and marketing engine
Excited to see this Birmingham-based company grow? Tag us @bhamnow to let us know!
