CoStar Group has acquired troubled apartment listing firm RentPath for $588 million, according to a press release.
CoStar’s all-cash deal will take RentPath out of Chapter 11 bankruptcy, the companies announced Tuesday evening. The purchase is subject to bankruptcy court and regulator approval.
The acquisition adds to CoStar’s apartment-listings businesses, which it has built alongside a sprawling commercial real estate information service. RentPath is the parent company of residential rental websites including ApartmentGuide.com, Rentals.com and Rent.com.
The RentPath network of websites generated over 21 million monthly visits and almost 9 million monthly unique visitors in 2019, according to comScore, and had approximately 28,000 properties advertised on its network as of December, 2019. RentPath is headquartered in Atlanta, Georgia and has approximately 770 employees.