REAL ESTATE INVESTMENT
Gray Capital | June 06, 2022
Multifamily investment firm Gray Capital has closed on Stonybrook Commons, a 122-unit apartment community located on Indianapolis's East side, built in 1991.
Gray Capital's plans for the property include interior renovations with updated flooring and appliances as well as other modernizations and efficiency improvements. Additionally, $500k has been aimed at improving the exterior of Stonybrook and increasing curb appeal. Renovations include replacing several roofs, replacing gutters, improving drainage, replacing and painting shutters, and asphalt improvements.
The business plan also includes revitalizing existing outdoor amenities and taking advantage of a large green space on the property with the addition of a soccer field for residents.
Indianapolis, IN is seeing a substantial amount of job growth, particularly in the sub-market where Stonybrook is located, and Stonybrook Commons will be ideally situated to meet the growing housing demand in the area."
Spencer Gray,Gray Capital CEO and President
George Tikijian, Hannah Ott, and Cameron Benz of the Indianapolis Cushman & Wakefield were the selling brokers in the transaction.
Stonybrook Commons is the first property within Gray Capital's $100 million multifamily investment fund, The Gray Fund, and Gray Capital plans to continue this momentum with additional acquisitions in the near future.
The purchase of Stonybrook Commons follows the 2021 acquisition of Suncrest Apartments and adds to Gray Capital's $500+ million in assets under management and more than $1 billion in commercial real estate projects to date since its founding in 2015.
REAL ESTATE TECHNOLOGY,REAL ESTATE ADVICE
Morreale Real Estate Services, Inc. | August 04, 2022
Morreale Real Estate Services, Inc. announces the launch of the new and improved MSite for clients, transferees, and partners.
Over the past few years, the real estate industry has changed drastically, leaving businesses to shrink their turnaround times and increase their productivity. Morreale Real Estate Services addresses these changes and works daily to find the "secret sauce" to make the client relocation process as smooth and easy as possible for their clients.
During this time, the Development team at Morreale Real Estate Services has remodeled the MSite portal for our partners, as well as enhanced our MSite for our clients and their transferees. With this new technology available to our clients, transferees and partners, the relocation process has been made easier through our secure online MSite portal.
The experience our clients have with the Morreale Real Estate team is very important. This new and improved MSite portal is a simple, easy-to-use platform that will make the process of signing documents and returning them more advanced. Our secure system is sure to blow your mind!
"Over the past couple of years, Morreale Real Estate Services has made it a point to focus on the transferee experience when working with our office. This MSite is another great tool in our toolbelt when working with the client's transferring employee. Having our transferees electronically sign documents through our portal and return them to us is a more efficient experience that will speed up the process. We are excited to introduce this new method of working with our office."
-Aaron Raffel, COO at Morreale Real Estate Services
Cory Wilhelmi, Vice President of Client Services, adds Whether you're a transferee, client or partner, the new Morreale Real Estate MSite portal provides you with the tools to make every relocation successful. From uploading expenses for reimbursement or finding the best M-Preferred partner to work with on your transaction, this new and improved portal puts everything at your fingertips. I can't wait for our clients, partners, and transferees to try it out!
About Morreale Real Estate Services, Inc.
Morreale Real Estate Services, Inc. is an independent, family-owned organization that provides national title and closing services, acquisition and inventory management services, and accounting services to the corporate relocation and mortgage industry. With over 50 years of industry experience, our home purchase and destination programs are customized to meet your needs and are administered with award winning service and state of the art technology.
REAL ESTATE TECHNOLOGY
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.
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.