REAL ESTATE INVESTMENT
Evernest | July 01, 2022
Evernest, a national, full-service real estate and property management firm, announced a merger with three divisions of Virginia-based Dodson Property Management. The merger will bring Dodson's divisions overseeing single-family property management, small multi-family buildings, and association management into the Evernest portfolio.
The merger includes Dodson's entire single-family portfolio of 2,450 units; 1,100 units under its Portfolio Management division of smaller multi-family buildings; and all Association Management operations, encompassing 170 associations and 15,000 units. The names of the divisions will change to Evernest.
The merger is Evernest's largest to date, and adds roughly 3,550 single-family homes and small multi-family units to Evernest's portfolio. The deal boosts Evernest's overall portfolio to more than 11,000 single-family homes and apartments under management nationwide and positions Evernest as one of the largest single-family and small multi-family real estate and property management firms in America. Additionally, the deal moves Evernest into the management of homeowners and condominium associations in Virginia and Florida.
This merger is really the culmination of two companies that have a similar culture, a similar tech platform, and similar teams that have built legacies in large-scale, single-family property management. A combined company will add value to Dodson and Evernest clients through shared resources, shared values, and shared systems."
Matthew Whitaker, Evernest Founder and CEO
The merger with Dodson places Evernest's property management and brokerage services into four new single-family markets: Richmond, Fredericksburg, and Williamsburg, Va., as well as Northern Virginia. Dodson has association management operations in Richmond, Northern Virginia, Williamsburg, and Sarasota, Fla. These markets add to the 18 national regions already served by Evernest's elite team of property managers and real estate brokers. Like Dodson, Evernest has focused in recent years on acquiring and merging operations to grow and better support owners and residents. The Dodson merger comes on the heels of 21 previous deals, either mergers or outright acquisitions, made by Evernest. Dodson is one of five deals Evernest has made in the second quarter of 2022 alone.
"We have a vision for our own company's growth, and felt scale was necessary to build the best leadership team in the industry and to provide our residents and clients with all of the resources possible to ensure that they have a quality experience," said Duke Dodson, President and CEO of Dodson Companies. "We're extremely close with Matthew and the team at Evernest and have worked together over the years to build our businesses from the ground up, share best practices, and help one another grow, so we felt very comfortable in taking this big step to come together as one."
Dodson's existing leadership, operations, and property/association management teams will remain in place in the markets the company serves. Both property owners and residents will experience a seamless transition, maintain the same team members they know, and see continually improving processes and systems. Publicly, Dodson signage will change to Evernest. Dodson's Commercial, Development and short-term rental divisions remain independent and are not included in the Evernest merger.
Adds Whitaker: "As we expand into Virginia, and join forces with the Dodson team, we're excited to help residents, owners, and investors achieve their real estate goals and show them what a great property and association management company can be."
Based in Birmingham, Ala., Evernest operates in 25 real estate markets across the country. It is one of the nation's largest single-family and small multi-family investment broker and property management provider. The firm manages more than 11,000 homes for over 4,100 owners, brokers more than 1,000 investment deals annually, and has made the Inc5000 list five of the last six years.
About the Dodson Companies
Dodson was founded in 2007 as a property management and real estate company dedicated to the needs of investor owners and tenants. Today, Dodson operates a commercial property management and brokerage division, Dodson Commercial; a real estate development group, Dodson Development; and a short-term rental management division.
REAL ESTATE INVESTMENT
Gray Capital | June 30, 2022
Multifamily investment firm Gray Capital has closed on their acquisition of Club Meridian Apartments, a 406-unit property located in Okemos, MI just east of Lansing, MI.
Gray Capital intends to make strategic upgrades at the property, including siding and asphalt repairs, pool upgrades, re-painted balconies, new signage, and other exterior enhancements to boost the curb appeal of the property. Additionally, interior renovations like modern appliances, new flooring, and upgraded countertops will significantly increase the value of the asset and elevate its position in the rental market.
Club Meridian is already a well-maintained property, and this solid foundation will allow us to dedicate our resources to those renovations and improvements that are most important to residents and the quality of the property itself."
