Draper and Kramer Expands Chicago Footprint

Multi-Housing News | December 27, 2019

Draper and Kramer Inc. has expanded its holdings in Chicago with the acquisition of HUBBARD221, a 23-story, 195-unit luxury apartment tower in the River North neighborhood. The property was purchased through a 1031 exchange following the firm’s sale of Prairies Shores, a 1,675-unit, multi-building apartment community in Chicago’s Bronzeville section. Terms of the purchase were not disclosed. The seller was not identified but the property at 221 W. Hubbard St. was developed by Hubbard Street Group and Centrum Realty and Development and completed in late 2017. A $53 million three-year construction loan was originated by BMO Harris Bank in June 2016 for the property, according to Yardi Matrix data.

Spotlight

Today’s workplace is more than just an accumulation of cubes and offices, interrupted by a scattering of conference rooms. It is a dynamic network of places—a combination of the physical and the cultural. It is a rich stage for behaviors and connections.

Spotlight

Today’s workplace is more than just an accumulation of cubes and offices, interrupted by a scattering of conference rooms. It is a dynamic network of places—a combination of the physical and the cultural. It is a rich stage for behaviors and connections.

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REAL ESTATE INVESTMENT

World’s First and Largest Commercial Property Online Marketplace Launches in the UK

CoStar Group | November 15, 2022

CoStar Group, Inc. (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information and analytics in the commercial and residential property markets, has launched LoopNet, the world’s largest commercial property marketplace, in the UK market. The launch marks the creation of the world’s first international commercial real estate online marketplace, allowing tenants, brokers and investors to access properties available for sale and lease across multiple countries on a single platform. Prior to its launch in the UK, LoopNet marketed exclusively US and Canadian commercial properties to an international community of buyers and tenants. The integration of tens of thousands of UK property listings into the marketplace will unlock global access to the UK commercial real estate market, worth an estimated £1.5 trillion, benefitting brokers, investors, would-be occupiers, and owners of commercial real estate. With over 11m monthly unique visitors, LoopNet will provide UK users with unprecedented exposure to potential investors and tenants, significantly broadening the reach of every listing by successfully capturing relevant local and global audiences. Used by 93% of Fortune 100 companies, LoopNet has made significant investment into Google search engine marketing (SEM) as well as other types of marketing, resulting in superior volumes of traffic to the platform and more efficient outcomes for the end-user. Prior to the launch of LoopNet, the UK market was served by Realla, a CoStar Group company and the UK’s leading dedicated commercial property marketplace, which has now been integrated into LoopNet, unlocking access to additional pools of capital, a greater number of listings and a high-quality international audience. Prior to the integration, Realla had an average of 734,000 unique monthly visitors, which will now be significantly boosted by the additional traffic generated by LoopNet, bringing the total expected LoopNet traffic to nearly 12m unique monthly users from the first day of the launch. With 88% of commercial property searches currently being initiated online as market participants aim to save time and money, LoopNet provides sophisticated technology allowing brokers, tenants and investors to conduct viewings online and benefit from up-to-date pricing and information. The transparency enabled by LoopNet benefits all users, enabling them to get first-hand insights into the market and providing a useful benchmarking tool for market participants – an essential feature for those transacting in today’s volatile market environment. “The UK-wide roll-out of LoopNet, our leading commercial real estate marketplace, is an important element of CoStar Group’s on-going strategic international expansion effort. Having built a strong relationship with our UK customer base through CoStar and Realla, we are excited to be able to offer our UK users access to the international market, which will significantly increase their visibility and reach. With overseas interest in UK commercial property on the rise due to the attractive exchange rate, the launch of LoopNet could not have been timed better, allowing thousands of UK market players to reap the benefits of global exposure. LoopNet quickly became the industry leader for commercial marketplaces in the US, and we are optimistic about its prospects in the UK, where it’s the only marketplace to provide access to such a vast global audience, directly benefitting brokers, tenants, owners, and investors.” -CoStar Group Founder and Chief Executive Officer Andy Florance About CoStar Group CoStar Group, Inc. (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information, and analytics in the commercial and residential property markets. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. STR provides premium data benchmarking, analytics, and marketplace insights for the global hospitality industry. Ten-X provides a leading platform for conducting commercial real estate online auctions and negotiated bids. LoopNet is the most heavily trafficked commercial real estate marketplace online. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. Homesnap is an industry-leading online and mobile software platform that provides user-friendly applications to optimize residential real estate agent workflow and reinforce the agent-client relationship. Homes.com offers real estate professionals advertising and marketing services for residential properties. Realla is the UK’s most comprehensive commercial property digital marketplace. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. CoStar Group’s websites attract tens of millions of unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada, and Asia.

