REAL ESTATE TECHNOLOGY,REAL ESTATE INVESTMENT
Ocusell | December 02, 2022
What is driving successful innovation in the real estate industry today? Hayden Rieveschl, co-founder and CEO of Ocusell, believes that the force behind cutting-edge innovation is integration with existing products and services — a big reason why the nation's nearly 600 Multiple Listing Services (MLSs), powering more than $2 trillion in annual residential real estate transactions, are being thwarted in their efforts to add new technology swiftly, according to Rieveschl, a former hedge fund professional.
Rieveschl founded Ocusell, a platform that's modernizing the listing process for real estate professionals, with Alex Taylor, a ground-floor Dotloop employee (now part of Zillow). Early on, they encountered a significant obstacle that is hamstringing MLSs of every size when attempting to deploy new technology quickly.
What is botching MLS systems nationwide, Rieveschl explains, are their "business rules." These foundational instructions provide tech firms with the guidelines to deploy their products and services inside an MLS.
Rieveschl and Chief Revenue Officer Taylor found MLS business rules documentation is often inaccurate or outdated, significantly lengthening the integration of new technology. In many cases, the MLS vendor has programmed the business rules for the MLS, but the MLS never provided any documentation.
The easier we can make it for the MLS to integrate with cutting-edge tech, the more MLS members, buyers and sellers, will benefit, Rieveschl notes.
Moreover, Rieveschl adds that proper MLSs business rules are vital in allowing MLSs to copyright their proprietary data schema (how information is organized and presented) to protect their data. MLSs certainly want to better protect their data, making updated business rules essential, he said.
"MLSs will agree to add a new tech solution for its members, not realizing their business rules are outdated because they switched vendors or changed their systems that conflict with what's in place."
-Chief Revenue Officer Taylor
He gives the example of an MLS that provided its business rules yet had no idea that the API listed in the rules no longer existed. If a tech firm's integration was reliant on the API, Taylor noted, they would have to start over.
This mistake creates a liability and possible litigation risk for the MLS and could unexpectedly increase their costs. In addition, flawed business rules certainly would extend the time to integrate, delaying market deployment, Taylor shared.
Rieveschl has empathy for MLSs, noting Business rules often are unreliable because they can be tedious and expensive to maintain. That's why he is offering a solution.
Ocusell is launching a new service that helps MLSs solve their business rules mismatches, allowing them to fast-track deployment of new tech solutions – today and tomorrow.
MLSs are accelerating the integration with technology partners, Rieveschl said, and more MLSs are merging and changing their systems provider or adding others. These trends create a vital and pressing need for accurate, complete and fully updated business rules. MLSs need to add powerful new tools for their members, and they need to do it smoothly and quickly. Ocusell will manage the heavy lifting for the MLS to ensure their rules are always current.
Ocusell is an enterprise listing solution for real estate brokers and teams built to modernize the listing workflow. Its one-stop-shop centralizes the listing process, enabling brokers to list properties to multiple MLSs through a single, easy-to-use data entry interface. Ocusell seamlessly connects brokers and their MLSs, increasing agent and staff productivity, collaboration, and visibility for the listing process. By providing continuous innovation, Ocusell is committed to creating enterprise broker solutions that are clear, meaningful, and above all else - simple for users.
HOME AND DESIGN,REAL ESTATE INVESTMENT
Wood Partners | December 02, 2022
Wood Partners, a leading national multifamily real estate developer, today announced the groundbreaking of its latest luxury residential community, Alta Firewheel, located in Garland, Texas. Currently under construction, Alta Firewheel is set to open in December 2023 with pre-leasing to begin in September 2023.
Alta Firewheel is the second Wood Partners project in the Garland submarket, following Alta Spring Creek that opened and sold in 2021. Located near the President George Bush Tollway, the community will offer an easy commute to major employment centers and high-density retail. Residents of Alta Firewheel will enjoy direct access to a myriad of dining, shopping, and entertainment options located at Firewheel Town Center, boasting more than one million square feet of retail space within walking distance of the community. Other major attractions include Lake Ray Hubbard, Firewheel Golf Park, Breckinridge Park and One Eleven Ranch Park.
"We are pleased to continue expanding our presence in the North Texas area with the groundbreaking of Alta Firewheel, Alta Firewheel will serve as the perfect community for young professionals looking to put down roots in the neighborhood and explore all that Garland has to offer. We aim to provide a comfortable and convenient home for our residents while also making a positive impact on the City of Garland."
-Ryan Miller, Managing Director for Wood Partners
Once complete, Alta Firewheel will offer 250 luxury apartment homes comprised of one-, two- and three-bedroom floor plans with many homes offering views of the natural landscape that runs adjacent to Rowlett Creek. Each home will be outfitted with top-of-the-line luxury interior finishes including granite countertops, stainless steel appliance packages, wood-style flooring and upgraded fixtures and pendant lighting. Additional luxury finishes include 42-inch cabinets with soft close drawers, programmable thermostats, private yards and in-unit washer and dryers.
Alta Firewheel will also provide its residents with best-in-class community amenities, including a resort style pool with tanning ledges, outdoor firepits, grilling areas, outdoor lawn spaces and an on-site dog park with a pet wash station. Inside the clubhouse, residents will be able to take advantage of a state-of-the-art fitness facility with advanced equipment and yoga capabilities, as well as ample lounge spaces for social gatherings and coworking.
In addition to the premiere retail and dining options located within minutes of the community, Alta Firewheel's prime location will also place residents in proximity to the city's two major employment hubs - City Line and the Telecom Corridor. Top employers in the area include State Farm Insurance, Blue Cross & Blue Shield of Texas, Genpact, GEICO, and Cisco Systems.
About Wood Partners
Wood Partners is a national leader in the development, construction, and management of multifamily communities across the United States. The company has been involved in the acquisition and development of nearly 90,000 conventional multifamily homes with a combined capitalization of $17.3 billion. The company currently owns more than 70 properties across the United States representing over 20,000 homes. Headquartered in Atlanta, Wood Partners has offices in 22 major markets across 15 states nationwide. The company also operates Wood Residential, an award-winning, full-service property management group that proudly operates both properties developed by Wood Partners and communities owned by third parties. For three years running, Wood Residential has ranked No. 1 nationally for online reputation in the J Turner ORA™ Power Rankings (Division III).
REAL ESTATE INVESTMENT,BUYING/SELLING
FCPT | December 01, 2022
Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce the acquisition of a Bubba’s 33 restaurant property for $3.1 million from the transaction previously announced in July 2022. The property is newly constructed and located in a highly trafficked corridor in Texas and is corporate-operated under a triple net lease with approximately 10 years of term remaining. The transaction was priced at a cap rate in range with previous FCPT transactions.
This is the last property to be acquired from the 7-property, $17.1 million outparcel portfolio transaction first announced in July 2022. The six other properties closed in a transaction announced in August 2022.
FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries.