Avesta

About Avesta

ResProp Management, formerly part of Avesta which was co-founded by Peter Rex in 2010, operates as a third-party property management firm within the United States residential real estate sector. The company's genesis is tied to Rex's hands-on experience in the industry, which began with his first property purchase in 2005. His early, immersive involvement in all aspects of property ownership, including maintenance and management, laid the groundwork for scaling a portfolio that would grow to over $2 billion in assets under management. In 2020, ResProp relocated its headquarters to Austin, Texas, to better position itself for future growth.

The firm's business model is centered on forming partnerships with property owners to enhance service, solutions, and overall performance. Revenue is generated by providing comprehensive management services for multifamily residential properties. This vertically integrated approach encompasses day-to-day operations, asset management, and construction management. ResProp targets national property owners, offering localized market intelligence and talent sourcing through its operational hubs in states like Texas, Florida, Arizona, and Colorado. As of late 2022, the company managed approximately 11,000 to 14,000 units, a figure that has since grown to over 22,000 units across more than 100 properties.

ResProp's service offering is distinguished by its focus on being an "operations-first" organization, concentrating on tenant retention, revenue optimization, and net operating income. The company provides in-house expertise in property acquisition, financing, and business development. For clients, this translates into a seamless ownership experience, with ResProp handling everything from marketing to capital expenditure projects, such as interior and exterior renovations that have demonstrated a significant return on investment by enabling increased rental rates. By leveraging a tech-savvy approach with tools for analytics and a full suite of business applications, the company aims to deliver efficient and effective management solutions.