Largest residential brokerage in U.S. buys boutique S.F. firm

bizjournals | August 31, 2016

San Francisco-based Climb Real Estate has been bought by NRT LLC, the country’s largest residential real estate brokerage company.Since it was founded in 2010, Climb has sold Bay Area properties worth a total of $3 billion. The small boutique firm has four offices in San Francisco and one in Oakland and had 100 full-time sales agents as of May. It’s known for its strong technology offerings, including mobile platforms that attract millennial clients, and its social media presence

Spotlight

Real estate valuations have become fairly expensive in 2015 and the current real estate cycle might be approaching the end of its lifespan.

Spotlight

Real estate valuations have become fairly expensive in 2015 and the current real estate cycle might be approaching the end of its lifespan.

Related News

REAL ESTATE TECHNOLOGY

Matterport Acquires VHT Studios to Accelerate Adoption of Digital Twins for Real Estate

Matterport Inc | July 11, 2022

Matterport, Inc. the leading enterprise and real estate digital twin company driving the digital transformation of the built world, today announced the acquisition of VHT, Inc., known as VHT Studios, a U.S.-based real estate marketing company that offers brokerages and agents digital solutions to promote and sell properties. This transaction brings together VHT Studios’ visual media services with the immersive Matterport 3D Digital Twin platform to elevate the buying experience for home buyers while simplifying the process of creating comprehensive marketing packages for brokers and agents. With this acquisition, Matterport aims to increase adoption of digital twin technology and expand further into the real estate industry while adding marketing services for other key markets such as commercial real estate, travel and hospitality, and the retail sector. Matterport’s acquisition of VHT Studios provides real estate brokerages and their professionals access to an expanded selection of marketing services and expertise they need to effectively market and promote properties. These include high-end photography, drone imagery, floor plans, virtual tours, and other marketing services. When combined with Matterport digital twins and collaboration tools, the newly expanded solution not only helps brokerages and agents save time with an easy-to-order and comprehensive source for their digital marketing needs but also reduces their costs with comprehensive marketing packages along with flexible, optional add-ons. This all-in-one marketing solution provides one of the richest and most compelling digital experiences for property seekers and has been proven to drive increased sales for brokerages and agents. “We’re thrilled to welcome the VHT Studios team to Matterport along with the talent and industry expertise they bring,” said RJ Pittman, Chief Executive Officer at Matterport. “When we looked at VHT Studios and the work they do, it was a natural fit to unite our efforts to reimagine the fragmented process that was in place for brokers and agents to list properties, and prospective buyers to view them. We are not only excited for how we can transform the customer experience in the real estate industry, but also how we can apply VHT Studios’ expertise to our growing enterprise business as demand for digital twin technology continues to surge.” “We are excited to welcome VHT Studios, a market leader in real estate digital marketing technologies, to Matterport today. While we make strategic investments to expand our business, we remain committed to conscientiously managing our balance sheet of approximately $600 million in cash and short- and long-term investments as of March 31, 2022. Further, having integrated the Enview acquisition earlier this year, our team is looking forward to what we expect will be another successful integration,” said JD Fay, Chief Financial Officer of Matterport. “What makes this acquisition unique is how complementary our services are to one another,” said Brian Balduf, CEO of VHT Studios. “In today’s market, buyers need to move quickly on a property and often only have one opportunity, or less, to view it in person. A listing that features high-quality digital content and immersive 3D technology is a transformative experience that empowers buyers to make more confident decisions, faster. Together we believe our services can help move more purchase decisions online by combining rich property information and the ability to virtually inspect, measure, and experience a space from anywhere, anytime, as many times as needed.” The all-in-one marketing solution that brings together VHT Studios’ and Matterport’s services is expected to be available through Matterport’s Capture Services during the third quarter this year. The acquisition will enable more data to be trained on the machine learning systems acquired through Enview and whose data insights will be incorporated into Matterport’s Cortex Artificial Intelligence engine. VHT Studios has helped more than 200,000 real estate professionals sell more than $200 billion in properties since the company’s founding in 1998. Seven of the top 10 brokers1 in the United States are customers of VHT Studios, including Baird & Warner, Coldwell Banker, Compass, Corcoran Group, Douglas Elliman, and more. Terms of the transaction were not disclosed. Canaccord Genuity served as the exclusive financial advisor to VHT Studios. About Matterport Matterport, Inc. (Nasdaq: MTTR) is leading the digital transformation of the built world. Our groundbreaking spatial data platform turns buildings into data to make nearly every space more valuable and accessible. Millions of buildings in more than 177 countries have been transformed into immersive Matterport digital twins to improve every part of the building lifecycle from planning, construction, and operations to documentation, appraisal and marketing. Learn more at Matterport.com and visit our Discover page to browse a collection of digital twins captured by our customers.

