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REAL ESTATE INVESTMENT

Archer Announces Revolutionary Data-Powered Underwriting Tool for Multifamily Investors

Archer | August 23, 2021

Archer has unveiled AIM Automated Underwriting, a data-driven underwriting tool that significantly enhances the multifamily underwriting process and reduces the amount of time required to complete a first underwriting from days to minutes.

AIM Automated Underwriting solves one of biggest challenges that real estate investors face today – evaluating and underwriting deals efficiently and effectively. With AIM Automated Underwriting, investors can complete a first underwriting of any multifamily property in less than 15 minutes.

"Quality underwriting is crucial to the successful execution of an investment strategy, but speed also matters because investors that act quickly have an advantage over their competitors," says Thomas Foley, co-founder and CEO of Archer. "Before AIM Automated Underwriting, investors had to choose between speed and quality. AIM Automated Underwriting gives investors all the information they need to estimate expected returns, mitigate known risks, and take advantage of upside potential."

AIM Automated Underwriting supports Archer's mission to make real estate investing easier through better data, technology, and local expertise. The tool is an extension of AIM, Archer's proprietary technology platform, which helps investors source opportunities by converting raw, disjointed data into actionable market intelligence with a click of a button.

"Real estate investors today are overwhelmed and stretched," says Fred Canney, co-founder, COO, and CFO of Archer. "Their teams are trying to do more with less and are constantly looking for ways to differentiate their capabilities. AIM Automated Underwriting not only vastly improves the quality of each underwritten model, it also gives back the most valuable commodity of all: time."

By leveraging machine learning, AIM Automated Underwriting predicts operating costs, identifies the best comps in the market for revenues or sales, and automatically sorts through thousands of comparable properties to select only the best. It then organizes the information in a useful and intuitive way through a user interface that helps real estate acquisitions teams quickly apply their expertise to adjust the base level assumptions as needed.

AIM Automated Underwriting provides:
Speed to the first underwrite – 15 minutes or less for a full multifamily evaluation, with or without a rent roll or T-12
Transparency in decision making – see all rent, operating costs, and sales comps; understand why each comp was chosen, and importantly, which comps were not chosen and why
Expansion of scope – with an automated underwriting model, investors can look at more deals than before, prioritize deals faster, and choose where to spend their time
"I can't imagine going back to the old way of underwriting," says Miles Pratt, managing director of acquisitions for Archer. "Being able to confidently underwrite dozens of properties in several different markets in a fraction of the time is a real game-changer. Though human-level refinement is still necessary for perfecting underwriting, the speed that you can get to the refinement part of the analysis is a huge leap in productivity."

AIM Automated Underwriting effectively produces a baseline underwriting complete with comparable analysis and all the information necessary for investors to make smart, informed decisions.

"At Archer, we know that data is only the start of the equation – real estate professionals bring a tremendous amount of market knowledge and acquisitions expertise," Canney says. "We believe AIM Automated Underwriting helps prioritize effort, focuses human energy where it can add the most value, and allows investors to pursue more deals with the teams they have today."

Q&A: Archer's Canney Explains the Ins & Outs of AIM Automated Underwriting
AIM Automated Underwriting is just one of Archer's unique technology tools. The company's talented data science team recently developed a recommendation engine to help investors expand from their local market into "look-alike" markets where they have a less of a presence.

The powerful recommendation engine analyzes new markets at scale that would traditionally require an army of analysts. Learn more about Archer's recommendation engine.

Since launching the platform in March 2021, Archer has grown its real estate clients to more than a dozen funds and operators who are sourcing off-market opportunities in more than 25 markets.

For example, Archer has partnered with a Houston-based private equity firm to expand its market entry to Austin and San Antonio. It's also working with an investor with very specific investment criteria to identify pockets of opportunity within San Diego and Salt Lake City.

About Archer
Archer is a real estate investment firm that helps investors build their ideal portfolios. By targeting specific cities and properties, Archer is transforming the way investors enter new markets and expand into new property types. The firm has developed a transformative technology tool, Actionable Insights Model (AIM), that merges data from trusted sources and insights from local market experts. Guided by AIM, Archer identifies the most strategic assets, allowing investors to reduce the risk associated with market entry.

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STATE OF TENNESSEE COMPTROLLER OF THE TREASURY

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design.

