Multifamily Data Platform Real Estate Business Analytics Acquires Markerr

In the second major proptech acquisition of December 2025, multifamily data platform Real Estate Business Analytics (REBA) acquired Markerr, a smaller market analytics startup.

The acquisition was primarily equity-based with a mix of cash, said Brian Lichtenberger, CEO and founder of Markerr, who declined to provide exact figures.

The deal comes on the heels of real estate investment management firm AXCS Capital’s Dec. 30 announcement that it acquired artificial intelligence platform Propvetter for under $1 million in cash.

REBA’s acquisition of Markerr came about because of the latter’s long history with public rent data and its early adoption of artificial intelligence, said Lichtenberger, who will remain as an investor in REBA but not have an operational role.

“We’re essentially five years into the Markerr build and what we think is a really best-in-class market intelligence product,” said Lichtenberger. “We felt it was a good time, as we have a small team here and a small go-to-market team. It was a good opportunity to partner with a larger platform. And I think it’s a great marriage of the two products in terms of where the industry is going, not just as a great opportunity to put these companies together, but to build for the future and continue to see where the business can go.”

The timing also related to the November 2025 antitrust settlement involving property management software giant RealPage, which basically cemented the use of public rent data for the purposes of comps and removed the ability to use competitive data in revenue management, he said.

“Markerr has the longest history of public rent data,” Lichtenberger added. “We have about seven years of that history. And so that was compelling for REBA, because it’s something that is increasingly important to their clients.”

That mutually beneficial combination of data platforms was obvious to REBA as well.

“Markerr has built an impressive foundation of critical market and public rent data,” Donald Davidoff, co-founder and CEO at REBA, said in announcing the deal Dec. 26. “Integrating that with REBA’s operational and asset management intelligence allows us to bring trusted data sets together in one platform enabling AI modeling that matters. This gives operators a more holistic, forward-looking view of performance that reflects both operational efficiency and market reality in the new regulatory environment.”

Lichtenberger said Markerr’s major multifamily clients, including Berkshire Residential, Invitation Homes, LCOR and Quarterra, were a major attraction for REBA.

“By combining REBA’s industry-leading internal asset data with Markerr’s market insights, they are creating a more powerful analytics platform for multifamily owners and operators,” Michael Hogentogler, chief operating officer at property development and asset management services firm LCOR, said in a statement about the acquisition. “This unified, comprehensive and compliant data foundation gives teams faster access to the metrics that matter most — so they can make better decisions and drive stronger performance.”

Looking ahead to proptech M&A possibilities in 2026, Markerr’s Lichtenbergersaid he sees some opportunities, but not an opening of the floodgates.

“There’s a lot of companies that are in the zero to $2 million kind of recurring revenue where it’s easy to get funded at the seed stage,” he said. “It’s very challenging, and only the top performers are able to get funded beyond that. What you’re seeing is there’s a cohort of businesses that over the next 12 to 18 months may not be able to raise again, unless you’re an AI business or one of the real high-flyers.

“I think it can provide some of the businesses that have more scale, that maybe are backed by private equity, to have a lot of opportunity to pick the best in class and bolt those onto their businesses if they want to, probably at a pretty compelling multiple. That’s a trend that started in 2025, and I think you’re likely to see it continue in 2026.”

Philip Russo can be reached at prusso@commercialobserver.com.