REAL ESTATE TECHNOLOGY
Fathom Holdings Inc. | February 11, 2022
Fathom Holdings Inc. (NASDAQ: FTHM), a national, technology-driven, end-to-end real estate services platform integrating residential brokerage, mortgage, title, insurance, and SaaS offerings for brokerages and agents, today announced that it has acquired Utah-based iPro Realty Network, a full-service residential real estate brokerage company. The acquisition is expected to be immediately accretive. Other terms of the transaction were not disclosed.
iPro Realty Network is an award-winning real estate brokerage with approximately 435 agents that provides a full range of services for buyers and sellers throughout the state of Utah with market dominance in St. George, Cedar City, Orem, Salt Lake City, Clearfield, and Midway. The company was ranked #94 among independent brokerages according to the 2021 RealTrends 500.
I could not be prouder to have the iPro Realty family join our Fathom family, Utah boasts one of the country's fast-growing real estate markets, and we are pleased to be expanding our geographic presence through iPro, a company that values and strives for excellence. We are also proud to serve alongside iPro's leadership team, who shares our commitment to servant leadership as we build critical mass in existing local markets and expand into new markets across Utah. When we took Fathom public, we made a promise to strategically grow across all 50 states, and we continue to take steps to deliver on that promise."
Josh Harley, Fathom Holdings' Founder and CEO.
Our new Utah agents will have full access to Fathom's proprietary cloud-based software, intelliAgent, along with our powerful LiveBy platform, and will also benefit from having additional Fathom services to offer their clients, including mortgage, title, and insurance services, as we continue to help all our agents grow their businesses."
Samantha Giuggio, Chief Operating Officer for Fathom Realty.
iPro Realty Network generated more than $1.25 billion in residential sales volume in 2021 across more than 2,900 transactions. Like Fathom, iPro Realty Network offered a scalable, flat-fee, 100 percent commission structure.
Our agent-centric philosophy aligns very well with Fathom's servant-leadership culture, putting agents first so they can better serve their communities and clients, We are beyond thrilled to join the Fathom team and are committed to maximizing value by giving agents all the tools and resources they need to help them be more successful, from a feature-rich technology platform, to unbridled training and support, to a very attractive commission structure. It's these attributes that make Fathom a sought-after industry leader that not only helps retain agents but enables them to keep more of their hard-earned commissions, and ultimately continue to drive transactions in the Utah market."
Bill Telford, Founder of iPro Realty Network.
About Fathom Holdings Inc.
Fathom Holdings Inc. is a national, technology-driven, real estate services platform integrating residential brokerage, mortgage, title, insurance, and SaaS offerings to brokerages and agents by leveraging its proprietary cloud-based software, intelliAgent. The Company's brands include Fathom Realty, Dagley Insurance, Encompass Lending, intelliAgent, LiveBy, Real Results, and Verus Title.
REAL ESTATE TECHNOLOGY
Raveis | April 12, 2021
Low home loan rates, joined with popularity and low stock, have brought about an exceptionally serious housing market, making numerous potential purchasers stress over missing out on their fantasy home while their present property is recorded. William Raveis Real Estate, Mortgage and Insurance (WRRE), the top family-claimed land organization traversing the Northeast and Florida, settles this sell-before-you-purchase issue with another program called Raveis Purchase. Under Raveis Purchase, dispatched recently, WRRE will buy a customer's home, empowering them to open their home value rapidly so they can make a certain, non-unexpected proposal on their next home, which WRRE will likewise help them purchase, fund and guarantee. The program is the most advantageous assistance for a home-vender who needs to sell and purchase in a rush.
WRRE will procure the house vender's property for an underlying installment of up to 80 percent of the current estimation of the home, opening most of the value and empowering the home-merchant to settle any home loans. Utilizing another new apparatus, Raveis Refresh, WRRE will at that point set up the home available to be purchased with their organization of master originators and exclusive merchant stage, making any essential overhauls and remodels to expand the home's estimation to guarantee the home sells at the greatest expense and as fast as could really be expected. When the home sells, the property holder will get the returns, which may surpass market assumptions and extra worth. This help is accessible all through Raveis' nine-state impression (Florida, Connecticut, Massachusetts, Rhode Island, Vermont, New Hampshire, Maine, New York, New Jersey) and for homes at all value focuses.
"Raveis Purchase is the ultimate in hassle-free home-selling," said Ryan Raveis, Co-President of WRRE and President of William Raveis Mortgage. "For homeowners who want to maximize the value of their home and take advantage of this hot real estate market, Raveis Purchase is a no-brainer and a guaranteed sale. They will have cash in hand and be ready for their next home."
