REAL ESTATE INVESTMENT
HappyCo | November 03, 2022
HappyCo, the leading residential operations platform for real-time rental property data collection and utilization, is acquiring Toronto-based Yuhu, a comprehensive rental lifecycle management platform. Terms of the deal were not disclosed.
Yuhu's operations platform is utilized by top property owners and operators such as Boardwalk, CAPREIT, and BentallGreenOak and services over 500,000 prospects and residents across Canada and Europe.
"We've known the Yuhu team for quite some time and both companies share a similar culture and common vision to improve the multifamily industry, The merger of our firms broadens our collective impact on the overall resident lifecycle, and will allow us to capture more actionable data, create opportunities to enhance resident experiences, and streamline property operations to ease the daily workload of onsite teams."
-HappyCo CEO, Jindou Lee
Yuhu's cloud-based software for property owners and managers will be integrated into HappyCo's 'Happy Property Suites' and 'Happy Force' products to offer a complete operations solution for customers and residents. The Yuhu acquisition provides HappyCo with a resident-facing solution that significantly enhances its existing products and offers HappyCo customers a cohesive product that delivers an end-to-end view of the property lifecycle.
As part of the acquisition, Yuhu's current employees will join the HappyCo team, including Hugh Kolias, CEO of Yuhu, who will join as EVP. Existing Yuhu customers will benefit from an expanded solutions platform, accelerated product investment, and broader support while enjoying continuity of service.
We are thrilled to join forces with Jindou and the HappyCo team to achieve our shared vision to enhance the quality of life for multifamily residents and operators, By bringing our teams and products together, we're able to provide our mutual client-partners with an even better all-around experience,said Kolias.
Founded in 2011, HappyCo is the leading source of condition assessments and workflow tools for the multifamily market. Designed to automate, simplify, and protect data collected during residential rental property inspections, the platform has in-unit data on more than 3.5 million multifamily and single-family rental homes – notably one out of every eight professionally managed units in the U.S. The company provides vital underwriting information to lenders, investors, and asset managers, and empowers property managers with real-time operational tools and reporting. In 2021, HappyCo data were relied upon in about 26 percent of all U.S. sales transactions of multifamily units. HappyCo also serves property managers, offering a complete suite of apps to simplify processes, drive better performance and generate comprehensive views of assets within a portfolio.
HappyCo is a real estate software company that develops mobile and cloud solutions to enable real-time operations data for property managers, asset managers, lenders, and investors. Its software suite includes market-leading condition assessment and workflow tools with in-unit data on over 3.5 million rental homes. Founded in 2011 in Adelaide, Australia, the company is privately held with a remote workforce throughout the US, Canada, and Australia.
About Yu hu
Yuhu Inc. is a cloud-based multifamily operations platform that manages the entire rental lifecycle from lead to renewal. Yuhu's product suite provides onsite teams with a single, comprehensive solution and access to consolidated data insights. Founded in 2015, Yuhu supports over half a million residents, onsite staff, and prospects for its client-partners including Avenue Living, BentallGreenOak, Boardwalk, CAPREIT, Concert, Hollyburn, Campus Living Centers, Westdale, and other leaders in the Canadian multifamily industry.
REAL ESTATE INVESTMENT, REAL ESTATE ADVICE
Bonaventure | October 21, 2022
Bonaventure, an integrated alternative asset manager focused on the development, construction, and property management of innovative lifestyle multifamily communities in the Mid-Atlantic and Southeastern regions, announced its partnership with Project Destined. Bonaventure’s partnership will support Project Destined and its mission to provide training in financial literacy, entrepreneurship, and real estate to students from underserved communities. Since its founding in 2016, Project Destined has worked with more than 4,500 participants in 35 cities across the U.S., the United Kingdom and Europe. Bonaventure welcomes its Fall 2022 mentee group from Georgetown University, Howard University, George Mason University, Virginia State University and George Washington University.
“We’re thrilled to be part of the extraordinary work Project Destined is doing to invest in the future of our industry’s leaders and innovators, We look forward to equipping these young students with the insights and skills necessary to understand what goes into forming communities, and are excited to show them a deeper look into our industry in hopes of inspiring their own personal and professional goals.”
-Dwight Dunton, founder and CEO of Bonaventure
Project Destined leverages a work-based learning approach where students join executives to evaluate actual commercial real estate deals in their community and compete in a pitch competition to industry leaders to earn scholarships. Bonaventure mentors will prepare, engage, and guide students one-on-one to help them develop a range of fundamentals including financial, technical, presentation, and leadership skills designed to aid them in obtaining internships, certifications, and full-time employment, launching their careers in commercial real estate.
We are excited to partner with Bonaventure to grow our work in Washington, DC, The Bonaventure team has invested incredible resources to provide this group of students with mentoring, exposure and networking opportunities. We are proud to partner to prepare the students for potential careers in real estate,said Cedric Bobo, Co-Founder of Project Destined.
Headquartered in Alexandria, Virginia Bonaventure is an integrated alternative asset management company specializing in multifamily design, development, construction, asset management and property management with over 6,000 apartment units across 29 communities primarily in the Mid-Atlantic and Southeastern regions of the United States. Since its founding in 1999 by Dwight Dunton, Bonaventure has become one of the top 15 most experienced HUD developers in the nation and has completed $500 million in HUD loans and over $2.25 billion in transactions. With its focus on building enduring value through ingenuity, Bonaventure boasts a full suite of investment capabilities.
