REAL ESTATE INVESTMENT
Vesta Capital LLC | December 30, 2021
Vesta Capital LLC, one of the nation's fastest growing multifamily operators, has acquired four Oklahoma apartment communities this month. The transactions are the result of a successful year for Vesta after powering through the pandemic crisis.
Vesta Capital LLC purchased Riverpark at Kensington (Tulsa), Drexel Flats (Oklahoma City), The Ridge (Midwest City), and The Lofts at North Penn (Edmond). The total purchase price was $100.4M for the 1,270 units combined.
Vesta Capital LLC continues to grow despite the Coronavirus crisis. The company has confidence in the lasting strength of the apartment industry.
Historically multi-family, particularly in markets like Oklahoma City & Tulsa have performed well even during recessions. In our mind, there will always be a need for people to provide quality housing and we are honored to help meet that need."
Marc Kulick, Founder and Managing Member of Vesta Capital and Vesta Realty.
In 2021 Vesta acquired over 3,600 units resulting in 74% growth to the business. This momentum is on track to carry over into the new year as the company is already under contract to close on three multi-family communities in the first quarter.
About Vesta Capital LLC
Vesta Capital is a privately held real estate investment firm that focuses on the acquisition and management of multifamily properties in Oklahoma and Arkansas. We purchase properties that pass our strict underwriting standards and that are positioned to perform well in a variety of market conditions. Vesta Capital LLC was founded in 2017 by Marc Kulick and has grown to operate over 8,500 units. Vesta Capital LLC is open to new investors.
REAL ESTATE INVESTMENT
Bandwidth Inc. | September 14, 2021
Bandwidth Inc., a leading global enterprise communications platform and cloud-native carrier, announced it is powering some of the most innovative digital disruptors in the red-hot U.S. housing market.
As the nationwide surge in the real estate market continues, buyers and sellers are increasingly adopting new digital tools to more quickly and conveniently get to the closing table. Bandwidth is the messaging and communications platform of choice for several innovative property technology, or PropTech, companies that are eliminating friction and improving the customer experience in the key steps of a real estate transaction, such as choosing a real estate agent, finding or renting a property, and showing or viewing a home.
"Buying or selling a home is the largest transaction most people make in their lifetime. That's why messaging and voice communications are mission-critical throughout the key steps of the process," said John Bell, Bandwidth's Chief Product Officer. "The Bandwidth platform enables PropTech SaaS companies to scale communications using our APIs without needing extensive knowledge of telecom industry regulations and requirements. By partnering with Bandwidth, SaaS companies can focus on what's most important—the customer experience."
Here are three examples of how Bandwidth customers are improving the real-estate experience:
Clever Real Estate is a platform that guides home buyers and sellers through the process of interviewing and choosing a real estate agent. Finding an agent through Clever is a free service that delivers reduced listing fees for sellers and cash back for buyers. Bandwidth provides voice and messaging services to enable Clever's services for consumers across a network of top real estate agents in the U.S.
Rently provides self-touring and smart access technology for single-family and multi-family homes nationwide. Each year, more than 20 million renters move to find their new rental property--and Rently's self-touring technology automates the renter check-in process so renters can instantly tour a vacant property, safely and securely, without an agent present. Bandwidth provides voice and messaging services to help Rently power more than 3,500 operators in the U.S. and 15 million renter self-tours to-date.
ShowingTime, recently acquired by Zillow, coordinates schedules behind the scenes so agents can seamlessly book a confirmed home showing online, streamlining a complicated process. In 2020, the company facilitated more than 50 million showings industry-wide. Bandwidth provides voice and messaging services to ShowingTime to enable sellers' and buyers' agents to schedule and confirm home tours online and also get 24/7/365 live help from appointment specialists.
About Bandwidth Inc.
Bandwidth is a global communications software company that helps enterprises connect people around the world with cloud-ready voice, messaging and emergency services. Companies like Cisco, Google, Microsoft, RingCentral, Uber and Zoom use Bandwidth's APIs to easily embed communications into software and applications. Bandwidth has more than 20 years in the technology space and is the first and only Communications Platform-as-a-Service (CPaaS) provider offering a robust selection of APIs built around our own global network. Our award-winning support teams help businesses around the world solve complex communications challenges every day.
REAL ESTATE INVESTMENT
Ashcroft Capital | December 06, 2021
Ashcroft Capital, a fully integrated multifamily investment firm, and National Property REIT Corp. ("NPRC"), a full service REIT that invests in and operates real estate assets, today announced their acquisition of Elliot Norcross (formerly Vida Apartments by ARIUM), a garden-style community located in one of the fastest-growing submarkets in the Atlanta metropolitan area. Elliot Norcross features 687 apartment units and offers quick access to Interstate 85, one of the primary thoroughfares in the city. Birchstone Residential, Ashcroft Capital's in-house property management company, has assumed day-to-day management of the community.
