REAL ESTATE INVESTMENT, MORTGAGE AND LENDING
PRnewswire | April 18, 2023
NexPoint, a multibillion-dollar alternative investment firm, today announced the launch of NexPoint Storage IV DST, a Delaware statutory trust ("DST") offering comprised of three Class A, GenerationV ("GenV") assets in submarkets with high levels of growth and average household income in the Phoenix, Arizona and St. Petersburg, Florida metropolitan statistical areas ("MSAs")
NexPoint Storage Partners, Inc. acquired the assets for inclusion in NexPoint Storage IV DST, which aims to raise $70.3 million. The assets are managed by Extra Space Storage and offer revenue and value growth potential in two of Arizona and Florida's MSAs. Extra Space is the largest third-party self-storage manager in the U.S., with over 1,200 properties under management for third parties and managed joint ventures across 40 states.
"We are very excited to launch NexPoint Storage DST IV with ownership in three premium assets in two MSAs that are among the top 10 fastest growing in the U.S. and in one of the fastest-growing sectors in the commercial real estate space" said John Good, CEO of NexPoint Storage Partners. "We believe this is a terrific opportunity for accredited investors to gain exposure to the self-storage sector."
Two of the assets are located in the Phoenix MSA, which has a population of nearly 5 million. Phoenix has experienced rapid employment growth as high-tech companies like Intel Corp., General Dynamics, and Honeywell set up larger operations in the Phoenix MSA, in turn making Phoenix one of the popular destination cities for millennial migration. The third asset is located in the St. Petersburg area, which is the third-largest MSA in the southeastern U.S. with a population of 3 million. Population in the area – which includes the cities of Tampa and St. Petersburg – has grown nearly 14% since 2011.
According to the Self Storage Assocation, the self-storage sector has been the fastest-growing segment of the commercial real estate industry over the last 40 years. The demand for self-storage continues to strengthen as healthy job growth, rising wages, increased mobility and the formation of new households support the need for self-storage. Nationally, the self-storage sector experienced double-digit revenue and net operating income growth in 2021 and 2022 and has entered 2023 with continued strong customer demand and historically high occupancies per S&P Global Market Intelligence.
These assets continue NexPoint's growth in the self-storage sector. NexPoint's self-storage platform was developed from the ground up with entrepreneurial developers having substantial experience in selecting, acquiring, and entitling sites for self-storage development. Today, the platform is comprised of an investment portfolio, including wholly-owned and managed vehicles and DSTs, valued in excess of $2 billion.
NexPoint is a multibillion-dollar alternative investment firm comprised of a group of investment advisers and sponsors, a broker-dealer, and a suite of related investment vehicles. NexPoint provides differentiated access to alternatives through a range of investment solutions, including public and private real estate investment trusts, tax-advantaged real estate vehicles, merger arbitrage and event driven strategies, other private real estate investments, open-end and closed-end funds, interval funds and a business development company. NexPoint is based in Dallas, Texas and is part of a network of affiliates with expertise across the asset management and financial services spaces. For more information, visit nexpoint.com.
About NexPoint Storage
NexPoint Storage is a real estate investment platform that specializes in the self-storage sector. A product of NexPoint's 2020 acquisition of Jernigan Capital, NexPoint Storage invests in newly built, multi-story, climate-controlled, Class-A self-storage facilities—known as "Generation V" facilities—located in dense and growing markets throughout the U.S. NexPoint Storage acquires and selectively develops GenV self-storage facilities. The platform leverages resources and expertise across NexPoint, especially in the areas of real estate financing, product strategy, and distribution. For more information, visit nexpointstorage.com.
