REAL ESTATE TECHNOLOGY, REAL ESTATE INVESTMENT
PRnewswire | April 19, 2023
Pay Ready, multifamily's leading post-resident payment technology, announces their software has streamlined property management operations and enhanced resident experiences for Western Wealth Communities, Phoenix, Arizona.
Western Wealth Communities (WWC) has always focused on excellence in every aspect of its operations, and with the addition of Pay Ready's predictive analytics and automated outreach, the company has changed the way it operates across the portfolio since 2020. The cloud-based software has allowed WWC to effortlessly manage and track all post-resident activity. This includes streamlining the post-resident move-out process, which has reduced administrative burden and provides their onsite teams with more time to focus on the daily operations and resident needs.
"We have been thrilled with the partnership, it has taken our property management operations to the next level," says Jennifer Staciokas, President, at Western Wealth Communities. "The efficiencies of having this centralized platform have allowed our onsite teams to provide a better service to our residents and have produced new opportunities for our teams to succeed and grow. Having the insight into our recovery efforts along with the significant lift in recovery payments truly aligns with our core value of striving for excellence at every point," further states Staciokas.
"We were excited when we had the opportunity to partner with Western Wealth Communities in 2020 and I could not be more proud of our organization and the operational impact that has been made. Our centralized platform not only provides a robust solution for the owners and operators but also for the resident. Pay Ready's post-resident technology is truly a solution that continues to improve Western's overall operational efficiencies and drive their business forward," states Lynn Musil, Pay Ready's Chief Executive Officer.
About Western Wealth Communities
WWC has developed a proven system for investing in multifamily properties in key real estate markets across the U.S. WWC offers investment partners the opportunity to invest in properties with substantial value-add opportunities. Since its inception, WWC has successfully completed more than $6 billion in real estate transactions representing more than 27,000 total units. WWC's vision is to build wealth for its investment partners with industry-leading returns. A people-first approach promotes excellence at every point; with highly efficient operations and a true commitment to our communities. For more information, please visit westernwealthcommunities.com
About Pay Ready
Since 2016, Pay Ready's innovative post-resident payment technology has revolutionized the way owners, operators, and residents engage with post-resident account receivables. Pay Ready has formed major partnerships nationwide in 3 million multifamily units with over $1 billion in serviced receivables. Pay Ready outperforms traditional post-resident payment processes and aids in brand protection. Pay Ready's advanced technology has empowered property owners and operators to focus on revenue generation and growth while leaving the arduous process of debt management to Pay Ready. For more information. Please visit payready.com.
BROKERAGE, REAL ESTATE INVESTMENT
Businesswire | April 17, 2023
Built Technologies, one of the fastest growing construction and real estate software providers in the U.S., has announced a strategic investment from Citi through its SPRINT program.
Citi SPRINT (“Spread Products Investment Technologies”), the strategic investing arm of Citi’s Global Spread Products division (“GSP”), is part of Citi Institutional Strategic Investments (“ISI”). Citi SPRINT focuses on incubating innovative fintech companies that provide strategic relevance and next-generation solutions to the financial markets.
Built plans to use the investment to accelerate its growth in commercial real estate (“CRE”) asset management and enable further operational and technological enhancements. Through the utilization of Built’s platform, Citi will have the opportunity to introduce digitization solutions to other lenders, developers, and borrowers in the ecosystem.
“The investment from Citi SPRINT opens a new market opportunity for Built to gain traction with one of the largest U.S. financial institutions in the real estate industry,” said Chase Gilbert, CEO and Co-founder of Built. “Citi SPRINT's investment is a testament to Built's vision and the value Built delivers to its customers. The investment presents a unique opportunity, and one that will further accelerate our market reach.”
“GSP consistently seeks to drive value and enhance our client experience through innovative digitalization efforts with industry-leading software providers,” said Mickey Bhatia, Head of Global Spread Products at Citi. “Our investment in Built Technologies extends this commitment by helping to further modernize our Financing and Securitization franchise. With this partnership, we seek to cultivate higher standards of service for our clients and the broader market.”