Read More

REAL ESTATE TECHNOLOGY

JLL acquires leading real estate valuation advisory firm Metropolitan Valuation Services

JLL-IR | July 07, 2022

JLL announced it has acquired Metropolitan Valuation Services ("MVS"), one of the largest independent commercial property appraisal and real estate consulting firms in the greater New York metropolitan area. The addition of 20 valuations professionals to JLL's existing team of 10 creates an advisory powerhouse during a period of intensive pricing discovery. MVS's core competency extends to multi-housing, CBD and suburban office buildings, industrial/warehouse and shopping/retail properties, land, property transfers and market rent studies and appraisals for HUD section 8 properties. MVS was founded in 2003 by Principal and Co-Founder Steven Schleider. Clients include major financial institutions, Fortune 500 corporations, REITs, commercial real estate developers, investors, insurance companies, law firms, City of New York and government agencies. "MVS, a 20-year-old experienced Tri-State team of highly seasoned professionals with a deep and intimate knowledge of New York, is well placed to empower clients with information and knowledge to help them make the best decisions for their real estate assets. Joining forces with MVS enables JLL to enhance our service for existing clients, strengthen our multi-housing capabilities within this buoyant segment and scale our footprint across the U.S.," Tony Lenamon, Head of Valuation Advisory at JLL in the Americas Executive Vice President Ross Friedman and the existing JLL NYC Tri-State team will join forces with MVS Executive Vice Presidents Peter Rastetter and David Lyon under the leadership of Steven Schleider. "We have a unique and detailed understanding of the Tri-State area and I'm excited by the opportunity to expand our capabilities to better serve our clients as part of JLL," said Steven Schleider, President of Metropolitan Valuation Services. "With JLL, we will have the resources to scale faster, broaden our existing practice areas, serve new asset sectors and to continue assisting investors and lenders in the NYC Tri-State area. We will also advise lenders and owners on navigating the valuation impacts that the energy mandates and sustainability regulations will have on commercial properties. This will all lead to a better understanding of the upside to be gained by creating healthy, sustainable buildings while helping New York City achieve its net zero targets." As the top investment market globally over the last decade and a top-two market for cross-border investment over this time period, New York remains a key gateway city for national portfolios and global capital. As economic conditions, mobility patterns, consumer spending and tourism are improving in New York, the market is increasingly solidifying its position as a leading global hub for talent and resilient market for investment. JLL's 2,000 qualified valuation professionals are connected across more than 50 countries, sharing insights and real-time data to advise on changing market dynamics and trends before they happen. A global community of sector-based specialists, the team delivers tailored client solutions for your real estate and business asset interests, giving an accurate picture of value and risk across any opportunity. U.S. property valuation and tax consulting services are performed by JLL Valuation & Advisory Services, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. About Metropolitan Valuation Services Metropolitan Valuation Services is one of the largest independent commercial property appraisal and real estate consulting firms in the greater New York metropolitan area. Our clients include major financial institutions, Fortune 500 corporations, REITs, commercial real estate developers, investors, insurance companies, law firms, and government agencies. About JLL JLL is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.

