REAL ESTATE INVESTMENT,INVESTMENTS
VanWest Partners | December 08, 2022
VanWest Partners (VanWest), a Denver-based commercial real estate investment company, announces the acquisition of two additional self storage properties for VanWest Storage Fund III (Fund III). In aggregate, the two acquisitions represent 85,595 NRSF and 719 self storage and parking units.
Captain Hook Self Storage, located in Zion, Illinois, joins the existing asset base in the Illinois market purchased through VanWest Storage Funds I and II. The facility is in excellent physical condition and consists of 379 units and 51,680 net rentable square feet. The firm intends to improve the operational performance of the facility by reducing operating expenses and increasing rents, which are currently substantially under market rates.
The second acquisition in Durham, North Carolina, adds 340 units and 33,915 net rentable square feet to Fund III's portfolio. Similar to the acquisition in Illinois, this facility will add economies of scale to VanWest's Fund I and Fund II asset base throughout North Carolina by enabling the firm to amortize fixed operating costs across a larger asset base. the firm expects to create value quickly by bringing customers up to market rates and reducing historical operating expense loads.
The two recent acquisitions are the sixth and seventh for Fund III since launching in April 2022, and they represent the final closings of the year for the Fund. Both deals were sourced off-market and will add immediate value to Fund III as the firm leverages their operational platform to grow net operating income. The facilities will be rebranded to ClearHome Self Storage.
Fund III now includes a total of seven self storage facilities with 2,969 units and 493,890 net rentable square feet, representing $51.2MM in total capitalization deployed.
"We're very pleased with the early performance of the Fund's seven acquisitions made this year. 2023 will be a transformational time in the real estate investing space – the years of irrational exuberance are coming to an end. While we expect to see more attractive acquisition opportunities than we've seen for years, now is also a time for increased caution and conservatism given the uncertainty that lies ahead. Good deals are not enough in 2023 – they must be great deals. While we have fewer acquisitions in the pipeline than a year ago, we're excited about the assets that we're closing in Q1 of 2023. With conservative leverage and early performance above forecast, Fund III is well positioned to navigate a turbulent environment in the coming quarters."
-Jacob Vanderslice, a principal at VanWest Partners
VanWest Partners anticipates a 2–3-year deployment period for Fund III with targeted returns of 14-16% IRR and a 2X-2.25X investor equity multiple over a seven-year hold.
Fund III succeeds VanWest Storage Funds I and II, with Fund II closing at the end of 2021. Through these Funds and other vehicles, VanWest Partners has acquired or built over 42 self storage facilities, totaling more than 2.5 million square feet and 19,700 units.
About VanWest Partners
VanWest Partners is an opportunistic real estate investment firm specializing in self storage and urban infill repositioning. We target a full range of investment opportunities from development to fully stabilized assets in primary, secondary, and tertiary markets with strong fundamentals and an opportunity to add value through both revenue and expense optimization. Accredited investors are invited to participate in value-add self storage throughout the continental US.
REAL ESTATE TECHNOLOGY,REAL ESTATE INVESTMENT
Pacaso and NevelHaus | December 08, 2022
Pacaso, the leading technology-enabled real estate marketplace that helps people buy and co-own a luxury second home, today announced that it has collaborated with NevelHaus, an innovative turnkey homebuilding platform for modern eco-friendly homes, to expand its service to New York. Pacaso offers buyers the unique opportunity to co-own 1/2 of a contemporary second home in a new community being built by NevelHaus on a wooded 44-acre parcel in historic Stone Ridge, New York.
"The collaboration with NevelHaus marks Pacaso's first foray into both new development and New York, We've had many buyers ask us since we launched in late 2020 when we're heading to New York and we are really excited and eager to respond to that demand with the first Pacaso in a first-of-its-kind collection of luxury homes in the historic Hudson Valley."
-Pacaso CEO and Co-Founder Austin Allison
Within two hours from New York City, Pacaso's first listing in New York is NevelHaus Lot 4. Located on 2.43 acres, this three-bedroom, three-bath retreat offers quiet, privacy and seasonal mountain views designed for today's most discerning consumer. The custom home features 30-ft vaulted ceilings, 9-inch wide-plank European white oak flooring, a cozy wood-burning stove, custom oak cabinetry with integrated appliances, bathrooms with heated radiant flooring, and a cozy reading nook and office. The outdoor terraces include a 15-by-30-foot saltwater pool with bluestone coping and an outdoor shower. The property, which includes a two-story garage with loft space, is close to dining and shopping, plus thousands of acres of hiking trails in nearby Minnewaska State Park and Mohonk Preserve. The Pacaso home comes fully furnished and professionally decorated.
