Real Estate Technology
PR Newswire | October 10, 2023
Capital Square, one of the nation's leading sponsors of tax-advantaged real estate investments and an active developer and manager of housing communities, announced today the formation of a joint venture partnership with ITOCHU Corporation to acquire Creekside Terrace, a 100-unit build-for-rent (BFR) single-family community currently being developed by Pulte Homes, the third largest home builder in the country.
ITOCHU Corporation is one of the largest Japanese sogo shoshaa, or general trading and investment companies, founded in Japan in 1858. According to the 2023 Fortune Global 500 list, ITOCHU is the 96th largest company in the world, with annual revenue in excess of $103 billion.1
"Capital Square is thrilled to partner with one of the largest corporations in the world to acquire Creekside Terrace, a build-for-rent community near San Antonio, Texas," said Louis Rogers, founder and co-chief executive officer of Capital Square.
Creekside Terrace is a 100-unit purpose-built single-family BFR rental community, located just minutes from Interstate 35. Part of an exceptional master-planned development of new homes, the community features a pool, pavilion and park with convenient access to nearby shopping and dining. These three- and four-bedroom, open-concept homes offer upscale interiors and contemporary amenities for growing families in the burgeoning New Braunfels, San Antonio area. The community will provide a high-quality rental housing option to the almost 19,000 new residents who moved to San Antonio last year.
"Capital Square continues to invest in the acquisition and development of build-for-rent communities throughout Texas and the Sunbelt," said Dave Platter, managing director and co‑head of private equity at Capital Square. "As a firm, we continue to source opportunities in the I-35 corridor between Austin and San Antonio. We believe Creekside Terrace will present a welcoming community for young families looking for the benefits of single-family living without the high costs and headaches associated with homeownership today."
Build-for-rent communities, comprised of single-family homes purpose-built for renting, have become an increasingly popular asset class among institutions and individual investors. Demand for this rental option is growing exponentially among residents who seek a single-family lifestyle, the financial and leasing flexibility of a rental with the amenities and convenience of a professionally managed property.
The U.S. has chronically underbuilt housing since the Great Financial Crisis and requires an additional 4.3 million housing units by 2035 to meet the demand for rental housing, according to the National Multifamily Housing Council. Demand for build-for-rent homes continues to increase with professionally managed communities offering one of the best solutions for the shortage of quality, affordable housing. Institutionally owned and operated build-for-rent communities represent less than 5% of the overall U.S. housing stock, paving the way for long-term, sustainable growth for the asset class.
"We are pleased to partner with Capital Square on Creekside Terrace and look forward to working with Capital Square on future acquisitions," said Hideyuki Matsukawa, senior vice president and general manager of general product and realty division at ITOCHU International Inc.
Since its formation in 2012, Capital Square has raised more than $3 billion in equity from investors for its tax-advantaged real estate investment offerings. The company has consistently ranked as one of the leading sponsors of Delaware statutory trust (DST) investment programs for investors seeking the advantages of Internal Revenue Code Section 1031 exchanges and is also an active sponsor of qualified opportunity zone funds, development LLCs and Capital Square Apartment REIT, a real estate investment trust that invests in multifamily communities throughout the Southeast.
About Capital Square
Capital Square is a vertically integrated national real estate firm specializing in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges, qualified opportunity zone funds for tax deferral and exclusion and a real estate investment trust (REIT). In recent years the company has become an active developer of mixed-use multifamily properties in the southeastern U.S., with eight current projects totaling approximately 2,000 apartment units with a total development cost in excess of $600 million. Since 2012, Capital Square has completed more than $7.5 billion in transaction volume. Capital Square's related entities provide a range of services, including due diligence, acquisition, loan sourcing, property/asset management and disposition, for a growing number of high-net-worth investors, private equity firms, family offices and institutional investors. Since 2017, Capital Square has been recognized by Inc. 5000 as one of the fastest growing companies in the nation for seven consecutive years. In 2017, 2018 and 2020, the company was also ranked on Richmond BizSense's list of fastest growing companies.