Spencer Gray, President and CEO of Gray Capital
George Tikijian, Hannah Ott, and Cameron Benz of the Indianapolis Cushman & Wakefield represented the seller in the transaction, with Gray Capital representing itself.
Club Meridian is the second property within Gray Capital's $100 million multifamily investment fund, The Gray Fund, and follows the acquisition of Indianapolis apartment property Stonybrook Commons one month prior.
The acquisition of Club Meridian and Stonybrook Commons in 2022 adds to Gray Capital's $600+ million in assets under management and more than $1 billion in commercial real estate projects to date since its founding in 2015.
REAL ESTATE INVESTMENT
ACRE | June 29, 2022
ACRE, a global real estate private equity firm, announced it has finalized a $43.5 million bridge loan with Peak Capital Partners (“Peak Capital”), to support the luxury multifamily apartment community ‘Connect at First Creek’ in Denver, Colorado.
Issued through ACRE’s latest debt fund “ACRE Credit I”, the loan will support Peak Capital’s purchase of the 150-unit community. Executed in May, the 3-year agreement includes options for two single-year extensions.
Brian Caudel and Jack Tidrick at KeyBank Real Estate Capital served as brokers for the deal.
Denver has continued to add huge numbers of both jobs and residents over recent years, making it one of the country’s fastest-growing metro areas and creating a critical need for high-quality rental housing. Connect at First Creek has already enjoyed impressive success in helping to satisfy that robust demand, and we’re proud to play a role in supporting Peak Capital’s purchase of this first-class property.”
Daniel Jacobs, Managing Partner at ACRE
The agreement for Connect at First Creek was one of four loans, totaling approximately $169 million, issued via ‘ACRE Credit I’ in May alone. Other loans finalized during the month were issued in support of multifamily developments in Nashville, Tennessee; Fort Worth, Texas; and Fredericksburg, Virginia.
The loan also represents the third issued to Peak Capital since ACRE Credit 1’s launch in August 2020, following two transactions for properties in the Atlanta metropolitan area.
To date, the fund has raised $509 million of equity and has committed to provide more than $2 billion in whole loans across 52 transactions to support the acquisition, lease-up, redevelopment and recapitalization of multifamily assets in growing secondary markets across the U.S.
“Our lending platform has been able to provide financing for a fast-expanding list of apartment developments across a wide variety of markets, as we continue to form and solidify partnerships with industry leaders like Peak Capital Partners,” said Jacobs. “May marked yet another productive month for ‘ACRE Credit I’, and we look forward to continuing to support other companies and the country’s rental housing sector at-large, as it experiences nearly unprecedented growth.”
Located at 17900 East 56th Avenue, Connect at First Creek was built and delivered by Massimino Development. Since opening in 2020, the community has enjoyed significant lease-up success, as it is currently 96 percent leased.
The development’s 150 luxury units feature a wide range of amenities, with in-unit features and finishes including stainless steel kitchen appliances, quartz countertops, Bluetooth keyless deadbolt locks, wood-style flooring, washer/dryer, walk-in closets, and private balcony/patio space. Community amenities include a resort-style swimming pool, fitness center, clubhouse, open air dining spaces with stainless steel BBQ grills, game room with billiards, coworking and conference spaces, a half-acre dedicated park, and direct access to First Creek Trail.
Connect at First Creek is located just a short distance from Pena Boulevard, Interstate 70, Interstate 225 and the 61st & Pena Light Rail station, offering residents an easy trip to Downtown Denver, Denver International Airport, and Aurora. The property is also adjacent to Rocky Mountain Arsenal National Wildlife Refuge, a 15,988-acre wildlife sanctuary.
ACRE is a vertically integrated private equity firm specializing in commercial real estate through active investments in both direct equity and debt capital markets as well as special situation opportunities. ACRE manages a global portfolio in excess of $3.1 billion concentrated in U.S. multifamily with holdings in the United Kingdom and Southeast Asia through separate verticals. ACRE has offices in Atlanta, New York, and Singapore.