A New Player on the American Proptech Market

prnewswire | October 28, 2019

The United States of America are the undisputed leader when it comes to the number of companies operating in the proptech field, but also when taking into account the absorption of this kind of solution. More than half of American enterprises in this industry are focused on the residential property sector. The commercial and industrial sectors are slightly less managed, and the vast majority of proptech companies operate according to B2B standards. Office buildings in big cities, logistics and industrial properties, as well as those in the retail sector, offer some great potential to proptech solutions nowadays. Velis Real Estate Tech, present in 17 countries worldwide, is entering the American commercial and industrial real estate market. Today, its IT products from the Singu line are applied in more than 5,000 real estates around the globe: in office towers, shopping malls, logistic centers, and industrial sites. Velis solutions have been implemented by clients operating globally, such as Panattoni, Hines, JLL, Savills, Logicor, Cushman & Wakefield. The company is currently focusing on expanding its network of partners and clients in the United States of America. According to Velis, the American market has a great potential for absorbing proptech solutions. Velis' flagship product is its Singu FM platform, aimed at managing commercial and industrial real estate in fields such as facilities, property & assets. The platform's mechanism is based on cloud computing, mobile solutions and IoT technology. Thanks to its quick implementation process, frequent updates, post-implementation backup and 19 language versions, the Velis software is used on 4 different continents.

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Century 21 Everest Realty Group: Exciting News.

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Century 21 Everest Realty Group: Exciting News.

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Granite Realty Partners to Complete Deconversion of Condominium Units

prnewswire | October 29, 2020

Granite Realty Partners, LLC, a Chicago-based real estate company, announced today that it has completed the fundraising for an investment vehicle to continue its purchases of "broken condominium units." The company has already been involved with seven condominium projects, in Illinois and Florida, totaling over 1,500 units. In four of those projects to date, Granite Realty Partners acquired enough units to complete a "condominium deconversion," thereby changing ownership from individually owned condominium units to a singly-owned apartment complex. Rob Palley, Principal and Co-Founder of Granite Realty Partners, said "We continue to search for and identify high-quality projects that for numerous reasons were not successful as condominium projects but which are viable as well-located and desirable apartment living." "Investment in "broken condominiums" allows an investor to participate in a multi-family platform at a cost basis well-below that of a widely-marketed apartment project," according to Palley. Granite Realty Partners currently has a pipeline of 4 projects totaling over 1,200 units and is actively seeking more investment opportunities. In 2017, Granite principals were involved in the purchase of individual condominium units at the Village at Town Center, in Davenport, Florida and completed a deconversion. The property had been converted to condominiums in 2006 and failed to sell out during the 2008 Recession. Upon gaining control, 48 of the units were fully renovated, achieving rent increases averaging over $250 per month, generating a return of over 20% on renovation costs. At that time, the property was sold and allowed the buyer the opportunity to achieve a substantial return by renovating the remaining 192 units. In 2018, Granite principals were part of the purchase of 89% of the units at Darlington Court, a 235-unit condominium property in Crystal Lake, Illinois. The investment group was able to buy the units at a favorable cost per unit by assuming low-leverage, high rate, CMBS debt. Within 6 months, all of the remaining units were purchased and select units were renovated and the common areas significantly improved. The property was sold 14 months after it was acquired and generated a significant return on investment. Also in 2018, Granite principals were part of the purchase of 58% of the units at Pine Hill Condominiums, a 264-unit condominium property in Wheeling, Illinois. The property was a failed condominium conversion of a two-building, 6-story project originally built in the 1970s. Within one year all of the remaining units were purchased and an upgrade of the common areas is close to complete and unit renovations are on-going, with an average rent increase of over $200 per month for renovated units. Palley stated that "we look for projects that are well-located and have proven lease up history but that due to market timing or conditions were not able to succeed as condominiums but are attractive and viable apartment projects when the condominium ownership structure is removed."