REAL ESTATE TECHNOLOGY, REAL ESTATE INVESTMENT
Tavant | March 08, 2023
On March 07, 2023, a Silicon Valley-based custom AI-powered solutions provider, Tavant, announced the launch of Proptech 3.0, its latest phase in Real Estate Technology. This phase of Tavant's Proptech evolution introduces innovation to the real estate industry by providing end-to-end solutions and AI-powered analytics that optimize the ecosystem for all stakeholders. Its extensive and reliable knowledge base allows its partners to unlock the maximum potential of their data while achieving impact and quality at each stage of the data monetization process. Additionally, its multi-sector, multi-generational experience allows scaling start-ups and industry leaders like the nation's third-largest home builder to empower the digital transformation of its adjoining business units to increase flexibility and efficiency, creating a more complete and overall competitive business.
Tavant's revolutionary Touchless Lending® automation solution enabled 9,656 homeownership dreams per day, underwrote more than 80,000 loans, and improved revenue by 250% from the prior year on customer growth of 200%. At the same time, the Proptech sector has been stable over the past year. In addition, Tavant has remained dedicated to its craft and has been awarded the 'HousingWire Real Estate Tech 100 Award' for the third consecutive year.
Tavant develops automated solutions to improve how buyers, sellers, and investors use mobile apps and search engines to find realtors and other critical resources. It automates and optimizes data workflows for enterprises of all sizes to launch revolutionary digital-first solutions and help them become industry leaders. It delivered custom technology solutions to a partner hyper-focused on building affordable housing, automating the end-to-end loan application process, and connecting third-party financial systems while working with actively changing state regulations to create one seamless and effective system for partners, providers, and consumers.
Tavant, a digital products and platforms provider, offers impactful results to North America, Europe and Asia-Pacific customers. Based in Santa Clara, California and established in 2000, the company employs more than 3000 people. Its talent extends beyond the residential real estate market. It is the premier implementation partner for businesses seeking to transform, scale, and stay ahead of the curve, with its 23 years of resilience, recent expansion into Europe and Asia-Pacific, and metamorphic milestones. It has created an AI-powered intelligent lending enterprise by reimagining customer experiences, driving operational efficiencies, and enhancing collaboration.
REAL ESTATE TECHNOLOGY, REAL ESTATE INVESTMENT
Newswire | May 29, 2023
Canada's leading real estate companies Dream Unlimited Corp., Kilmer Group and Tricon Residential Inc. (together, DKT Partnership) have officially launched Maple House, the first phase of Canary Landing – one of the largest and most significant rental communities in Canada. Altogether, the 12-acre community is comprised of 2,300 rental units – of which 30 per cent will be dedicated as affordable housing and 25 per cent will be barrier-free – creating a model for inclusive, true mixed-income communities across the city.
Canary Landing is located in Toronto's award-winning Canary District community, a pedestrian scale urban village adjacent to the Distillery District in the Downtown East. Canary Landing includes eight mixed-use buildings spanning four city blocks along Cherry Street. In addition to significant market and affordable rental housing, Canary Landing will also include 30,000 square feet of retail and a future 5,000 square foot community space. Canary Landing represents an innovative public-private partnership between the DKT Partnership, the Province of Ontario, the City of Toronto, the Government of Canada, and the Canada Mortgage and Housing Corporation (CMHC), all working collaboratively to create affordable housing solutions at scale.
"We are grateful for the collaboration with our municipal, provincial, and federal partners as we work towards our shared vision for Canary Landing, which will target ambitious LEED Gold sustainability outcomes, and provide long-term market rental and affordable housing. Maple House is the start of fulfilling our promise to create beautiful, sustainable, and affordable housing, and we look forward to seeing residents thrive in this vibrant new community very soon," says Andrew Joyner, Managing Director at Tricon Residential on behalf of the DKT Partnership.
Bringing much-needed affordable housing to the city, the development team is delivering 126 rental homes that will be filled in partnership with seven non-profit agencies from across the city, including: WoodGreen Community Services, Artscape, COSTI, Wigwamen, Performing Arts Lodge, March of Dimes and Interval House. These affordable rental homes will be offered at 40 to 80 per cent below the average market rent. An additional 105 affordable rental homes will be available to the public through a soon-to-be-released open market call. All 231 of the affordable homes have been financially supported by the City of Toronto's Open Door Program.