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INVESTMENTS

Arden Group Acquires Younique Headquarters Building in Salt Lake City

Arden Group | February 02, 2022

Arden Group (Arden), in partnership with Vesta Realty Partners, LLC (Vesta), announced it has acquired the Younique headquarters building, a 125,000-square-foot, five story, trophy quality office building located at 3400 West Mayflower Ave, in Lehi, Utah. The property, strategically located in the vibrant Silicon Slopes market of Salt Lake City, is 100% leased to Younique, a health and wellness direct sales firm, through 2026. This transaction represents the fourth Salt Lake City office transaction for Arden and Vesta over the last year as well as the fifth office property acquisition in Silicon Slopes, Utah's high-demand tech corridor. Previous trophy office acquisitions for the firm include the purchase of the Divvy and Dealertrack two-building portfolio in Draper, UT as well as the purchase of the Solutionreach office building and the Entrata headquarters, both in Lehi, UT. The asset was first developed in 2016 by Stack Real Estate, one of Utah's most prominent real estate developers, and was built as a fully amenitized corporate campus and showcase property for Younique. The well-located development sits on a 7.19-acre site and is one of the most visible buildings on the popular I-15 interchange. The property is nearby the FrontRunner high-speed train which offers 90-mile coverage from Ogden to Provo and is walkable to an abundance of dining. Arden continues to demonstrate its belief in Salt Lake City and the Silicon Slopes technology corridor through our numerous trophy office acquisitions, With its best-in-class design, top amenities, and high visibility, the fully leased Younique corporate headquarters is a perfect addition to our growing regional portfolio, and we're pleased to announce this latest purchase." Craig A. Spencer, Chairman and CEO of Arden Group. Investor and tenant demand in Utah's Silicon Slopes have remained resilient over the past 24 months, We are continuing to experience new capital sources seeking exposure to the market while local and out-of-state tenant demand is ramping up to pre-COVID levels." Jeff Grasso, Founder and Managing Partner of Vesta Realty Partners. The Younique headquarters building features a best-in-class design with high-end two-story lobbies as well as floor-to-ceiling glass throughout. Built to LEED Silver standards, the building includes open floor plans with an average floor plate size of 25,000 square feet. The property includes an abundance of Class-A amenities, including a full-size commercial kitchen, cafeteria and lounge, outdoor seating, an auditorium, five balconies with seating, a full-service salon and an R&D Lab. About Arden Group Arden Group is a vertically integrated real estate investment management firm focused on equity and debt investments in the top 25 US MSA's. Founded in 1989, Arden has acquired over $6.4 billion of properties and asset managed in excess of $11.8 billion of commercial real estate assets since inception. In 2012, Arden Group established Arden Fund Management, its real estate equity and debt fund management business with offices in Philadelphia, New York, Tampa, Miami, Minneapolis, and Newport Beach. Arden Group has been consistently ranked globally as a top performing Private Fund Manager by both Cambridge Associates and Preqin including Preqin's #1 global ranking in 2017, 2018 and 2019. About Vesta Realty Partners Vesta Realty Partners is an institutional sponsor focused on real estate investing outperformance through a macro driven value-oriented approach coupled with hands on business plan execution. The firm focuses on undervalued office, life science, industrial, residential, and opportunity zone investing with offices in New York City and Salt Lake City. The firm was founded in 2020 by Jeff Grasso and currently manages a portfolio of more than $750 million of real estate assets and developments.

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REAL ESTATE INVESTMENT

Gray Capital Purchases 406-Unit Apartment Property, the Second Asset in 100M Multifamily Fund

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.

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REAL ESTATE INVESTMENT

Bascom Group Wraps Up the Year, Acquiring a 320-Unit Multifamily Acquisition in Florida

