What FLATS does

FLATS is a Chicago-based residential property management company operating under Flats, LLC, founded in 2002 by Jay Michael and Alex Samoylovich and repositioned under its current branded identity in 2013. The company manages a portfolio of more than 20 distinct, amenity-rich apartment properties concentrated in Chicago neighborhoods (River North, Uptown, Logan Square) with additional operations in San Diego, California. Each property carries a curated identity — including names such as The Lawrence House, The Draper, The Winnie, The Wilmore, and The Weyland — supported by shared amenities including fitness centers, rooftop decks, co-working lobbies, pet-friendly features, and modern unit finishes.

FLATS leases studio, one-, and two-bedroom apartments directly to consumers through its flatslife.com website, property-specific landing pages, and organic social channels. The company generates recurring monthly rental revenue under standard residential lease terms, with applicants required to demonstrate combined household income of at least 3x monthly rent. Resident-facing operations are supported by a third-party portal (Livly.io) for lease applications, rent payments, and account management. Marketing is led by an in-house team under VP Katie Meier, with operational leadership including SVP Gina Fortune-Harmon (former Habitat Company VP, current president of the Chicagoland Apartment Association) and Senior Regional Property Manager Dan Volz (former Greystar regional manager). The company employs 51-100 staff.

In February 2026, FLATS was acquired by Proper, a Chicago-based national multifamily acquisitions and property management platform backed by private equity firm TriSpan (approximately $982.5M AUM). FLATS operates as one of six operating companies under Proper's 'Flexible Autonomy' framework, which preserves FLATS' brand and operating culture while providing centralized back-office support and capital access. The consolidated Proper portfolio spans nearly 20,000 units across 15 states.

Name

FLATS

Legal name

Flats, LLC

Website

https://flatslife.com

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

51–100 employees

Short description

FLATS is a Chicago-based residential property management company operating 20-plus branded, amenity-rich apartment buildings across Chicago and San Diego for individual urban renters. In 2026 it became an operating company under Proper, a TriSpan-backed national multifamily platform of nearly 20,000 units.

Ownership category

akta.pro rank

Product category

Multifamily Residential Property Management

NAICS

Rental and Leasing Services (532)

SIC

Operators Of Apartment Buildings (6513)

akta.pro primary industry

Furnished Monthly Apartments (Urban/Residential) (THAMAFAB)

akta.pro secondary industry

Furnished Corporate Apartments (Urban, Mid-Rise) (THAMAHAG)

Keywords

• Residential property management
• Multifamily apartment rentals
• Urban apartment leasing
• Apartment building operations
• Rentable residential housing

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D, Supply Chain

Revenue model

1. Residential Apartment Rentals: Monthly rental revenue from apartment units across FLATS portfolio properties in Chicago and San Diego markets.
2. Property Management Services: FLATS operates as one of six operating companies under Proper's national acquisitions and property management platform, providing management services for residential properties.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

FLATS operates a portfolio of branded, amenity-rich multifamily apartment buildings across Chicago neighborhoods (River North, Uptown, Logan Square) and San Diego, California. The company leases studio, one-bedroom, and two-bedroom apartments directly to residents on monthly recurring terms, delivering curated amenities such as fitness centers, rooftop decks, co-working lobbies, bike rooms, pet-friendly features, and modern unit finishes. FLATS supports its residents through a Livly-powered online resident portal for lease applications, rent payments, and account management.

Product overview

FLATS LLC operates as a residential apartment property management company with a portfolio of branded apartment buildings across Chicago, Illinois and San Diego, California. The FLATS brand was established in its current form in 2013 and emphasizes 'big style in smart spaces' — delivering high-quality, amenity-rich, and branded living environments at approachable rents. The portfolio includes 20+ distinct properties including The Lawrence House, The Bachelor, The Draper, The Winnie, The Wilmore, The Weyland, The Bush Temple, The Ardus, The June, The Alfred, The Otis, The Rosie, The Sally, The Miller, The Nash, The Teller House, The Hall Lofts, The Heron, The Myles, and Millie on Michigan. In February 2026, FLATS was acquired by Proper, a national acquisitions and property management platform backed by private equity firm TriSpan, as part of Proper's consolidation of six operating companies. FLATS properties are operated under Proper's 'Flexible Autonomy' model, which preserves acquired brands while providing centralized back-office support. FLATS offers apartment leasing, property amenities (fitness centers, rooftop decks, co-working spaces, pet-friendly features), and a resident portal for lease applications and account management.