We're thrilled to be working with Pacaso on its first foray in New York State in the beautiful Catskills and Hudson Valley region, Like Pacaso, NevelHaus was created with the idea of simplicity at the heart of our process to customize and purchase second homes. Partnering with Pacaso enables a wider buyer pool of homebuyers to experience the NevelHaus brand, sleek architectural design by INC Architecture & Design and unparalleled lifestyle of Stone Ridge, New York, with nature at your doorstep,said NevelHaus Co-Founder, Pelle Hamburger.
We have found that new construction is one of buyers' top desires in a second home so it was a no-brainer for us to partner with a category-defining home building platform like NevelHaus, We know this is the first of many endeavors for Pacaso and the award-winning NevelHaus team,said Pacaso Senior Vice President of New Development Lucy Wohltman.
Pacaso partners with all interested real estate agents and brokerages in markets where it operates. Real estate agents representing buyers who purchase a share of a Pacaso home receive a 3% referral commission, plus Pacaso equity in the form of 500 RSUs.
Pacaso® is a technology-enabled marketplace that modernizes real estate co-ownership to make owning a second home possible and enjoyable for more people. Pacaso curates luxury listings with premium amenities and high-end contemporary interior design, offers ⅛ to ½ ownership with integrated financing, and, after purchase, professionally manages the home and supports seamless resale. Co-founded by Austin Allison and Spencer Rascoff in 2020, Pacaso operates in 40 top second home destinations around the world. Pacaso has been certified as a Great Place to Work and is recognized as one of Glassdoor's 2022 Best Places to Work.
NevelHaus is a home building platform that offers buyers a stunning product with maximum spatial and finish flexibility to fit their exact needs and design aesthetic. Design components - including materials and finishes that connect to the surrounding landscape - may be customized with ease. The selection and sales process is simple and a skilled team educates clients every step of the way. NevelHaus was co-founded by Joshua Gelb and Pelle Hamburger in 2020. The two NYC-based developers partnered with the award-winning firm INC Architecture & Design, responsible for the design of notable and architecturally-significant hospitality and residential properties in the New York area, including 1 Hotel Brooklyn Bridge and the TWA Hotel. NevelHaus-designed homes may be licensed to be built across the world. Each license comes with a complete set of detailed drawings, specifications and material selections along with access to NevelHaus partners and suppliers.
REAL ESTATE TECHNOLOGY,REAL ESTATE INVESTMENT
Altisource | December 07, 2022
Altisource, an integrated service provider and marketplace for the real estate and mortgage industries, has launched NestRange as a cost-effective, data-informed Automated Valuation Model that estimates the value of residential properties. This SaaS product leverages a national property database, geospatial comparable data, machine learning and AI to help real estate professionals, investors and financial institutions make decisions with confidence.
The NestRange AVM is a fully interactive tool that estimates the value of single-family homes, condominiums, townhomes, and multifamily/apartments. The service draws from a robust data set of more than 150 million properties including over 750,000 active property listings. NestRange users have control over a variety of parameters including valuation input variables, property conditions, and the ability to select specific comparables used in the AVM calculation.
The platform’s features don’t stop there – NestRange AVM reports include the NestRange Confidence Score, historical trends, detailed local market analysis and the ability to process AVMs in bulk. The NestRange Valuation API provides online integration and the ability to tap into the vast data and analytics within NestRange. Explore comparables, market information, trends, and more within your own environment.
“NestRange offers essential tools to real estate professionals looking for AVMs they can trust – including the ability to get better insights into both distressed and non-distressed property valuations, We’re proud to have created a SaaS product that is so uniquely customizable.”
-Israel Meir, Chief Strategy and Technology Officer
The NestRange property AVM platform complements Altisource’s industry leading RentRange rental AVM service that has been providing rental data to investors and financial institutions for over a decade.
Interested parties can visit NestRange.com to create customized property valuation reports now or to request a personalized demo.
NestRange is an Interactive AVM Solution for the Real Estate & Financial Industries. NestRange provides an automated valuation model that estimates the value of single-family homes, condominiums, townhomes and multifamily apartments. NestRange is the latest addition to the Altisource suite of appraisal and valuation products and services.
Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) is an integrated service provider and marketplace for the real estate and mortgage industries. Combining operational excellence with a suite of innovative services and technologies, Altisource helps solve the demands of the ever-changing markets we serve.