Sentral acquires Align Residential to grow US network
US: Flexible living residential brand Sentral has announced the acquisition of Align Residential, a management firm specialising in innovative residential experiences.
As a result, Sentral now manages 40 communities in its portfolio and its network has increased to 15 US cities. In total, the company manages more than 10,000 apartment units with a combined value of $5 billion.
Roman Speron, the former CEO of Align Residential, will join Sentral in the role of chief development officer, and will be responsible for overseeing business development, design and construction, hospitality services and joint venture [JV] partnerships.
Align Residential sets out to design, develop and manage best-in-class residential assets offering year-round, vacation-style living through curated services and amenities. Its communities feature artistically-driven events, private parks, membership clubs, theatres, restaurants and bars, gyms, wellness spas, resort-style pools, and concierge services.
Sentral CEO Jon Slavet said: “Sentral is redefining property management while we also redefine home for the modern renter. By integrating best practices from both multifamily and hospitality operations, our company maximises NOI and reputation for Class A owners.
“We’re now taking our operations and hospitality services to the next level with the integration of the Align team. Roman and Align have a proven national track record in delivering exceptional experiences and market-leading rents,” he added.
The announcement follows a similar home-sharing partnership with Airbnb, which was revealed last July, allowing residents in select US states to host their apartments exclusively on Airbnb. While Airbnb offers guest screening, Aircover for Hosts, and a protection programme for hosts, Sentral provides access to on-demand scheduled services, such as cleaning, maintenance and smart lock access control, as well as support for residents in managing their listing, rates, availability and photography.
Sentral has also entered into notable definitive development agreements with OliverBuchananGroup and PMG for projects in Denver, San Diego, Phoenix, Dallas, Austin, Nashville and Miami within the last 12 months.
Speron said: “Sentral has made its mark on the industry through offering flex living services and maximising untapped revenue opportunities, all while achieving elite levels of resident and guest satisfaction. Incorporating Align’s acumen for creating urban residential communities that offer the comforts and convenience of a five-star hotel will enhance Sentral’s position as the leading full-service, any-length-of-stay management platform.”
Sentral has a presence in a growing number of US cities, including Atlanta, Austin, Chicago, Denver, Los Angeles, Miami, Nashville, Oakland, Philadelphia, Pittsburgh, San Francisco, San Jose, Santa Monica, Scottsdale, and Seattle.
Managing over $5 billion in Class A multifamily assets, Sentral is backed by the likes of ICONIQ Capital, Highgate Hotels, Ascendant Capital Partners, and the Bozzuto Group.