REAL ESTATE INVESTMENT
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.
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 $20.4 billion in multifamily value-added transactions encompassing 347 multifamily properties and over 89,600 units. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom's subsidiaries and joint ventures include the Bascom Value Added Apartment Investors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Partners Ventures, and the Realm Group.
About Leste Group
Founded in 2014, Leste Group is a global independent alternative investment manager guided by core values of respect, creativity, and teamwork. The firm offers investors a diverse range of strategies across real estate, credit, venture, liquid markets and other alternative asset classes. Leste Group's investment teams leverage institutional-grade processes, a nimble, entrepreneurial approach, capital markets expertise, and exclusive networks to source unique opportunities and drive consistent risk-adjusted returns.
REAL ESTATE INVESTMENT
Living Vogue LLC | June 07, 2021
Living Vogue LLC, doing business as Living Vogue Real Estate, a Sarasota, Florida-based luxury real estate company, is delighted to announce the adoption of EthereumMax ($eMax) and Kishu Inu ($KISHU) cryptocurrencies as payment options for property sales, escrow deposits, and agent commissions. The company intends to use blockchain accounting based on the Ethereum network's capacity for smart contracts to add enhanced security and confidence to its inherently large-scale real estate financial transactions.
"We are excited to offer these other payment options to our clients and agents, as we handle hundreds of millions of dollars in transactions every year. Wire fraud and contract security are significant issues in real estate transactions. Cryptocurrency and blockchain technologies provide solutions to these problems. South Florida has a large number of eMax and Kishu coin holders, and we are pleased to offer a practical use for these currencies, "Mark Coppens, CEO of Living Vogue Real Estate, said.
EthereumMax and Kishu Inu are both yield-based tokens built on the secure Ethereum network, which means they reward holders with a 2% redistribution reward to every transaction. This growth is particularly appealing when funds are held in escrow. Cryptocurrency transactions, when handled correctly, can be executed more securely and swiftly than traditional currency methods. In addition, the company intends to provide agents the option of receiving their sales commissions in eMax or Kishu coins.
Living Vogue Real Estate has announced plans to build a showroom inside the Mall at University Town Center (UTC) in Sarasota, Florida, as part of its continued expansion in Southwest Florida. The addition allows Living Vogue to scale operations further following record growth in 2020 as the area's fastest-growing real estate company. The success is due, in large part, to the uniquely luxurious experience they provide to clients, as well as the ensuing visceral attraction of talented agents.
EthereumMax ($eMax) is a decentralized ERC-20 growth token built on the Ethereum network's security. It was created to bridge the gap between the emergence of community tokens and the well-known foundational coins of crypto by creating a unique token that provides recurring and automatic financial rewards to its holders while also providing a pathway for practical long-term use in everyday life. Kishu Inu ($KISHU) is a community-focused, decentralized cryptocurrency that offers instant rewards to holders and is built on the secure Ethereum network.
REAL ESTATE TECHNOLOGY
Cherre | July 23, 2021
Cherre, the leading real estate data management, and analytics platform, announced a new collaboration with HazardHub, a leading provider of comprehensive property risk data, that will enable mutual customers to connect HazardHub's property-level hazard risk data with their other core real estate data sets for more strategic risk analysis, planning, and underwriting decisions.
HazardHub transforms massive amounts of geospatial digital data into simplified risk assessments, allowing stakeholders to make more informed decisions. Perils from the air (wind, hail, tornado, lightning), water (flood, coastal storm surge), earth (earthquake, brownfield, Superfund), and fire are all covered under the company's comprehensive, national coverage for hazards that destroy and damage property (wildfire and fire protection). In addition, mutual clients will be able to integrate HazardHub's more than 100 billion data points on property risk into their centralized data warehouse due to the collaboration with Cherre.
Cherre integrates disparate real estate data into a single source of truth, enabling the company to instantly explore their linked data for fast and actionable insight. Cherre offers the world's largest real estate knowledge graph, allowing clients to discover granular insights, automate workflows, and create models and visualizations.
HazardHub is your property risk insurance policy.
Man-Made. Air. Fire. Water. Earth. HazardHub is the third-generation provider of property-level hazard risk databases in the United States, covering the most dangerous perils. HazardHub converts massive amounts of geospatial digital data into simple answers, providing risk scorecards that can be utilized to make real-world decisions. Our scientific team provides comprehensive and innovative national coverage for risks that destroy or damage property. HazardHub is quickly becoming the industry's go-to provider for property and risk data, with over 30,000,000 results provided to the market.
Cherre is the market leader in real estate data and analysis. We provide accurate property and market information to decision-makers, allowing them to make faster and more informed decisions. Cherre enables clients to evaluate opportunities and trends faster and more accurately by offering a unique "single source of truth" while saving millions of dollars in manual data gathering and analytics costs. Cherre was founded in 2016 and is headquartered in New York City.