"We have all watched as Toronto's affordable housing crisis has grown during the past several years," says Anne Babcock, CEO of WoodGreen Community Services. "WoodGreen Community Services is thrilled to be working with other not-for-profit agencies and the DKT Partnership to deliver real and permanent housing solutions to a diverse range of Toronto residents. The Canary Landing initiative is a testament to what we can all do by working together for the common good."
Maple House sets the stage with community-centric amenities and design
Central to the vision for Canary Landing's Maple House is a desire to create beautiful architecture that is inclusive and accessible to all. The acclaimed architecture and design team, which includes Danish firm COBE, along with Canadian firms architectsAlliance and CCxA (Claude Cormier x Associés), focused on creating a design-forward and environmentally responsible community that respects the local heritage. Maple House has already garnered several accolades, including the Canadian Architect Award of Excellence and the 2021 BILD Award for Best New Community.
"Maple House is very special to us. It is not just a city-building project – more importantly, it is a community building project. We have focused a design that is highly contextual, connecting to the fine grain scale of the Distillery District, the prominent scale of Canary District, and at the same time, referencing the industrial heritage of Toronto's waterfront. It results in buildings that both fit in and stand out, and a project that celebrates architectural inclusion and fosters and embraces social diversity and cohesion in this magnificent context," says Dan Stubbergaard, Founder and Owner of Cobe.
"We are incredibly proud to be delivering this truly mixed-income community that is the first of its kind in Canada and a model for city-building," says Joyner. "This type of housing will strengthen our city's social fabric and meet the diverse needs of all Torontonians."
About Dream Unlimited Corp.
Dream Unlimited Corp. is a leading developer of exceptional office and residential assets in Toronto, owns stabilized income generating assets in both Canada and the U.S., and has an established and successful asset management business, inclusive of $24 billion of assets under management across four Toronto Stock Exchange ("TSX") listed trusts, our private asset management business and numerous partnerships. We also develop land and residential assets in Western Canada. Dream expects to generate more recurring income in the future as its urban development properties are completed and held for the long term. Dream has a proven track record for being innovative and for our ability to source, structure and execute on compelling investment opportunities. For more information please visit: www.dream.ca.
About Kilmer Group
Kilmer Group is the privately-held Toronto based investment holding company of Canadian business leader and philanthropist, Larry Tanenbaum O.C. Kilmer operates in three verticals, 1) real estate and infrastructure, 2) sports, entertainment and media and 3) private equity. Kilmer's operations employ over 22,000 people with a long-term, multi-generational horizon and vision. Kilmer brings an entrepreneurial and solutions driven approach to project delivery.
Kilmer has more than 40 years experience in the construction and development industry in Canada and continues to maintain a focus on the infrastructure sector. Kilmer has extensive expertise in large-scale redevelopment and a focus on unique public private partnerships, mid-rise urban infill projects, and master planned communities. Kilmer is proud to have had a hand in the development of over 12,000 homes.
About Tricon Residential Inc.
Tricon Residential Inc. (NYSE: TCN, TSX: TCN) is an owner and operator of a growing portfolio of more than 36,000 single-family rental homes in the U.S. Sun Belt and multi-family apartments in Canada. Our commitment to enriching the lives of our employees, residents and local communities underpins Tricon's culture and business philosophy.
Tricon was the first-mover to enter Toronto's purpose-built rental apartment sector with scale in 2016, and is today the market leader and most active developer in the marketplace. We partner with celebrated architects to create inviting living spaces and inspired amenities, empower our employees to deliver an exceptional service experience with the support of an innovative technology enabled platform, and build resident community through programming and events to foster meaningful connections. At Tricon, we have reimagined rental living.