Read More

REAL ESTATE INVESTMENT

TPG Real Estate and Taurus Announce ESG-Centric Joint Venture for Development Within Avian Pointe

TPG Real Estate | July 08, 2022

TPG Real Estate Partners (“TREP”), the dedicated real estate equity investment platform of global alternative asset management firm TPG, and Taurus Investment Holdings, LLC (“Taurus”), a global private equity real estate firm, today announced a partnership for the development of a sustainable, 276-unit, garden style apartment complex within the Avian Pointe master planned community. Located in the rapidly expanding Orlando metropolitan area, the project broke ground in May 2022. Upon completion, the community will be surrounded by dedicated conservation areas and include six residential buildings outfitted with an array of amenities, including a fitness center, outdoor pool, individual workspaces, fire pits and grilling patios. The partnership will work with EcoSmart Solution, a green energy services provider affiliated with Taurus, to incorporate innovative energy infrastructure into the development. Specifically, EcoSmart Solution will design and deliver geothermal heating and cooling technology, solar energy infrastructure and a comprehensive suite of low-carbon and energy efficiency resources to enhance the project. “TREP is excited to be investing in a sustainable multifamily development that we believe should generate superior resident and investor demand while aligning with our focus on ESG,” said Tripp Johnson, Partner at TPG Real Estate. “We look forward to expanding this partnership with Taurus and EcoSmart Solution to build apartments that meet our collective investment objectives while leading the way in developing a more sustainable future.” “EcoSmart Solution has already shown it’s a viable green energy service provider through its existing developments, but validation from an established firm like TPG further shows that there’s a need for its innovative geothermal infrastructure and impressive suite of advanced sustainable technology, Taurus has a longstanding commitment to creating environmentally conscious properties and TPG is a firm that shares our core values. We are excited to partner with them and take the first step in what will be a best-in-class, sustainable and healthy Central Florida community.” Peter A. Merrigan, CEO of Taurus Utilizing EcoSmart Solution’s GeoGrid™, a community-wide utility, similar to water, sewer and electric lines, the geothermal exchange system will power the initial multifamily development. The system is uniquely designed to take advantage of local ground conditions and will tap into the Floridan Aquifer to exchange heat with the subsurface body of water that continuously moves underground across the state of Florida. The program at Avian Pointe will also include energy efficient technology such as geothermal heat pumps, Solar PV systems, EV charging and advanced energy monitoring tools, resulting in an energy resilient and sustainable community. “As investors, developers and homebuilders prioritize ESG-centric business initiatives, EcoSmart Solution offers an impactful solution for sustainable developments, which has become an urgent priority across the real estate sector,” said John Towle, CEO of EcoSmart Solution. “We’re tremendously appreciative of the opportunity to work with TPG to showcase our energy efficient technology that allows developers to meet increasingly aggressive energy efficiency standards.” About TPG Real Estate Partners TPG Real Estate Partners ("TREP") is the dedicated real estate equity investment platform of global alternative asset firm TPG. Today, TREP has $10.5 billion of assets under management. Since its inception in 2009, TREP has built a differentiated investment portfolio comprised primarily of real estate-rich platforms and portfolios located in the United States and Europe. TPG was founded in 1992 and now has approximately $120 billion of assets under management with investment and operational teams in 12 offices around the world. About Taurus Investment Holdings, LLC Established in 1976, Taurus is a global real estate private equity firm with over 45 years of experience as a general partner, investor, and operator. By empowering and combining the strength of in-house experts in the fields of multifamily, office, logistics, mixed-use, and renewable energy, the firm has created targeted, scalable investments into value-add, core-plus, and development opportunities. Taurus is focused on using innovative energy efficient technologies to make the extensive infrastructure investments required to decarbonize residential and commercial buildings through its EcoSmart Solution and RENU Communities affiliates. Throughout North America and Europe, Taurus is consistently recognized as one of the premier owners of both directly managed and joint venture commercial real estate. To date, Taurus has purchased and developed more than 69 million square feet of residential, office, industrial, retail and other commercial real estate assets throughout the world with a total acquisition value of over $10 billion. About EcoSmart Solution EcoSmart Solution, an affiliate of global real estate investment firm Taurus Investment Holdings (TIH) and a green energy services provider (Green ESP), is designing and delivering innovative geothermal infrastructure combined with a comprehensive suite of distributed energy resources; enabling developers and builders of large-scale new construction neighborhoods to create energy efficient communities and homes, providing new homeowners and tenants an affordable, comfortable, and sustainable living.

Read More