Dongnae Acquires Stevens to Expand Rental Property Portfolio
Dongnae, a Seoul based proptech startup that is creating a better way to rent, disclosed that it has entered into a definitive agreement to acquire Stevens, a real estate operator most known for operating the co-living brand, dears, in a mixed cash and equity deal.
Dongnae will immediately assume management of the 520 unit Dears Pangyo residential
complex located in the Pangyo Technovalley which will serve as an important benchmark asset showcasing the company’s expanding capabilities. This will be Dongnae’s first acquisition since its founding in 2020 and is expected to close by the end of the third quarter.
Alongside the acquisition of Stevens, Dongnae has announced a major upgrade to its primary Dongnae FLEX product. Dongnae FLEX units will now come standard as furnished properties with flexible lease terms while still maintaining its signature low rental deposit.
Dongnae has also released a new digital platform today on Dongnae.com and through the mobile app store that vastly improves the rental process in Korea from beginning to end.
“From Adam Neumann’s Flow and companies such as Mint House, Zeus Living, and Blueground in America to Asian and European proptech startups like Cove and Habyt – there has been great innovation in the residential rental market around the world over the past few years. Our team is committed to bringing about a better way to rent here in Korea,” said Matthew Shampine, Dongnae CEO. “We see the acquisition of Stevens and the compelling changes to our popular Dongnae FLEX offering as a big leap forward to that end.”
“Dongnae’s strong sales as well as digital and operational abilities make them an ideal operator for the dears brand,” said Byeonghun Ahn, CEO of Stevens. “we’re looking forward to bringing about the absolute best rental experience to our tenants together.”
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