REAL ESTATE INVESTMENT
Cresset Partners | August 12, 2021
CressetEstate Partnersesset Real and Clarius Partners have closed on the land acquisition for 303 Crossroads, a 1,758,410 square foot logistics development in Glendale, Arizona.
The project will consist of two buildings to be built across two phases on land fronting Loop 303 and Northern Parkway in Glendale. Building one will be 1,023,610 square feet and is scheduled to be completed in 2022. Building two will be 734,800 square feet and is slated for completion in 2023. Groundbreaking is scheduled for October 2021.
The 98-acre 303 Crossroads project consists of two buildings totaling 1,758,410 square feet.
Both buildings will be built to stringent modern design standards and will target e-commerce, distribution, and warehousing users. Features of the buildings will include cross-dock configuration, 40-foot clear height, above-market parking ratios, and direct frontage on both Loop 303 and Northern Parkway.
"Cresset Real Estate Partners is pleased to partner with Clarius Partners on this project for a multitude of reasons. The Phoenix industrial market has continued to see high levels of growth, with more than 6 million square feet of absorption through the second quarter of 2021. The bulk of this activity has occurred in the Southwest Valley. This market's population growth and the relatively low existing inventory of modern big-box industrial buildings has created a significant opportunity for developments of this type," said Dominic DeRose, Director for Cresset Real Estate Partners.
"Clarius Partners is excited to announce the 303 Crossroads Industrial Project in conjunction with Cresset Real Estate Partners," said Mark Balcius, Senior Vice President for Clarius Partners. "This project will enable the partnership to expand its footprint of Class A - Industrial space in the rapidly growing West Phoenix/Loop 303 market. The project team of Butler Design Group, Hunter Engineering, Layton Construction and representation by CBRE, along with the support of the City of Glendale and Epcor, have advanced the project rapidly to enable late 2021 construction commencement."
About Cresset Partners
Cresset Partners is a private investment firm focused on providing its investors with direct access to investment opportunities in private companies, real estate, and sponsor products. We focus on building outstanding, lasting partnerships by investing permanent capital, resources, and expertise to create sustainable value. We believe that long-term investing creates better alignment and reduces risk and inefficiencies, leading to better outcomes for all shareholders.
About Clarius Partners
Clarius Partners, L.L.C. is a full-service real estate investment and development company whose mission is to provide customized service to a select group of clients and partners. Clarius is headquartered in Chicago, IL, with approximately 10 million square feet of industrial, office, and medical projects totaling over $1.3 billion in various stages of development in Illinois, Arizona, California, Pennsylvania, Utah, North Carolina, and South Carolina. Through its deep industry knowledge and extensive network, the Clarius team aspires to deliver exceptional development results with quality, clarity, and integrity.
Cresset refers to Cresset Capital Management and all of its subsidiaries and affiliates. Cresset Asset Management, LLC provides investment advisory, family office, and other services to individuals, families, and institutional clients. Cresset Partners, LLC provides investment advisory services strictly to investment vehicles investing in private equity, real estate and other investment opportunities. Cresset Asset Management, LLC, and Cresset Partners, LLC are SEC registered investment advisors.
REAL ESTATE INVESTMENT
American Homes 4 Rent | February 28, 2022
American Homes 4 Rent (NYSE: AMH) ("American Homes 4 Rent") today announced it has made an investment in Vesta Ventures Fund 1, LP, a residential-focused proptech venture capital fund.
Vesta Ventures focuses its investments on early-stage businesses at the intersection of residential real estate and technology, with a proven track record of supporting some of the most promising companies in the sector. Vesta Ventures takes a holistic approach to supporting emerging businesses that goes beyond just capital commitments. It leverages its deep expertise and extensive industry network to open new channels of growth for businesses and to foster further innovation. The firm has recently participated in Series A funding for companies such as Elevation Energy Solar Solutions, a residential clean energy company, and PetScreening, a pet risk assessment and assistance animal validation platform for property managers.
We are excited to partner with Vesta and expand our focus on residential proptech, In keeping with our commitment to innovation, this investment provides us with access to the newest, cutting-edge technologies that focus on the resident experience and achieving operational efficiencies for our organization. This investment also aligns with our sustainability and ESG principles, as Vesta prioritizes technologies that promote quality, sustainable housing for a greener future."
David Singelyn, Chief Executive Officer and Co-Founder of American Homes 4 Rent.
