REAL ESTATE TECHNOLOGY
Carrier Global Corporation | September 17, 2021
Carrier Global Corporation the leading global provider of healthy, safe, sustainable and intelligent building and cold chain solutions, has signed an agreement to acquire BrokerBay Inc., a pioneer in the development of an advanced, streamlined and user-friendly real estate management cloud ecosystem. The software's ability to reduce a brokerage's administrative workload, streamline the real estate scheduling and showing experience, as well as standardize electronic lockbox access, will strengthen Carrier's leading access solutions offering within its Fire & Security business.
Supra, part of Fire & Security's Access Solutions business, has been serving the real estate industry for over 60 years, with key mobile credentialing technology deployed across an installed base of 4 million locking devices in multiple industries. Supra is a market leader in supporting real estate showings and enabled 45 million property showings in 2020.
Following closing, which is expected in October, BrokerBay and Supra will provide a one-stop shop for realtors that combines scheduling and mobile lockbox access in an intuitive, user-friendly showing experience to empower agents, reduce workload and provide actionable analytics.
With increasingly high volumes in real estate showings, there is a need for agents to act with speed and efficiency, This acquisition will further ensure they have the best solutions available to succeed.
- Jeffrey Stanek, Managing Director, Global Access Solutions, Carrier Fire & Security.
We're excited to join Carrier as we share a strong commitment to the real estate community, BrokerBay will continue delivering best-in-class solutions and integrations to all real estate agents, including Supra customers. We also look forward to joining forces in revolutionizing digital services that exceed our customers' expectations.
- Costa Ntoukas, CEO, BrokerBay.
The acquisition aligns with Carrier's stated business development approach of strategic acquisitions in digital and aftermarket that will drive recurring revenue for the company.
The terms of the transaction were not disclosed.
As the leading global provider of healthy, safe, sustainable and intelligent building and cold chain solutions, Carrier Global Corporation is committed to making the world safer, sustainable and more comfortable for generations to come. From the beginning, we've led in inventing new technologies and entirely new industries. Today, we continue to lead because we have a world-class, diverse workforce that puts the customer at the center of everything we do.
REAL ESTATE INVESTMENT
Security Properties | December 24, 2021
On December 14, 2021, Security Properties purchased Martingale, a Class A multifamily property located in Lacey, WA for $92,000,000. Security Properties now owns 27 assets totaling over 5,900 units in the Puget Sound marketplace.
Martingale was constructed in 2020 and consists of 240 units spread out across 10 residential buildings and 11.2 acres. The residential units are a mix of studio, one and two-bedroom floorplans with an average unit size of 849 SF.
Originally established as a suburb of Olympia, the City of Lacey is situated just five miles east of the state's capital at the southern tip of the Puget Sound. With more than 1,200 acres of public parkland, an adjoining 3,700-acre national wildlife refuge, five freshwater lakes and several championship golf courses, the city is best characterized by its virtually unlimited opportunities for outdoor recreation. The area also boasts a low crime rate, a healthy economy and proximity to major metropolitan areas (30 minutes south of Tacoma).
At the property level the site is ideally positioned just off Martin Way, an arterial thoroughfare that runs through Lacey and connects into downtown Olympia. While the entrance road to the site is directly off Martin Way, the clubhouse and residential buildings are tucked back roughly 400 feet, allowing for a private living environment free of traffic noise without sacrificing drive-by visibility. From a retail standpoint, directly across the street sits the Hawks Prairie Village Mall, a 154,000 sq. ft. shopping center anchored by Safeway. Several big box retailers also surround the mall including Costco, Home Depot, WinCo Foods and Best Buy. This is the primary retail hub for Lacey and functions as the town center. Walkable retail should provide long term differentiation as this is a material competitive advantage within the market.
The business plan is a long-term yield investment with light upgrade characteristics. While the asset currently offers a best-in-class amenity package and well-appointed living units, Security Properties has identified several opportunities to further emphasize this strength. They also plan to address a short list of minor immediate needs on the property as necessary.
Martingale fits our recent strategy of identifying well-located, new-construction assets in markets with strong drivers. We feel that we have the best asset in Lacey, a stable market with very limited historical supply resulting in pent up demand for high quality product. We are very excited to add Martingale to our Pacific Northwest portfolio and look forward to delivering strong returns to our investors over our hold."
Alex Gauper, Director at Security Properties.
The property will be managed by Security Properties-affiliate Security Properties Residential.
About Security Properties
Security Properties is a national real estate investment, development, and operating company headquartered in Seattle, Washington. For more than 50 years, Security Properties has provided quality housing to its residents as well as excellent financial performance for its investors. Since its founding, Security Properties has acquired or developed over 83,000 residential units at a cost of over $5.7 billion. Security Properties maintains a focused multi-family strategy supported by integrated teams of professional acquisition, development, construction, investment, and property management specialists.
About Security Properties Residential
Security Properties Residential is the affiliated property management firm of Security Properties, created to increase the value of its real estate holdings by more closely managing its assets. Operating throughout the Western U.S., Security Properties Residential is committed to delivering exceptional service to its apartment communities and residents. Services include property, construction and compliance management services that create positive living environments for residents and build value for clients.
REAL ESTATE TECHNOLOGY
prnewswire | November 05, 2020
Hilco Redevelopment Partners (HRP), the real estate development unit of Hilco Global that remediates and redevelops complex and obsolete industrial properties, announced today it has hired George Needs to the position of Vice President – Mixed Use Development. Mr. Needs joins the growing HRP organization and will be a vital addition to the new urban mixed-use development team. Mr. Needs will join Melissa Schrock, who was recently brought on to lead the team, and together, they will be responsible for managing several exciting projects currently underway, including L Street Station in Boston, Massachusetts and Campus Bay in San Francisco, California, among other significant projects throughout the country. He will be based on Boston, MA.