Citi Community Capital, another business in GSP, provides a suite of financial products to help affordable housing developers construct, rehabilitate, refinance, and acquire multifamily affordable housing across the country. It has been recognized as the number one affordable housing lender in the United States, according to Affordable Housing Finance magazine's annual ranking, for twelve consecutive years.
“Citi Community Capital is pleased to work with Built on enhancing Citi’s existing technology to better manage commercial real estate draws, expedite loan management reporting, and improve borrower experience,” said Jeremy Johnson, Co-Head of Citi Community Capital.
“Built has achieved strong growth due to its ability to help lenders achieve efficiencies, expedite revenue generation, and serve their customers more effectively,” said Katya Chupryna, Director, SPRINT. “By investing in Built and bringing their innovative solutions to Citi, we empower Citi Community Capital and other CRE lending businesses to grow faster and serve clients better,” she added.
Built Technologies’ innovative software platform streamlines the construction loan administration process by simplifying the management of funds and documentation, allowing lenders to administer their construction loans more efficiently. The company’s technology enables faster funding decisions and draws, while providing real-time transparency and visibility into the status of construction projects through Built’s CRE data model. More than 250 banks and private capital providers use Built’s cloud-based solution to create a centralized system of record and accelerate the flow of capital from lenders to borrowers, contractors, and vendors.
About Built Technologies
Built is the leading provider of construction and real estate finance technology. By providing a centralized platform for all stakeholders, Built enables increased efficiency, collaboration, transparency, and business agility—with decreased risk—allowing customers to improve the way that the communities around them are built and managed. The Built platform is used by more than 250 leading North American lenders and asset managers, and thousands of developers, home builders and contractors. To learn more, visit https://getbuilt.com/demo-request/.
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
REAL ESTATE TECHNOLOGY, REAL ESTATE INVESTMENT
PRnewswire | April 17, 2023
Global X ETFs, the New York-based provider of exchange-traded funds (ETFs), today announced the launch of the Global X PropTech ETF (PTEC). This fund, which provides exposure to companies positioned to benefit from innovations in property technology, is Global X's latest addition to its growing suite of thematic-based funds.
The global real estate market comprises over $325 trillion in assets.i, and the opportunity for disruptive technology in this market is massive. From property management software to internet-of-things-based property monitoring to virtual reality tours, there is no shortage of new tools emerging for sellers and homeowners alike. By providing exposure to the companies that are positioned to benefit from the technology that optimizes the way people buy, sell, rent, design, construct, manage, and research and market residential and commercial properties, PTEC can help enable investors to capitalize on this growth.
"The process of both finding and maintaining a home is becoming increasingly reliant on cutting-edge technologies and real estate digitization," said Pedro Palandrani, Director of Research at Global X ETFs. "With the launch of PTEC, Global X is leveraging its expertise in thematic investing to offer investors exposure to companies investing in the technology that should meet the needs of this vast, addressable market."
The Global X PropTech ETF (PTEC) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Global X PropTech Index. The fund has an expense ratio of 0.50%.
About Global X ETFs
Global X ETFs was founded in 2008. For more than a decade, our mission has been empowering investors with unexplored and intelligent solutions. Our product lineup features over 100 ETF strategies and over $38 billion in assets under management.ii While we are widely recognized for our Thematic Growth, Income, Commodity and International Access ETFs, we also offer Core, Risk Management, Digital Asset, and other solutions to suit a range of investment objectives. Explore our ETFs, research and insights, and more at www.globalxetfs.com.
Global X is a member of Mirae Asset Financial Group, a global leader in financial services, with more than $480 billion in assets under management worldwide.iii Mirae Asset has an extensive global ETF platform ranging across the U.S., Brazil, Canada, Colombia, Europe, Hong Kong, India, Japan, Korea, and Vietnam with over $80 billion in assets under management.