American Homes 4 Rent is on the forefront of innovation in the residential space, and we are thrilled to partner with them to accelerate growth in the proptech arena, Our portfolio of companies includes some of the most exciting businesses in the proptech space that provide tangible ESG benefits to residential owners. We are leveraging our expertise and extensive network to help our partner companies unlock their true potential to define the next era of our industry."
Rich Ford, Co-Founder of Vesta Ventures.
About American Homes 4 Rent
American Homes 4 Rent (NYSE: AMH) is a leader in the single-family home rental industry and "American Homes 4 Rent" is a nationally recognized brand for rental homes, known for high-quality, good value and resident satisfaction. We are an internally managed Maryland real estate investment trust, or REIT, focused on acquiring, developing, renovating, leasing, and operating attractive, single-family homes as rental properties. As of September 30, 2021, we owned 56,077 single-family properties in selected submarkets in 22 states.
About Vesta Ventures
Founded in early 2021 by industry veterans Rich Ford and Clayton Wyatt, Vesta Ventures is a technology-focused residential platform investing in highly innovative growth opportunities. Vesta's inaugural venture capital fund is backed by the industry leading single-family residential rental market influencers and leverages its strategic advantage to accelerate enterprise value for its portfolio companies and limited partners.
REAL ESTATE INVESTMENT
Capital Square 1031 | February 10, 2022
Capital Square 1031, a leading sponsor of Delaware statutory trust (DST) offerings for Section 1031 exchange and other accredited investors, announced today the acquisition of a 55+ manufactured housing community in Sebastian, Florida. The community was acquired on behalf of CS1031 Palm Lake Club MHC, DST.
This is Capital Square's 10th acquisition of an age-restricted (55+) manufactured housing community in Florida for the 1031/DST program, MHC properties in Florida are among the most desirable assets in the nation due to their scarcity, stability and growth potential. Also, MHC assets solve a need for residents as an affordable housing option, providing most benefits of a single-family home with the low cost of multifamily housing. For these reasons, Capital Square's 1031 exchange investors are flocking to MHC investments for stable income and appreciation."
Louis Rogers, founder and chief executive officer of Capital Square.
Situated at 39 Treasure Circle in the rapidly growing Indian River County, Palm Lake Club is a 97.6% occupied community with 126 homesites. The property's proximity to U.S. Highway 1 and Interstate 95 connects it to Vero Beach and offers additional access to Port St. Lucie, West Palm Beach and Boca Raton.
Palm Lake Club is close to parks, shopping, golf courses and wildlife preserves. Onsite amenities include a heated pool, clubhouse, library, recreational facilities, a shuffleboard court and a seven-acre lake surrounded by resident homes.
CS1031 Palm Lake Club MHC, DST seeks to raise $24.3 million in equity from accredited investors.
Palm Lake Club is a well-positioned asset that offers investors significant upside potential through a value-add execution due to minimal rent escalations over the past 10 years combined with room for strategic improvements, Capital Square intends to make investments into the community that will include upgrades to the clubhouse, landscaping, outdoor lighting, roadways and other amenities that will further enhance the value of the property to residents and investors alike."
Whitson Huffman, chief strategy and investment officer with Capital Square.
Since its founding in 2012, Capital Square has acquired 148 real estate assets for over 3,800 investors seeking quality replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code and other investors seeking stable cash flow and capital appreciation.
About Capital Square
Capital Square is a national real estate firm specializing in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges and qualified opportunity zone funds for tax deferral and exclusion. Since 2012, Capital Square has completed more than $4.9 billion in transaction volume. Capital Square's executive team has decades of experience in real estate investments. Its founder, Louis Rogers, has structured hundreds of investment offerings totaling in excess of $5 billion. Capital Square's related entities provide a range of services, including due diligence, acquisition, loan sourcing, property/asset management, and disposition, for a growing number of high net worth investors, private equity firms, family offices and institutional investors. Since 2017, Capital Square has been recognized by Inc. 5000 as one of the fastest growing companies in the nation for five consecutive years. Additionally, in 2021, the company was ranked 101st on the list of Inc. 5000 Washington D.C. Metro's Fastest-Growing Private Companies. In 2017, 2018 and 2020, the company was also ranked on Richmond BizSense's list of fastest growing companies. Capital Square was listed by Virginia Business on their "Best Places to Work in Virginia" report in 2019 and 2021 as well as on their "Fantastic 50" reports in 2019 and 2020.