Differentiator

Problem solved

Functional benefit

Products and services

• FLATS Residential Properties Portfolio Portfolio of branded multifamily apartment buildings across Chicago, Illinois and San Diego, California, offering studio, one-bedroom, and two-bedroom apartments with curated amenities, targeting urban renters seeking community-oriented, design-forward housing.
• The Lawrence House Restored 1920s apartment hotel at 1020 W Lawrence Ave featuring a grand lobby, mosaic-tiled pool, rooftop lounge, fitness center with boxing ring, and Heritage Outpost coffee shop. Offers studio, lofted studio, 1-bedroom, and 2-bedroom apartments.
• The Bachelor
• The Draper
• The Winnie
• The Wilmore
• The Weyland
• The Bush Temple
• The Ardus
• The June Newly constructed pet-friendly apartment building with freshly renovated units, completed in 2020.
• The Alfred
• The Otis
• The Rosie
• The Sally
• The Miller
• The Nash
• The Teller House
• The Hall Lofts
• The Heron
• The Myles
• Millie on Michigan

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• Proper (TriSpan-backed)coreStrategic or Co-development Partner · 1 February 2026FLATS was acquired by Proper, a Chicago-based national acquisitions and property management platform backed by private equity firm TriSpan. The acquisition positions FLATS as one of six operating companies within Proper's portfolio. FLATS maintains its brand identity and operational culture under Proper's 'Flexible Autonomy' framework while gaining access to enterprise-grade resources and centralized back-office support.

Scale indicators2 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Greystar: World's largest multifamily property management company, operating ~800,000 units globally with full-service investment, property management, and development capabilities. Directly comparable to FLATS as a branded, full-service multifamily operator; Dan Volz (FLATS Sr Regional PM) previously held a regional role at Greystar.
• Lincoln Property Company: One of the largest US diversified real estate services firms with an extensive third-party multifamily management portfolio across ~200,000 units. Comparable business model of managing large institutional multifamily portfolios with branded resident experiences.
• The Habitat Company: Chicago-based multifamily property management and development firm managing thousands of units in the Chicago metro. Highly comparable as a direct Chicago competitor with a similar business model; Gina Fortune-Harmon (FLATS SVP) served as VP at Habitat for 8 years prior.
• Bozzuto Group: Privately held, branded multifamily property management, development, and construction firm with ~75,000 units under management. Comparable to FLATS as a lifestyle-driven, experience-focused operator emphasizing curated amenity offerings and resident services.
• BH Management Services: Top-10 US multifamily property management firm managing ~100,000 units across 30+ states. Comparable third-party management services model with similar urban Class A portfolio focus and amenity-driven positioning.
• RPM Living: Full-service multifamily management company managing ~100,000 units nationwide with strong urban portfolio presence. Comparable branded property management model with similar D2C leasing and resident experience emphasis.
• Asset Living: Top US multifamily property manager with ~300,000 units under management across the country. Comparable third-party management business model with similar urban market focus and amenity-driven positioning.

Broad incumbents

• Equity Residential: Major publicly-traded multifamily REIT (EQR) owning/operating ~80,000 urban and suburban apartment units including a significant Chicago presence. Comparable urban multifamily strategy but operates at REIT scale with owned real estate rather than third-party management.
• AvalonBay Communities: Large publicly-traded multifamily REIT (AVB) with ~90,000 apartment units across urban and suburban high-density markets. Comparable multifamily operating model with branded communities at materially greater scale and balance-sheet ownership.
• Mid-America Apartment Communities: Large publicly-traded multifamily REIT (MAA) with ~102,000 units concentrated in the Sun Belt. Comparable apartment operating business model at significantly larger scale, though focused on suburban rather than urban core markets like FLATS.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/channel/UCsDO1Mnrthxyp-FlvO9uN4g
• Facebookfacebook.com/flatschicago
• Instagraminstagram.com/flats
• Xx.com/flats
• LinkedInlinkedin.com/company/flats-chicago

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about FLATS