Bascom Group | December 28, 2021

The Bascom Group, LLC ("Bascom") has acquired a 320-unit apartment community within the Orlando MSA in Florida. The property, Enclave at Lake Ellenor ("Enclave"), was acquired for $68,500,000 or $214,063 per unit through a partnership with East Hill Capital's Duff Bedrosian and Leste Group, a Miami based investment manager. Enclave is the second property acquired by Bascom in partnership with East Hill Capital and Leste Group. Starwood Property Trust provided the debt financing for the acquisition and was arranged by Charles Foschini, Christopher Apone, Shannon Wilson, and Scott Wadler of Berkadia. SD Cap will provide renovation management and Cushman and Wakefield will provide the property management. Enclave at Lake Ellenor was a unique opportunity to acquire a centrally located, ultra-low-density property with significant unrealized renovation potential in the rapidly growing Orlando market. Enclave is perfectly positioned within reach of business hubs, world-class attractions, and educational centers. Orlando benefits from a diverse and well-educated workforce, business-friendly government, and competitive tax climate, making the city an ideal location for businesses." Bascom's Senior Vice President & Principal, Jim Singleton. Enclave at Lake Ellenor is located in Orlando, an area experiencing substantial growth due to Florida's rapidly growing economy. The property's proximity to major roads, such as Interstate 4 and the Florida Turnpike, allows convenient access to retail, entertainment, dining, and major employment centers throughout the Orlando metro. Bascom plans to renovate the units while presenting a significant discount to the price point of new construction. Aside from unit renovations, Bascom will enhance property exteriors and implement amenity additions, while improving operational efficiencies and strengthening their presence in the Florida market. Orlando's affordable, low-density housing, pro-business environment, no state taxes, and tourist rebound since the pandemic have established the MSA as one of the most resilient apartment markets in the country. Enclave at Lake Ellenor is extremely well-positioned for the team to implement institutional management and execute a strategic renovation plan. Bascom will renovate unit interiors with new appliances, countertops, backsplash, cabinetry work, as well as plumbing and light fixtures. In addition, Bascom will modernize the clubhouse, fitness center, and pool areas. As the Orlando economy continues to rebound from the effects of the pandemic, in-migration trends are projected to persist, making this a great opportunity for us." Bascom's Senior Vice President of Operations, Tony Ferrell. About Bascom Bascom is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Jerry Fink, David Kim, and Derek Chen, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Since 1996, Bascom has completed over $20.4 billion in multifamily value-added transactions encompassing 347 multifamily properties and over 89,600 units. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom's subsidiaries and joint ventures include the Bascom Value Added Apartment Investors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Partners Ventures, and the Realm Group. About Leste Group Founded in 2014, Leste Group is a global independent alternative investment manager guided by core values of respect, creativity, and teamwork. The firm offers investors a diverse range of strategies across real estate, credit, venture, liquid markets and other alternative asset classes. Leste Group's investment teams leverage institutional-grade processes, a nimble, entrepreneurial approach, capital markets expertise, and exclusive networks to source unique opportunities and drive consistent risk-adjusted returns.

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Arden Group Acquires Younique Headquarters Building in Salt Lake City

Arden Group | February 02, 2022

Arden Group (Arden), in partnership with Vesta Realty Partners, LLC (Vesta), announced it has acquired the Younique headquarters building, a 125,000-square-foot, five story, trophy quality office building located at 3400 West Mayflower Ave, in Lehi, Utah. The property, strategically located in the vibrant Silicon Slopes market of Salt Lake City, is 100% leased to Younique, a health and wellness direct sales firm, through 2026. This transaction represents the fourth Salt Lake City office transaction for Arden and Vesta over the last year as well as the fifth office property acquisition in Silicon Slopes, Utah's high-demand tech corridor. Previous trophy office acquisitions for the firm include the purchase of the Divvy and Dealertrack two-building portfolio in Draper, UT as well as the purchase of the Solutionreach office building and the Entrata headquarters, both in Lehi, UT. The asset was first developed in 2016 by Stack Real Estate, one of Utah's most prominent real estate developers, and was built as a fully amenitized corporate campus and showcase property for Younique. The well-located development sits on a 7.19-acre site and is one of the most visible buildings on the popular I-15 interchange. The property is nearby the FrontRunner high-speed train which offers 90-mile coverage from Ogden to Provo and is walkable to an abundance of dining. Arden continues to demonstrate its belief in Salt Lake City and the Silicon Slopes technology corridor through our numerous trophy office acquisitions, With its best-in-class design, top amenities, and high visibility, the fully leased Younique corporate headquarters is a perfect addition to our growing regional portfolio, and we're pleased to announce this latest purchase." Craig A. Spencer, Chairman and CEO of Arden Group. Investor and tenant demand in Utah's Silicon Slopes have remained resilient over the past 24 months, We are continuing to experience new capital sources seeking exposure to the market while local and out-of-state tenant demand is ramping up to pre-COVID levels." Jeff Grasso, Founder and Managing Partner of Vesta Realty Partners. The Younique headquarters building features a best-in-class design with high-end two-story lobbies as well as floor-to-ceiling glass throughout. Built to LEED Silver standards, the building includes open floor plans with an average floor plate size of 25,000 square feet. The property includes an abundance of Class-A amenities, including a full-size commercial kitchen, cafeteria and lounge, outdoor seating, an auditorium, five balconies with seating, a full-service salon and an R&D Lab. About Arden Group Arden Group is a vertically integrated real estate investment management firm focused on equity and debt investments in the top 25 US MSA's. Founded in 1989, Arden has acquired over $6.4 billion of properties and asset managed in excess of $11.8 billion of commercial real estate assets since inception. In 2012, Arden Group established Arden Fund Management, its real estate equity and debt fund management business with offices in Philadelphia, New York, Tampa, Miami, Minneapolis, and Newport Beach. Arden Group has been consistently ranked globally as a top performing Private Fund Manager by both Cambridge Associates and Preqin including Preqin's #1 global ranking in 2017, 2018 and 2019. About Vesta Realty Partners Vesta Realty Partners is an institutional sponsor focused on real estate investing outperformance through a macro driven value-oriented approach coupled with hands on business plan execution. The firm focuses on undervalued office, life science, industrial, residential, and opportunity zone investing with offices in New York City and Salt Lake City. The firm was founded in 2020 by Jeff Grasso and currently manages a portfolio of more than $750 million of real estate assets and developments.