Real Estate Investment
Globe Newswire | October 12, 2023
SRS Real Estate Partners today announced an expansion of its industrial services to Miami with the addition of a veteran three-person team. Wayne Schuchts will lead SRS’ industrial practice in Florida and is joined by Andrew Lehrer and Michael Palmer. The team will focus on representing owners, tenants, and investors of industrial property throughout Florida.
“The addition of this team and the creation of a Miami office will be a game changer in Florida for SRS,” said Chris Maguire, SRS Chairman and CEO. “We have been looking for the right opportunity to enhance our capabilities in Orlando, Tampa and Fort Lauderdale, and adding this seasoned industrial team will make a significant impact in the state.”
This is the second industrial team to join SRS in the last month. In early September the company announced a significant expansion that included new team members in Atlanta and Southern California.
“Wayne, Andrew and Michael are a fantastic addition to our industrial team,” said Brant Landry, SRS Industrial Managing Principal. “They have an extensive track record throughout Florida providing exceptional services for their clients, and they give SRS a strong presence in the state. Wayne and I worked together at the Staubach Company previously and I’m looking forward to teaming up with him again.”
Schuchts, previously a partner at Avison Young, joins SRS as Managing Principal and brings more than three decades of commercial real estate experience. Specializing in industrial property transactions for institutional investors and corporate users, he has negotiated more than $5 billion and 12 million square feet of transactions, including 60-plus transactions involving properties greater than 100,000 square feet.
“The opportunity to partner with Brant again as well as Chris Maguire and the rest of the SRS team to lead the industrial practice in Florida is the perfect fit,” said Schuchts. “The culture, client-first mindset and high-level professionals at SRS provide the ideal platform to serve best-in-class clients.”
Lehrer joins SRS as a Vice President with the industrial team. He was previously with Flagler Global Logistics, the largest industrial developer in Florida. With almost 20 years of commercial real estate experience, Lehrer has been involved in more than $2 billion in transactions and has handled 11 million square feet of institutional product for landlords. His experience includes build-to-suits, master-planned business park leasing, third-party logistics, sale-leasebacks, manufacturing facilities, and cold storage properties. He focuses on tenant and landlord representation, as well as advising developers in South Florida.
Palmer also joins SRS as a Vice President in industrial. He previously worked with Schuchts at Avison Young. Palmer has seven years of commercial real estate experience, specializing in industrial property transactions on behalf of institutional investors, family offices and corporate occupiers. He earned his SIOR designation and CCIM designation in 2018.
SRS Industrial was formed in April 2022 when Managing Principal Brant Landry and a team of industrial specialists joined SRS to help the firm expand on its retail foundation and offer more extensive commercial real estate solutions to tenants, owners and investors.
The SRS Industrial team works directly with retailers, distributors and manufacturing companies to support their evolving needs for industrial space, while also serving more traditional industrial clients through tenant and owner services, capital markets, and development services. The team has logged more than 1,000 transactions totaling $92.8 billion in transaction value.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with more than 28 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust.
Real Estate Technology
Business Wire | September 01, 2023
American Real Estate Partners announced a partnership with Unstuck Labs, an award-winning tech accelerator and mobile app developer that works with early-stage startups, founders, and innovation programs. United by a shared goal of providing environments for people to feel and perform at their best, Unstuck Labs chose one of AREP’s custom-designed SuiteX office spaces for its new startup studio location at the company’s newly transformed Rosslyn City Center (RCC) in the heart of Arlington, Virginia. And every week, RCC will be home to Unstuck Tuesdays, a free workshop for the brave, curious entrepreneur looking to level up.
“We are incredibly proud to partner with Arlington Economic Development, Rosslyn BID and Unstuck Labs to support and bring new businesses to Rosslyn,” said Paul Schulman, Principal and COO at AREP.
RCC isn’t your typical office building. With innovation and technology ingrained in its DNA, AREP developed RCC to accommodate the ever-changing customer and digital landscape, incorporating prop tech to elevate the tenant experience. RCC offers tech-advanced workspaces that foster innovation and connectivity and leverages broader tech partnerships like Wired Score, Datawatch and VTS to better serve and understand its customers. Each tenant has exclusive use of AREP’s award-winning tenant engagement app AREPx to seamlessly access exclusive events and programming, building features, and amenities in and around the building.
