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MYND Expands Into San Diego After Acquisition, Partnership

MYND Expands Into San Diego After Acquisition, Partnership
MYND CEO and co-founder Doug Brien

Oakland-based MYND has begun full operations in the San Diego market. The tech-enabled property management company also inked a partnership with Canter Brokerage and acquired Advani Property Management, its second San Diego acquisition after Pacific Shore Management.

San Diego is an ideal market for MYND because it is growing and supply-constrained, which creates strong rental fundamentals, according to MYND co-founder and CEO Doug Brien.

With new construction in this market, there are sophisticated investors and interesting projects that MYND can add value to, he said.

“We also like that it is considered a ‘big’ city, but it isn't too big and spread out,” Brien said in an email. “It also does not have rent control, which adds a lot of complexity.”

The San Francisco Bay Area has rent control, and going into a non-rent-controlled market as a second market was deliberate, according to Brien.

MYND’s acquisition of Advani Property Management, one of San Diego’s top real estate brokerage and rental firms, marks a significant stake in the company’s growth in Southern California. Advani comprises about 200 units in markets such as North Park, Little Italy, Bankers Hills and Mission Hills.

Brien said Advani brought in a high-quality portfolio of single-family homes and buildings with a concentration in the downtown area, which is a preferred area for MYND because of the high rents and demand. Members of Advani will remain sales partners with Canter Brokerage.

Following its two acquisitions in San Diego, MYND plans to focus on channel partnerships and organic growth, according to Brien.