Chicago-based newspaper consortium Classified Ventures has acquired Visual
Properties, which through its Apartments Plus service
is a provider of interactive online apartment listings and relocation
information.
Classified Ventures said it will build upon the success of Apartments Plus to
create apartments.com, an Internet resource for apartment renters and
property managers. Financial terms of the deal were not disclosed.
The Apartments Plus service, since launching in Chicago in January 1997, has
rapidly expanded its reach, currently providing information about more than
600,000 apartments in over 34 states.
Classified Ventures, a partnership of The Times Mirror Co., Tribune Co. and
The Washington Post Co., said it is dedicated “to expanding newspapers’
position as the nation’s leading suppliers of classified advertising and
related information via Internet technologies.”
“This acquisition positions Classified Ventures as the premier source for the
apartment rental market,” said Jack Fuller, president of Tribune Publishing
Co. and a Classified Ventures board member. “Since Apartments Plus has proven
technology and a successful existing business, it accelerates our ability to
help publishers immediately take their apartment classified franchise online
to realize their unique competitive advantages in the $15 billion classified
market, locally and nationally.”
In March 1998, Apartments Plus will change its name to apartments.com. The
existing Apartments Plus Internet site will be redesigned and its location on
the Internet will become apartments.com.
apartments.com will build on the existing distribution of Apartments Plus,
which already holds rights to key online positions including exclusive
partnerships with AOL and AT&T WorldNet and keyword ownership like
“apartment” and “rent” on search engines like AltaVista and AOL NetFind.
As with Classified Ventures’ first industry initiative, cars.com, other newspaper
publishers will be invited to participate in apartments.com. Classified
Ventures said it will help each newspaper build upon its existing content in
the apartment rental category.
“Our vision is to become the category leader for online apartment and
relocation information–serving renters, property managers and those with
services to offer the rental market,” said Bruce Mitchell, president and
general manager of apartments.com. “This strategic partnership provides the
additional content, distribution and marketing resources to hasten our growth
and achieve our goals.”
Apartments Plus’ proprietary technology called OASIS (Online Apartment Search
and Information System) allows apartment hunters to customize an online
search and take a virtual tour through the most visual listings online.
Each listing has full-color photos of the exterior, common areas, and each
room of every model plus floor plans.
