Landlords back RET ventures to find proptech bets

A group of landlords including Starwood Capital Group, Greystar, Cortland and real estate investment trusts such as Invitation Homes Inc. and Mid-America Apartment Communities Inc. have backed RET Ventures to make early-stage bets on property-technology startups.

The Park City, Utah-based firm has raised a new $165 million fund and—unlike many venture groups—has no pension funds or endowments among its investors. Instead, backers are dozens of property owners, operators and developers that collectively have more than 2.4 million rental units and over 135,000 single-family rentals. Its family office backers are heavily involved in real estate, including billionaire Penny Pritzker’s PSP Partners.

“It’s a self-fulfilling process as competitors recognize banding

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