Read More

REAL ESTATE INVESTMENT

Gray Capital Purchases 406-Unit Apartment Property, the Second Asset in 100M Multifamily Fund

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.

Read More

REAL ESTATE INVESTMENT

Bascom Group Wraps Up the Year, Acquiring a 320-Unit Multifamily Acquisition in Florida

Bascom Group | December 28, 2021

The Bascom Group, LLC ("Bascom") has acquired a 320-unit apartment community within the Orlando MSA in Florida. The property, Enclave at Lake Ellenor ("Enclave"), was acquired for $68,500,000 or $214,063 per unit through a partnership with East Hill Capital's Duff Bedrosian and Leste Group, a Miami based investment manager. Enclave is the second property acquired by Bascom in partnership with East Hill Capital and Leste Group. Starwood Property Trust provided the debt financing for the acquisition and was arranged by Charles Foschini, Christopher Apone, Shannon Wilson, and Scott Wadler of Berkadia. SD Cap will provide renovation management and Cushman and Wakefield will provide the property management. Enclave at Lake Ellenor was a unique opportunity to acquire a centrally located, ultra-low-density property with significant unrealized renovation potential in the rapidly growing Orlando market. Enclave is perfectly positioned within reach of business hubs, world-class attractions, and educational centers. Orlando benefits from a diverse and well-educated workforce, business-friendly government, and competitive tax climate, making the city an ideal location for businesses." Bascom's Senior Vice President & Principal, Jim Singleton. Enclave at Lake Ellenor is located in Orlando, an area experiencing substantial growth due to Florida's rapidly growing economy. The property's proximity to major roads, such as Interstate 4 and the Florida Turnpike, allows convenient access to retail, entertainment, dining, and major employment centers throughout the Orlando metro. Bascom plans to renovate the units while presenting a significant discount to the price point of new construction. Aside from unit renovations, Bascom will enhance property exteriors and implement amenity additions, while improving operational efficiencies and strengthening their presence in the Florida market. Orlando's affordable, low-density housing, pro-business environment, no state taxes, and tourist rebound since the pandemic have established the MSA as one of the most resilient apartment markets in the country. Enclave at Lake Ellenor is extremely well-positioned for the team to implement institutional management and execute a strategic renovation plan. Bascom will renovate unit interiors with new appliances, countertops, backsplash, cabinetry work, as well as plumbing and light fixtures. In addition, Bascom will modernize the clubhouse, fitness center, and pool areas. As the Orlando economy continues to rebound from the effects of the pandemic, in-migration trends are projected to persist, making this a great opportunity for us." Bascom's Senior Vice President of Operations, Tony Ferrell. About Bascom Bascom is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Jerry Fink, David Kim, and Derek Chen, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Since 1996, Bascom has completed over $20.4 billion in multifamily value-added transactions encompassing 347 multifamily properties and over 89,600 units. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom's subsidiaries and joint ventures include the Bascom Value Added Apartment Investors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Partners Ventures, and the Realm Group. About Leste Group Founded in 2014, Leste Group is a global independent alternative investment manager guided by core values of respect, creativity, and teamwork. The firm offers investors a diverse range of strategies across real estate, credit, venture, liquid markets and other alternative asset classes. Leste Group's investment teams leverage institutional-grade processes, a nimble, entrepreneurial approach, capital markets expertise, and exclusive networks to source unique opportunities and drive consistent risk-adjusted returns.

Read More

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