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REAL ESTATE TECHNOLOGY,REAL ESTATE INVESTMENT

CoStar Group Integrates Homesnap Operations With Homes.Com

CoStar Group | December 05, 2022

CoStar Group (NASDAQ: CSGP) – a leading provider of online real estate marketplaces, information, and analytics in the commercial and residential property markets – today announced the next steps in its integration of Homes.com and Homesnap. This month CoStar Group relaunched Homes.com at the annual National Association of Realtors (NAR) conference held in Orlando. The new Homes.com is a more agent friendly real estate portal alternative. Home buyers can uniquely select an agent from a comprehensive directory of hundreds of thousands of agents based upon those agents’ experience and neighborhood expertise. The majority of home buyers work with an agent, and the new Homes.com uniquely empowers home buyers and their agents to collaborate throughout the home buying process on Homes.com for free. The Homes.com sales team conducted demonstrations of the new Homes.com for approximately 2,000 agents at the NAR conference. In anonymous surveys, those agents rated the new Homes.com a 9.6 on a scale of 1 to 10. Given the overwhelmingly positive response to the new Homes.com, the company believes that the new Homes.com product strategy is a home run. Today, CoStar Group took steps to combine and streamline the operations and functionality of Homes.com and Homesnap. David Mele, who led Homes.com for 7 years prior to its acquisition by CoStar Group in 2021, has been named President of the combined Homes.com and Homesnap organization. The company believes that the combined entity is now better positioned to efficiently achieve its goal of becoming the leading residential real estate portal. Over the course of the next 12 months, CoStar Group expects to increase the net number of employees building Homes.com by 700 after today’s reorganization and headcount reduction of approximately 100 duplicative roles. “CoStar Group is working to integrate the best of Homes.com with the best of Homesnap and Citysnap, We appreciate the hard work, dedication, and contributions from the entire Homes and Homesnap teams that have helped to grow our residential business. While this integration will unfortunately impact some of our employees, their work has been integral to creating a product that better serves the industry and our customers.” -Andy Florance, Founder and Chief Executive Officer of CoStar Group About CoStar Group, Inc. CoStar Group, Inc. (NASDAQ: CSGP) a leading provider of online real estate marketplaces, information, and analytics in the commercial and residential property markets. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. STR provides premium data benchmarking, analytics, and marketplace insights for the global hospitality industry. Ten-X provides a leading platform for conducting commercial real estate online auctions and negotiated bids. LoopNet is the most heavily trafficked commercial real estate marketplace online. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. Homesnap is an industry-leading online and mobile software platform that provides user-friendly applications to optimize residential real estate agent workflow and reinforce the agent-client relationship. Homes.com offers real estate professionals advertising and marketing services for residential properties. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. CoStar Group’s websites attract tens of millions of unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada, and Asia.

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REAL ESTATE TECHNOLOGY

Pacaso Launches Second Home Specialist Certification Program

Pacaso | November 01, 2022

Pacaso, the leading technology-enabled real estate marketplace that helps people buy and co-own a luxury second home, today launches its Pacaso Second Home Specialist Certification program that enables agents to grow their business, expand their knowledge of co-ownership and unlock exclusive benefits. The Pacaso Second Home Specialist Certification program is an easy five-step process that includes learning co-ownership best practices via the Pacaso Agent Playbook, garnering resources and tips for sharing co-ownership with agents' networks and experiencing a live virtual tour of a Pacaso home during an overview webinar, as well as submitting a referral. In addition to a 3% referral commission and Pacaso equity on each closed referral and additional 1% commission on resales for life, agents who complete the program will receive a Pacaso Second Home Specialist badge, free enrollment in Pacaso Access for agents ($1,000 value), and more exclusive opportunities to expand their business. Since the company's October 2020 launch, Pacaso has paid agents more than $21 million in total gross commission income (GCI). "By taking a short time to complete our new Second Home Specialist Certification program, agents will have the knowledge they need to discuss co-ownership, as well as create further trust with their clients on home ownership options, The process is so easy to complete and sets agents' business up for growth in 2023, I cannot wait to be at the next industry conference and see agents sporting their Pacaso Second Home Specialist badge." -Vice President of Industry Relations Marnie Blanco The debut of the Pacaso Second Home Specialist Certification comes on the heels of the Pacaso Agent Referral Dashboard launch, which enables agents to seamlessly refer potential second home buyers, track the status of their referrals and commission, and get transparent updates on the referral every step of the way. With the uncertainty of the market, successful agents are already creating business plans for next year. The best plans always include continued education and exploring new ways to grow their business – making this certification a 'must have' for agents. The buyers that purchase high-end second homes typically have friends that also buy high-end second homes. If you don't tell your clients about co-ownership and Pacaso, someone else will, said Jeff Kennedy, vice president of Leading Real Estate Companies of the World. Pacaso partners closely with all interested real estate agents and brokerages to help clients buy and sell a second home. Agents earn a 3% referral commission on the share price and Pacaso equity in the form of 500 restricted stock units (RSUs), when helping clients co-own a luxury second home in destinations regardless of where they're based or licensed. Pacaso manages the entire process to make it simple for agents from scheduling tours to answering questions, or managing inspections and escrow. The real estate industry is embracing co-ownership as Real Estate Standards Organization and its members defined co-ownership as a property type in 2021. Engel & Vӧlkers, RE/MAX, and Better Homes and Gardens® Real Estate introduced Pacaso and co-ownership to the already full-service luxury brokerages and networks, and Leading Real Estate Companies of the World® selected Pacaso for its Solutions Group program. About Pacaso Pacaso® is a technology-enabled marketplace that modernizes real estate co-ownership to make owning a second home possible and enjoyable for more people. Pacaso curates luxury listings with premium amenities and high-end contemporary interior design, offers ⅛ to ½ ownership with integrated financing, and, after purchase, professionally manages the home and supports seamless resale. Co-founded by Austin Allison and Spencer Rascoff in 2020, Pacaso operates in top second home destinations around the world. Pacaso has been certified as a Great Place to Work and is recognized as one of Glassdoor's 2022 Best Places to Work.

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