Flock Homes

Market position

Flock frames itself as bringing an institutional tax-deferral technique to individual landlords, giving them REIT-like diversified ownership without the cash purchase normally required. Its 1% asset management fee was described by one local investment community observer as high for a REIT but comparable to fees paid for active management of an equity portfolio. Reported scale as of 2025 was roughly 850-860 homes worth nearly $200 million contributed by more than 150-185 owners.

Flock positions the 721 exchange as more flexible than alternatives: unlike a 1031 exchange or Delaware Statutory Trust, there are no strict timelines, "like-kind" property requirements, rigid structures or finite investment periods, and unlike a 1031 the owner does not need to redeploy proceeds into another directly held property. The company describes itself as the first seamless, tech-enabled 721 exchange platform, using software to replace the lawyers, tax professionals and paperwork that traditionally made the structure expensive and inaccessible to individual owners. Management states it never profits off a home's valuation, unlike an iBuyer, and uses third-party valuation models to determine fair market value.

Technology

Flock built a technology platform to standardize and automate the 721 exchange, replacing manual legal and tax structuring. It applies a proprietary valuation system to derive a headline home value, then adjusts the final price for repairs and deferred maintenance, and uses third-party valuation models to establish fair market value. Company leadership states the fintech underlying the platform is what makes the model feasible today.

Go-to-market

Flock markets directly to individual property owners — including through online advertising — and operates channels for brokers and financial advisors. Prospective clients submit property information through Flock's website, receive a valuation, and complete due diligence before exchanging. The site publishes success stories, calculators comparing Flock to a traditional sale, and educational content on 721 exchanges, estate planning and taxes. Owners interested in future asset classes can join a waitlist.

Individual and small-scale rental property owners — described as "accidental" and retiring landlords — typically owning single-family homes with one to four units, including heirs who inherit properties. Post-2025 expansion targets fragmented owners of small multifamily buildings (5-200 units) and manufactured housing communities (5-500 units).

Geography

Headquartered in Denver, with a new office at 2930 Umatilla St. in the LoHi neighborhood leased in 2025 (previously Cherry Creek); smaller teams operate in San Francisco and New York City, and in 2022 the company described dual headquarters in Denver and San Francisco. Fund properties span multiple U.S. markets including Denver, Northglenn and Highlands Ranch, Colorado; Austin, Texas; Kansas City, Kansas; Raleigh, North Carolina; and Decatur, Georgia. Manufactured housing expansion is targeted at the West, Midwest and South.

History

Flock was founded in 2020 in Denver by Ari Rubin and Matt Litovitz, who met at Stanford's Graduate School of Business. By April 2021 the company had assembled roughly 20 Denver properties in a test run of the concept, and it went live in May 2021 with four homes in Denver, launching the Flock Fund with its first client that year. A $6.5 million seed round in March 2021 was followed by a $26 million Series A led by Andreessen Horowitz in March 2022, at which point Flock held 110 homes across Denver, Austin and Kansas City with 17 employees and dual headquarters in Denver and San Francisco. By April 2025 the portfolio had grown to roughly 850 single-family homes worth nearly $200 million, and Flock leased a new Denver headquarters in the LoHi neighborhood. In May 2025 it announced a $20 million Series B led by Renegade Partners alongside an expansion into multifamily and manufactured housing.

Risks & controversies

Once owners contribute properties they cannot withdraw them for a future tax-deferred exchange, making participation an end-of-the-road strategy, and future income depends on individual property value and overall portfolio performance. The 1% asset management fee is above typical REIT levels. Flock's strategy of upgrading acquired homes to command higher rents can conflict with municipal efforts to preserve naturally occurring affordable housing, and reduced landlord selling can further constrain for-sale housing inventory in tight markets such as Denver. The company also acknowledges home values may not appreciate, stating it selects only homes it believes it can operate efficiently. Fund materials carry disclaimers that past or targeted performance is not a guarantee of results.