CHARLOTTE – A Charlotte, North Carolina-based company focused on streamlining the apartment rental process raised $1.5 million in a private stock offering, according to a  filing with the Securities and Exchange Commission.

Rent Ready Holdings Inc. did not disclose what it intends to do with the proceeds.

According to the filing, eight individuals invested in Rent Ready’s offering. The company made its first sale of shares May 2, 2018.

Rent Ready works with apartment communities as a single source for all services needed to prepare rental units for incoming residents. The company’s website states that it currently delivers services to over 10,000 units in more than 75 Charlotte-area apartment communities.

At the center of Rent Ready’s strategy is using technology to maximize efficiency. The company provides on-site tracking of worker performance, documents all data on a unit to minimize required communication with customers and uses feedback to rank its best workers.

The filing was signed by Ryan C. McMillan, Rent Ready’s co-president and co-CEO. Previously, McMillan served as director of finance with Grubb Properties. He graduated from UNC-Chapel Hill in 2007 with a degree in business administration and management.

Companies relying on a Reg D exemption do not have to register their offerings of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.

This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism