Times Mirror buys rental search firm Apartment Search Inc. is largest of its kind

August 15, 1996|By FROM A SUN STAFF WRITER

Times Mirror Co. has completed its acquisition of Apartment Search Inc., the nation's largest apartment search company catering to renters.

Apartment Search has operated in Baltimore since February, when The Baltimore Sun Co., owned by Los Angeles-based Times Mirror, formed a partnership with the company and agreed to help it expand its business here in exchange for a share of its revenue.

"I think it's an example of what Times Mirror has been saying: We want to be an innovative company," said Mary Junck, publisher and chief executive officer of The Baltimore Sun.

Apartment Search will report to Junck in her capacity as vice president of Times Mirror.

Apartment Search, a multimillion-dollar business with headquarters in Minneapolis, helps prospective renters find apartments through services offered in 37 stores in Minneapolis/St. Paul, Kansas City, Detroit, Washington and Baltimore.

With 450 employees and a database of more than 600,000 rental units, the company expects to serve about 160,000 renters this year.

At no cost to prospective tenants, Apartment Search consultants provide details such as apartment costs, lease terms and amenities. Property owners pay Apartment Search a referral fee based on a percentage of the first month's rent when a match is made.

Terms of the sale were not disclosed.

Pub Date: 8/15/96

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