NPRC, the majority equity investor in this transaction, focuses on acquiring tenant diversified real estate assets and, as of Sept. 30, 2021, owned 51 multifamily properties with over 20,000 units across the U.S. The off-market acquisition represents Ashcroft Capital's first transaction with NPRC, and the companies are actively seeking further acquisition opportunities to pursue together. Elliot Norcross also marks Ashcroft Capital's first acquisition in Norcross and the fourth in the company's rapidly growing Atlanta-metro portfolio.
"We're excited to team up on this acquisition with NPRC, which, over the past decade, has acquired 73 communities similar to Elliot Norcross, Together with NPRC, we look forward to taking over this property because we feel it offers significant upside potential based on remaining capex and strong submarket rent growth. Only 30% of the units have been renovated, which provides the opportunity to add value by upgrading the classic units. Additionally, Norcross is becoming more and more desirable due to its proximity to Atlanta's employment centers and its highly-rated school districts."
- Frank Roessler, founder and CEO of Ashcroft.
Norcross has become a sought-after submarket due to its location directly amidst Atlanta's I-85 industrial corridor, which is one of the largest industrial districts in the Southeast and represents one of the metro's primary employment centers. Prominent employers in the Gwinnett County submarket include Comcast, Amazon, Mitsubishi, Hewlett-Packard, and Asbury Automotive.
"Elliot Norcross marks our first joint venture with a major institutional partner and represents a significant expansion of our institutional platform, We're eager to partner with NPRC on an asset that we believe has significant operational upside and value-add potential in a vibrant, on-the-rise submarket. Furthermore, our emerging presence in the Atlanta market gives us the manpower and the infrastructure to deliver high levels of resident satisfaction and strong asset performance across the metro area."
- Bill Kay, managing director of capital markets for Ashcroft Capital.
Renovation efforts at Elliot Norcross, which will be executed by Birchstone's construction team, are expected to include further updating and modernizing the amenity spaces, improving curb appeal, updating landscaping, and implementing signage upgrades. In-home anticipated improvements include the addition of stainless-steel appliances, luxury laminate countertops, tile backsplashes, vinyl plank flooring, new cabinet fronts with modern pulls, and upgraded lighting and plumbing fixtures. New management also plans to add washer-dryer sets to approximately 600 homes.
Situated across 52 acres, Elliot Norcross was built in two phases beginning in 1972, and offers spacious one-, two- and three-bedroom homes with an average unit size of 1,021 square feet. Eighty-five percent of the homes are of the two- and three-bedroom variety, including 128 townhomes. Existing community amenities include two resident clubhouses, two resort-style swimming pools, picnic and grilling stations, fitness center, two soccer fields, play area, and business center.
About Ashcroft Capital
Founded in 2015, Ashcroft Capital is a vertically integrated multifamily investment firm that has acquired 43 communities comprising 13,000 units since its inception and now has $1.7 billion in assets under management throughout several high-growth metros of the Sun Belt. The firm focuses on capital preservation while striving to return strong, risk-adjusted cash-on-cash to investors. Ashcroft is capitalized with high net worth, family office and institutional capital. Ashcroft specializes in value-add multifamily real estate and exhibits an expertise in extracting maximum value from every asset it acquires. Rather than attempting to play cycle timing, the firm strives to acquire excellent apartment communities within well-located submarkets of large and growing U.S. metros.
About Birchstone Residential
Birchstone Residential is the in-house property management company of Ashcroft Capital. It has a comprehensive property management platform that provides all essential services, including leasing, maintenance and construction management. Birchstone was purpose-built to execute the value-add business plan for each Ashcroft property, optimize financial returns and deliver high resident satisfaction. Committed to a people-centric culture and employee development through job training, job enrichment and accelerated development, Birchstone seeks to provide best-in-class service that attracts new residents and enriches the lifestyles of current residents.
About National Property REIT Corp.
National Property REIT Corp. (NPRC) is a REIT that acquires tenant-diversified real estate assets with a particular focus on multifamily real estate. NPRC may acquire real estate assets directly or through joint ventures alongside operating partners. NPRC's current multifamily portfolio consists of 51 properties with a market value of $3.3 billion as of September 30, 2021, located in 14 different states throughout the US. NPRC is actively seeking to capitalize on a combination of factors that underpin compelling investment opportunities in Class B/C multifamily suburban workforce housing properties located in secondary and tertiary markets in the United States as well as pre-stabilized new construction projects throughout the United States.