MARKET OUTLOOK

Jetty Announces Partnership with AMLI Residential

Jetty | August 27, 2021

Jetty, the financial services company on a mission to make renting a home more affordable and flexible, today announced a new partnership with AMLI Residential, one of the preeminent multifamily companies in the nation. Jetty Deposit, the deposit replacement that swaps traditional cash deposits for a low monthly or one-and-done payment, is now available across more than 22,000 luxury apartments within AMLI's portfolio.

"Jetty Deposit has enabled us to ensure compliance with deposit replacement legislation, while at the same time increasing the levels of protection we have across our apartments," said Kenda Hartmann at AMLI. "Residents love the option of reducing their move-in costs, which helps us attract more prospects and convert them into leases."

Jetty works with top property managers across the country to increase lease conversion rates, reduce bad debt, and streamline operations—thereby increasing net operating income. In addition to AMLI Residential, partners include Greystar, LivCor, Related, MG Properties, Cortland, Gables Residential, and many more, representing more than two million units nationwide.

ABOUT JETTY
Jetty is on a mission to make renting a home more affordable and flexible for everyone. As a fintech company, Jetty's solutions help property managers increase lease conversion, reduce bad debt, and streamline operations. For renters, Jetty lowers the barrier to entry by saving thousands of dollars on move-in costs.

ABOUT AMLI
AMLI Residential focuses on the development, construction and management of environmentally responsible, luxury apartment communities throughout the country. Founded in 1980, AMLI is owned by PRIME Property Fund, a core commingled institutional fund. AMLI currently owns and manages 72 apartment communities including 23,000 apartment homes and has approximately 5,000 additional apartment homes under development and/or in lease-up at 12 locations. AMLI is a leader in multifamily sustainability. Forty-seven AMLI communities are LEED®-certified, and forty-four communities are ENERGY STAR®-certified.

Spotlight

Existing-home sales rose in October for the second straight month and are now above year-over-year levels for the first time in a year, according to the National Association of Realtors.

Spotlight

Existing-home sales rose in October for the second straight month and are now above year-over-year levels for the first time in a year, according to the National Association of Realtors.

Related News

REAL ESTATE TECHNOLOGY

Planon has a majority stake in Reasult B.V., a real estate software company.

prnewswire | January 20, 2021

The Planon Group and Reasult today reported that Planon has obtained a larger part share in Reasult B.V., established in 2000 and settled in Ede (the Netherlands). Reasult is a product organization that streamlines the monetary exhibition of land portfolios and ventures. Reasult's driving programming arrangements are utilized by land designers, resource administrators and lodging organizations in the Dutch-and German-talking markets. Model clients are Amvest, a.s.r. land, VolkerWessels and HANSAINVEST. The Reasult programming suite incorporates answers for land advancement, resource and portfolio-the executives, valuation the board and monetary arranging. Planon will join the Reasult applications with its own answers for resource the executives and occupant the board and commitment, into one programming suite. Thusly, Planon expects to help land proprietors and speculators in improving the exhibition of their property portfolio from a monetary, building activities and occupant commitment viewpoint. "This acquisition is one of the first steps in Planon's ambitious goals to accelerate its future growth. Planon firmly believes in the strength of Reasult's solutions and its organization, both from a technical perspective and due to its extensive market knowledge and experience. It is therefore Planon's plan to continue to expand the Reasult software suite, as it has done with previously acquired solutions such as SamFM and conjectFM. I am very excited about this acquisition and the possibilities it will offer to customers of both organizations to further develop their current solutions into an end-to-end property portfolio management solution," said Pierre Guelen, CEO and founder of the Planon Group. "As co-founder of Reasult 20 years ago, I am very excited about becoming part of a fast-growing global specialist in the field of building operations and service digitalization. With this move, Reasult will be able to further fulfil its strategy of offering a leading platform for optimizing real estate in the broadest sense. As part of a market leading organization, our customers and employees will benefit from this strategic step. The Planon and Reasult solutions are complementary which drives synergy and innovation. This collaboration will allow us to serve our customers in the best way possible and deliver innovative products to help real estate companies be 'the best in class,'" said Aart Zandbergen, CEO at Reasult.