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REAL ESTATE INVESTMENT

Jetty Partners with Gables Residential

Gables Residential | September 18, 2021

Jetty, the financial services company on a mission to make renting a home more affordable and flexible, today announced a new partnership with Gables Residential, a leader in the management and development of multifamily apartment communities. Through the partnership, Gables will roll out Jetty's security deposit replacement solution, Jetty Deposit, across the entire Gables portfolio. The rollout follows a rigorous selection process by Gables, which started with a competitive evaluation before transitioning to a pilot program across Gables-owned assets. Following a successful pilot, Gables will now make Jetty Deposit available across all owned and third-party managed communities. The implementation of Jetty will enable Gables to maximize protection relative to security deposits for all new leases while at the same time dramatically lowering move-in costs for new residents. With so much uncertainty facing renters today, using hard-earned savings on a cash deposit simply doesn't make sense, Jetty Deposit offers renters the opportunity to keep more cash in their pocket while making it possible for us to improve NOI. Through the pilot program, we saw a meaningful uptick in lease conversions while significantly increasing our levels of protection. - Greg Gasior, Senior Vice President of Operations at Gables. Jetty works with top property managers across the country to increase lease conversion rates, reduce bad debt, and streamline operations—thereby increasing net operating income. In addition to Gables Residential, partners include Greystar, LivCor, Related, MG Properties, Cortland, Griffis Residential, and many more, representing more than two million units nationwide. About Gables Residential Gables Residential is an award-winning, vertically integrated, real estate company and privately held REIT specializing in the development, construction, ownership, acquisition, financing, and management of multifamily and mixed-use communities. Gables Residential owns, develops, and manages communities in high-growth U.S. markets such as Atlanta, Austin, Boston, Dallas, Denver, Houston, South Florida, Southern California and metropolitan Washington, D.C. Gables also provides third party management services in the New York, Baltimore, Frederick, Tampa, Phoenix, Seattle, Charlotte, Central and North Florida markets.Gables manages approximately 28,000 apartment homes and approximately 275,000 square feet of retail space and has received national recognition for excellence in development, construction, management, sales, marketing, training, and benefits. These achievements reflect the impact of Gables' experienced and dedicated team members, its superior knowledge of the markets served, and its expertise in development and management. ABOUT JETTY Jetty is the financial services platform on a mission to make renting a home more affordable and flexible. Jetty's integrated suite of products helps property managers increase lease conversions, improve resident retention, reduce bad debt, and boost NOI. For renters, Jetty decreases the financial burden of moving into a new home and offers greater flexibility with how and when to pay rent.

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REAL ESTATE INVESTMENT

Newmark Announces Agreement with Leading Commercial Real Estate Services Group in Poland

Newmark | January 03, 2022

Newmark Group, Inc., today announced that it has fortified its presence in the Central and Eastern European ('CEE') market through an agreement with a leading commercial real estate group in Poland. The team will provide a full spectrum of client services in Poland and the surrounding area, operating as Newmark Polska. The 45-person team of real estate professionals based in Warsaw, Wrocław, Tricity and Krakow will benefit from combined resources, technology and product offerings to support Newmark's growing roster of clients in CEE. Led by industry veteran Piotr Kaszyński, the group offers services including tenant representation, market research, valuation and project management. The team will also leverage Newmark's global capital markets expertise, which equips clients with enhanced access to investment opportunities in North America and around the world. We are thrilled to welcome Kaszyński and his team to the Newmark platform. Aligning ourselves with one of Poland's leading CRE teams is part of our strategy to build greater capabilities in CEE, a dynamic and evolving market, Poland's robust and diversified economy, which is benefiting from healthy GDP growth and low unemployment, signals substantial opportunity for the team across numerous business lines." Newmark Chief Executive Officer Barry Gosin. The enhanced regional presence will enable Newmark to better serve its clients' needs in Poland, where Newmark operates an existing Warsaw office focused on consulting, lease administration and facilities management. The country currently boasts record-breaking levels of market activity, and companies increasingly identify Poland as a target destination for a variety of functions, including nearshore technology and back-office operations. The agreement underscores Newmark's successes in bolstering its presence throughout Europe, the Middle East and Africa ('EMEA'). Earlier this year, the company commenced its International Referrals program covering EMEA, and recently announced new regional leaders within its International Capital Markets and Valuations practices, in addition to the expansion of Newmark's own flexible office platform through the acquisition of two agile workspace providers in 2021: Knotel and Deskeo. In December, Newmark named Stuart Logan as Executive Managing Director of its Valuation & Advisory service line in EMEA. Newmark Polska will build on the local team's recent track record of completing complex transactions, including the representation of world-class brands. In total, the group facilitated over 470,000 square meters in industrial and office transactions in 2020 alone. We look forward to this new chapter for our practice, Newmark continues to demonstrate the wherewithal to invest in the best-in-class resources and talent to comprehensively serve the needs of its clients. Having evaluated Newmark's extensive platform over the years, we are confident in our ability to offer first-rate advisory services at the local, national, regional and global levels. As Newmark's business partner, we can now collaborate with the entire Newmark network to meet client needs going to or from Poland." Piotr Kaszyński, Newmark Polska Managing Partner. About Newmark Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark's company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world.

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