CoStar Group Inc. has completed its acquisition of Apartments.com, previously announced on March 3, creating a combined online information and marketplace in commercial real estate's $2 trillion multifamily asset class.
CoStar is a provider of commercial real estate information, analytics and marketplaces, and Apartments.com is an apartment rental marketplace.
CoStar believes that the Apartments.com brand has significant value, and it plans to continue to keep and build on that brand going forward. ‘The Apartments.com brand is recognized by over 95% of apartment owners and used by millions of apartment searchers,’ says Andrew C. Florance, founder and CEO of CoStar. ‘Our goal is to transform Apartments.com into the best consumer experience in the apartment space.’
CoStar will announce financial results for the first quarter of 2014 following the market close on April 23.