Unstuck Labs’ jargon-free, no-fluff approach to accelerating startups’ growth and commitment to building a learning community of passionate founders who help each other succeed perfectly aligns with AREP’s mission. And there’s no better place for the two companies to lock arms than the gateway to the nation’s capital. Ranked No. 3 on Niche’s list of Best Cities to Raise a Family in America and No. 5 on its list of Best Cities for Young Professionals in America, Arlington has emerged as one of the nation’s premier destinations for new businesses, especially in the technology field. RCC’s prime location in the heart of Rosslyn coupled with its unapologetic customer-first philosophy and world-class amenities make it a premier destination for growing businesses - not to mention its location above one of the Washington region's busiest Metro transit stations, providing seamless access to the wider DMV area.
"You know, at Unstuck Labs, we're not just about lighting up creativity or speeding up innovation. We're about dreaming big, about building a future where ideas have no limits, and RCC? Well, it's the perfect place for us to make this happen," said Wa'il Ashshowwaf, CEO and Co-founder of Unstuck Labs. "Just think about it.
We're right in the middle of this amazing hub, with big-name corporations and top universities as our neighbors. We're surrounded by incredible talent and folks who are just as eager to make a difference as we are. And our new spot at RCC? It's not just an office with a killer view, it's a place where dreamers and doers come together. After a day of shaping the future, we can kick back at the Assembly Food Hall, get our sweat on at Gold's Gym, or just jump on the Metro and be home in no time. It's all part of the journey. We're super excited to be a part of the Rosslyn BID and Rosslyn City Center community, and together, we're going to make a future where every idea has the potential to change the world. And you know what? We can't wait to get started."
“Rosslyn is attracting innovators from all over the country, and RCC is the epicenter of it all,” said John Chesley, AREP’s MD Asset Management. “More and more tech companies are choosing AREP because we offer connectivity, accessibility, and world-class amenities in bustling, walkable communities. And with a prime location in one of the nation’s top cities for startups and incubator businesses, RCC provides companies like Unstuck Labs with everything they need to grow their business and thrive.”
"Arlington has always been an excellent location for tech companies to grow and thrive, and the region's local tech startups are some of the most innovative in the nation," said Michael Stiefvater, Acting Director of Arlington Economic Development's Business Investment Group. "The resources of Unstuck Labs will allow for some of these early-stage startups to collaborate and expand on opportunities available locally. We are proud to support Unstuck Labs in Rosslyn via the Arlington Innovation Fund.”
“Rosslyn is designed to help companies like Unstuck Labs plug into an ecosystem in a prime location with business amenities and connections that support growth and expansion at any stage,” said Mary-Claire Burick, president of the Rosslyn Business Improvement District (BID). “When I met the Unstuck Labs team, I knew that their commitment to dreaming big and building the future of innovation would be an asset to Rosslyn and, in turn, could help them thrive and excel within our connected and vibrant neighborhood. I can’t wait to see what the future of this relationship will hold.”
ABOUT AMERICAN REAL ESTATE PARTNERS
Headquartered in the Greater Washington metropolitan area, AREP is an institutional fund manager and operating partner focused on data center, residential, industrial, and office assets, on both a development and repositioning basis in key markets along the East Coast.Since the company’s founding in 2003, AREP has deployed over $5.3 B across targeted geographies, acquired more than 21 million SF of Class A real estate, and currently oversees over 10 million SF. AREP's vertically integrated real estate platform and experienced Management Team provide exceptional expertise in all ownership disciplines from acquisition to realization. By leveraging this expertise, AREP remains at the forefront of real estate innovation, maximizing investment and enhancing performance to provide added value for its investors.
ABOUT UNSTUCK LABS
Unstuck Labs is an award-winning digital agency, venture-building studio, and hyperlearning community based in Arlington, Virginia. Founded by a team of career professionals turned entrepreneurs, Unstuck Labs helps early-stage startups and innovation programs to validate ideas, build products, and launch ventures. Unstuck Labs offers a range of services, including mobile and web development, branding and marketing, pitch decks and fundraising, and advisory and mentoring. Unstuck Labs also runs a 12-week startup studio program that provides hands-on support, deliverables, and perks to selected founders.