Appfolio expanding in Goleta

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By Staff Report / Wednesday, October 14th, 2015 / Comments Off on Appfolio expanding in Goleta

Appfolio is expanding in Goleta.

Appfolio will lease an additional 7,855 square feet of space at its office at 50 Castilian Drive in Goleta, according to documents filed with the Securities and Exchange Commission on Oct. 14. The new space will increase the amount of space Appfolio leases from Nassau Land Company to 26,490 square feet. The new space at 90 Castilian Drive is in the same building Appfolio is currently in.

Under terms of the lease, Appfolio will now pay $461,000 per year and the lease runs through November of 2020. Appfolio also received a $25 million credit line from Wells Fargo Bank.

Rumors of a possible expansion by the company have been swirling lately.

Appfollio went public on June 25 when it issued 6.2 million shares at $12 each. Since then Appfolio’s stock has soared, and it closed Oct. 14 at $18.99 per share.

Appfolio also added 10 employees when it purchased San Diego startup RentLinx for an undisclosed sum.

Editor’s note: Entities affiliated with Investment Group of Santa Barbara have a minority investment in the parent company of Pacific Coast Business Times.

• Contact Philip Joens at pjoens@pacbiztimes.com