REAL ESTATE INVESTMENT
Ashcroft Capital | December 06, 2021
Ashcroft Capital, a fully integrated multifamily investment firm, and National Property REIT Corp. ("NPRC"), a full service REIT that invests in and operates real estate assets, today announced their acquisition of Elliot Norcross (formerly Vida Apartments by ARIUM), a garden-style community located in one of the fastest-growing submarkets in the Atlanta metropolitan area. Elliot Norcross features 687 apartment units and offers quick access to Interstate 85, one of the primary thoroughfares in the city. Birchstone Residential, Ashcroft Capital's in-house property management company, has assumed day-to-day management of the community.
NPRC, the majority equity investor in this transaction, focuses on acquiring tenant diversified real estate assets and, as of Sept. 30, 2021, owned 51 multifamily properties with over 20,000 units across the U.S. The off-market acquisition represents Ashcroft Capital's first transaction with NPRC, and the companies are actively seeking further acquisition opportunities to pursue together. Elliot Norcross also marks Ashcroft Capital's first acquisition in Norcross and the fourth in the company's rapidly growing Atlanta-metro portfolio.
"We're excited to team up on this acquisition with NPRC, which, over the past decade, has acquired 73 communities similar to Elliot Norcross, Together with NPRC, we look forward to taking over this property because we feel it offers significant upside potential based on remaining capex and strong submarket rent growth. Only 30% of the units have been renovated, which provides the opportunity to add value by upgrading the classic units. Additionally, Norcross is becoming more and more desirable due to its proximity to Atlanta's employment centers and its highly-rated school districts."
- Frank Roessler, founder and CEO of Ashcroft.
Norcross has become a sought-after submarket due to its location directly amidst Atlanta's I-85 industrial corridor, which is one of the largest industrial districts in the Southeast and represents one of the metro's primary employment centers. Prominent employers in the Gwinnett County submarket include Comcast, Amazon, Mitsubishi, Hewlett-Packard, and Asbury Automotive.
"Elliot Norcross marks our first joint venture with a major institutional partner and represents a significant expansion of our institutional platform, We're eager to partner with NPRC on an asset that we believe has significant operational upside and value-add potential in a vibrant, on-the-rise submarket. Furthermore, our emerging presence in the Atlanta market gives us the manpower and the infrastructure to deliver high levels of resident satisfaction and strong asset performance across the metro area."
- Bill Kay, managing director of capital markets for Ashcroft Capital.
Renovation efforts at Elliot Norcross, which will be executed by Birchstone's construction team, are expected to include further updating and modernizing the amenity spaces, improving curb appeal, updating landscaping, and implementing signage upgrades. In-home anticipated improvements include the addition of stainless-steel appliances, luxury laminate countertops, tile backsplashes, vinyl plank flooring, new cabinet fronts with modern pulls, and upgraded lighting and plumbing fixtures. New management also plans to add washer-dryer sets to approximately 600 homes.
Situated across 52 acres, Elliot Norcross was built in two phases beginning in 1972, and offers spacious one-, two- and three-bedroom homes with an average unit size of 1,021 square feet. Eighty-five percent of the homes are of the two- and three-bedroom variety, including 128 townhomes. Existing community amenities include two resident clubhouses, two resort-style swimming pools, picnic and grilling stations, fitness center, two soccer fields, play area, and business center.
About Ashcroft Capital
Founded in 2015, Ashcroft Capital is a vertically integrated multifamily investment firm that has acquired 43 communities comprising 13,000 units since its inception and now has $1.7 billion in assets under management throughout several high-growth metros of the Sun Belt. The firm focuses on capital preservation while striving to return strong, risk-adjusted cash-on-cash to investors. Ashcroft is capitalized with high net worth, family office and institutional capital. Ashcroft specializes in value-add multifamily real estate and exhibits an expertise in extracting maximum value from every asset it acquires. Rather than attempting to play cycle timing, the firm strives to acquire excellent apartment communities within well-located submarkets of large and growing U.S. metros.
About Birchstone Residential
Birchstone Residential is the in-house property management company of Ashcroft Capital. It has a comprehensive property management platform that provides all essential services, including leasing, maintenance and construction management. Birchstone was purpose-built to execute the value-add business plan for each Ashcroft property, optimize financial returns and deliver high resident satisfaction. Committed to a people-centric culture and employee development through job training, job enrichment and accelerated development, Birchstone seeks to provide best-in-class service that attracts new residents and enriches the lifestyles of current residents.
About National Property REIT Corp.
National Property REIT Corp. (NPRC) is a REIT that acquires tenant-diversified real estate assets with a particular focus on multifamily real estate. NPRC may acquire real estate assets directly or through joint ventures alongside operating partners. NPRC's current multifamily portfolio consists of 51 properties with a market value of $3.3 billion as of September 30, 2021, located in 14 different states throughout the US. NPRC is actively seeking to capitalize on a combination of factors that underpin compelling investment opportunities in Class B/C multifamily suburban workforce housing properties located in secondary and tertiary markets in the United States as well as pre-stabilized new construction projects throughout the United States.