Read More

Real Estate Agents Can Host Virtual Open Houses Today with Townify

prnewswire | September 23, 2020

Despite the COVID-19 pandemic slowing down much of the country, real estate has arguably never been hotter. That's why it's never been more important for the real estate industry to embrace technology than it is right now. And now, the real estate industry can meet this new normal head-on thanks to a dynamic new offering from real estate tech pioneer Zigzy. Townify, which is launching today out of beta testing, enables real estate agents to host virtual open houses, a necessity in an age of social distancing.

Read More

MARKET OUTLOOK

Starwood Increases Offer to Acquire Monmouth Real Estate Investment Corp. to Net Consideration of $19.20 Per Share in Cash

Starwood Real Estate Income Trust, Inc | August 19, 2021

Starwood Real Estate Income Trust, Inc., an affiliate of Starwood Capital Group, a leading global private investment firm focused on real estate and energy investments, today submitted an enhanced all-cash, fully financed, fully actionable proposal to acquire Monmouth Real Estate Investment Corporation for $19.93 per Monmouth share reduced by the termination fee owed to Equity Commonwealth ("EQC") of $72 million or $0.73 per share. Starwood’s enhanced proposal would provide net consideration of $19.20 per share to Monmouth shareholders after payment of the EQC termination fee, which was increased by $10 million by the Monmouth Board on August 16, 2021. Starwood’s proposal offers Monmouth shareholders a premium to EQC’s revised offer with 100% cash-certain value (versus EQC’s offer, where approximately 35% of the aggregate consideration would be paid out in cash1), and does not subject Monmouth shareholders to the uncertain and unsubstantiated future value creation from the EQC transaction, which is already worth less to shareholders given the decline in EQC shares since its revised proposal was announced. Ethan Bing, Managing Director of Starwood, said, "Our increased all-cash offer is superior to EQC’s revised proposal given the higher certain value that is not exposed to market risk or dependent upon unproven execution. The EQC offer requires Monmouth shareholders to forego the certainty of our higher cash offer in exchange for speculative value creation from a merged entity with no synergies and no obvious competitive advantages in the highly competitive industrial sector where EQC has not actively participated.” Bing added, “The Monmouth Board, whose initial process was led by a strategic alternatives committee that ISS rightly criticized as ‘not fully independent,’ appears committed to the interests of Monmouth insiders rather than its fiduciary duty to maximize value for all Monmouth shareholders. The Monmouth Board’s decision to increase the termination fee for EQC, without having engaged in a single conversation with a committed all-cash bidder already at a significant premium to EQC, is yet another disappointing breach of faith to its shareholders – a clear effort to protect EQC from competing bidders willing to offer superior and more certain value to Monmouth shareholders. In contrast, Starwood has not raised its termination fee in connection with its revised offer.” Bing concluded, “We stand ready to sign the already-negotiated merger agreement with Monmouth. We urge the Monmouth Board to act in the best interest of all its shareholders by immediately declaring our increased offer superior, foregoing any future actions which would deprive shareholders from realizing maximum value, and proceeding quickly to finalize our proposed transaction for the benefit all Monmouth shareholders.” About Starwood Capital Group Starwood Capital Group is a private investment firm with a core focus on global real estate, energy infrastructure and oil & gas. The Firm and its affiliates maintain 16 offices in seven countries around the world, and currently have approximately 4,000 employees. Since its inception in 1991, Starwood Capital Group has raised over $60 billion of capital, and currently has approximately $90 billion of assets under management. Through a series of comingled opportunity funds and Starwood Real Estate Income Trust, Inc. a non-listed REIT, the Firm has invested in virtually every category of real estate on a global basis, opportunistically shifting asset classes, geographies and positions in the capital stack as it perceives risk/reward dynamics to be evolving. Starwood Capital also manages Starwood Property Trust, the largest commercial mortgage real estate investment trust in the United States, which has successfully deployed over $69 billion of capital since inception and manages a portfolio of over $18 billion across debt and equity investments. Over the past 29 years, Starwood Capital Group and its affiliates have successfully executed an investment strategy that involves building enterprises in both the private and public markets

Read More