About Project Destined
Project Destined is a leading social impact platform that provides training in financial literacy, entrepreneurship, and real estate. Project Destined partners with corporations, schools, and non-profits to deliver training using its proprietary e-learning platform and love courses. Project Destined leverages a work-based learning approach where students work with executives to evaluate live deals in their community and present them in a pitch competition to industry leaders. Scholars emerge with the skills, confidence, experiences, and networks that prepare them to secure a strong first job and become stakeholders in their community.
REAL ESTATE TECHNOLOGY,REAL ESTATE INVESTMENT
Tishman Speyer and Mitsui Fudosan America | November 09, 2022
Tishman Speyer and Mitsui Fudosan America (MFA) today announced the formation of a new programmatic joint venture dedicated to the acquisition, development, redevelopment and operation of industrial properties in leading U.S. cities.
The newly-created Tishman Speyer-Mitsui Fudosan America Logistics Venture will be seeded by an initial $500 million commitment from an affiliate of MFA along with co-investment capital from Tishman Speyer. The funds will be used to pursue ground-up development projects and the major repositioning or redevelopment of existing value-add industrial acquisitions. The joint venture will prioritize ESG investments that adhere to the standards and specifications set forth by market leading environmental certifications such as LEED and GRESB.
The partnership will focus primarily on major urban centers with dynamic workforces, growing populations and high barriers to entry such as Los Angeles, the New York Metro region, the Puget Sound region, San Francisco Bay Area, Austin, San Diego, Washington D.C., Boston and Chicago. Tishman Speyer will execute its industrial strategy through its long-established in-house teams within its target markets.
Tishman Speyer will invest in a wide range of industrial assets that facilitate the movement and delivery of goods and services in those high barrier locations, including distribution, warehousing, research and development, small bay, transload and outdoor storage.
"The evolving needs of today's consumer have generated strong demand for well-located, functional industrial properties. This is especially true in the most supply-constrained urban centers. Through this new joint venture, we intend to create and operate facilities that bring companies closer to their customers, We are also excited to grow and diversify our strategic partnership with Mitsui Fudosan America - already a co-investor in a number of Tishman Speyer's life sciences, residential and office developments."
-Tishman Speyer CEO Rob Speyer
Said Sean McSweeney, Senior Vice President, Acquisitions, at Mitsui Fudosan America, This is an exciting area for the growth and expansion of our portfolio. Our partnership with Tishman Speyer has already proven its success in finding opportunity and delivering value to a wide range of urban communities throughout the U.S. This initiative extends from the decade long commitment by Mitsui Fudosan Co., Ltd., to acquiring, developing and managing industrial facilities. In Asia, under the Mitsui Fudosan Logistics Park flagship brand, there are 53 projects being developed and managed.
Tishman Speyer launched its industrial platform in December 2021 with the acquisition of two distribution centers in Pittsburgh and Colorado Springs. In 2022, the firm tapped industry veteran Andy Burke to serve as Managing Director and Head of Industrial. Burke previously held leadership roles at AMB Property Corporation (now Prologis) and most recently at Terreno Realty Corporation, where he was part of the management team that established its platform and took the company public in 2010.
Mitsui Fudosan America's commitment to this new joint venture will accelerate our industrial platform's expansion from core and core-plus assets to include value-add, development and redevelopment opportunities, said Tishman Speyer Senior Managing Director Paul Galiano, who serves as Co-Head of U.S. Acquisitions and Global Capital Markets.
Added Burke, The servicing requirements that come with an ever-expanding omnichannel experience are constantly creating dynamic demands on the supply chain. By positioning our investments in high density locations in the path of consumption, we will unlock significant value for our customers and our investment partners.
About Tishman Speyer
Tishman Speyer is a leading owner, developer, operator and investment manager of first-class real estate in 32 key markets across the United States, Europe, Asia and Latin America. We develop, build and manage premier office, residential and retail spaces for industry-leading tenants, as well as state-of-the-art life science centers through our Breakthrough Properties venture. With global vision, on-the-ground expertise and a personalized approach, we are unparalleled in our ability to foster innovation, quickly adapt to global and local trends and proactively anticipate our customers' evolving needs. By focusing on health and wellness, enlightened placemaking and customer-focused initiatives such as our tenant amenities platform, ZO., and our flexible space and co-working brand, Studio, we tend not just to our physical buildings, but to the people who inhabit them on a daily basis. Since our inception in 1978, Tishman Speyer has acquired, developed, and operated 512 properties, totaling 217 million square feet, with a combined value of over $126 billion (U.S.). Our current portfolio includes such iconic assets as Rockefeller Center in New York City, The Springs in Shanghai, TaunusTurm in Frankfurt and the Mission Rock neighborhood currently being realized in San Francisco.
About Mitsui Fudosan America
Mitsui Fudosan America, Inc. (MFA) is the U.S. subsidiary of Japan's largest real estate company, Mitsui Fudosan Co., Ltd., a publicly-traded company with approximately $65 billion of assets. MFA is responsible for Mitsui Fudosan's real estate investment and development activities in North America, and is headquartered in New York, with branch offices in Washington D.C., San Francisco, Los Angeles and Honolulu. MFA has been active in the United States since the 1970s, and currently owns assets in the New York, Washington D.C., Boston, Dallas, Atlanta, Denver, Seattle, San Francisco, Los Angeles, San Diego and Honolulu metropolitan areas. MFA's U.S. portfolio includes 8.6 million square feet of office space, 2.7 million square feet of office space under development, 2,000 residential apartments, 5,300 additional rental units under development, as well as 741 hotel rooms. Additionally, MFA has recently developed several condominium projects in the New York and Washington D.C. markets.