REAL ESTATE TECHNOLOGY
Blueground and Tabas | November 18, 2022
Blueground, a PropTech scaleup offering a turnkey, flexible housing solution for renters globally, announces today it entered into agreement to acquire Brazilian PropTech startup, Tabas. Marking the first acquisition in Blueground’s nearly 10-year history, the company will soon acquire Tabas after leading Tabas’ $14 million Series A funding round earlier this year. Tabas is the largest operator of designer-quality furnished apartments for 30 days or more in São Paulo, Rio de Janeiro, and Brazilia. The acquisition, which is expected to close in early Q1 2023, enables Blueground to enter the Latin American market, and fuel the increased demand for furnished, flexible rentals in the region. Together Blueground and Tabas will launch Mexico City in early 2023.
During the period between now and close, the two companies will continue to operate independently and will gradually integrate over the next year. The combined organization will have a presence in 29 cities across 16 countries, employing over 1,000 people. Based on current financial projections, the joint entity is projected to generate ~650M in 2023.
Blueground is the largest turnkey property rental company in the 30+ day sector. It has a network of 9,500 move-in-ready, expertly-designed homes enabling people to flexibly live wherever they choose. The company was co-founded by CEO Alex Chatzieleftheriou in 2013, who, after many years as a business consultant, had experienced first-hand the pain points of living out of hotels for work for months at a time. He aspired to create a seamless way for people to freely move between neighborhoods, cities, and countries around the world.
Blueground currently works with over 4,700 landlords globally, guaranteeing them rental income while providing expert property management and maintenance services at scale. The acquisition of Tabas will allow Blueground to grow its network faster, supporting its goals of 40,000 apartments across 50 cities by 2025, and add more location options for its client base.
“We’ve had our sights set on Latin America for quite some time, as we see huge market potential for furnished and flexible rentals, Since our first investment in Tabas last year, we’ve developed immense respect for the Tabas team and what they’ve built in Brazil. With our best-in-class technology and our expertise in scaling the business, we'll continue to expand and offer the option for a flexible lifestyle in more markets globally.”
-Alex Chatzieleftheriou, CEO and Co-founder, Blueground
Founded in May 2020, Tabas was born out of the founders’ frustration with the lack of flexible, fully furnished rentals for mid- to long-term stays. Tabas now has over 1,000 apartments in three cities in Brazil - São Paulo, Rio de Janeiro, and Brazilia, raising over $20 million in funding prior to the acquisition. As the first project post-acquisition, Tabas will offer its knowledge and understanding of the market to support the launch of Blueground in Mexico City in early 2023, marking Blueground’s 30th city, and 11th in the last 12 months.
Tabas and Blueground’s visions are fully aligned and together we can create even more value for our guests, our landlords and the Tabas team, This acquisition is yet another success story for Brazilian proptech companies. We're proud of the work we’ve done to get us this far; now it’s time to take it to the next level and continue bringing the turn-key, flexible rental living concept across Latin America,said Leonardo Morgatto, Co-founder and CEO, Tabas.
The pandemic gave rise to new work environments, enabling people to explore the world and forgo traditional long-term leases for flexible rentals. To keep up with the growing demand, Blueground has doubled its supply of apartments in the last year.
The acquisition is subject to standard closing conditions, including regulatory approvals.
Blueground is a global PropTech company that operates a curated network of thousands of quality, turnkey homes in sought-after neighborhoods around the globe, making them available for stays of a month or longer. Blueground’s tech-enabled platform provides a fully digitized experience; from viewing and booking available apartments within minutes to managing the entire stay through the Blueground Guest App. Blueground is headquartered in New York City, with a portfolio of thousands of apartments in 26 cities worldwide including in New York, Los Angeles, San Francisco, Boston, Chicago, Washington D.C., Denver, Seattle, Austin, Miami, Dubai, Istanbul, Paris, London, Vienna, Zurich, Berlin, Madrid, Barcelona, Lisbon, Basel, Luxembourg, Copenhagen, Hong Kong, Singapore, and Athens. Blueground plans to expand to 50 cities by 2025.
Tabas is a Brazilian real estate technology startup providing beautifully-designed fully-furnished apartments for flexible stay. Founded in early 2020, it already has more than 1,000 apartments in its portfolio, in the cities of São Paulo, Rio de Janeiro and Brasília, all located in upscale neighborhoods, equipped and decorated with sophistication. With unprecedented flexibility for the Brazilian market regarding rental contracts, the company works with terms starting from 30 days of rent, guaranteeing the property maintenance to the owners and uncomplicated and well assisted reservations to the tenants.
REAL ESTATE TECHNOLOGY
Lone Wolf Technologies | September 07, 2022
Lone Wolf Technologies (Lone Wolf), the leader in North American residential real estate software, announced today the rollout of the company's highly popular digital signature solution, the all-new Authentisign, to Lone Wolf Transactions (zipForm Edition) customers. This rollout will take place nationwide in a phased market approach starting today.
As real estate's most trusted digital signature solution, Authentisign has for over 20 years provided the industry with a way to sign transactions documents quickly, easily, and most importantly, securely. The all-new Authentisign will replace the existing digital signature solution built into Transactions (zipForm Edition) and represents a significant improvement in how real estate professionals manage and complete signings.
In the new Authentisign, users will experience:
Improved signing creation workflows that remove the need for a signing wizard
An improved signer experience that times signature prompts to match user interaction
Performance improvements that mean users can complete signings up to 60% faster
With these improvements, users will be able to complete signings in just three easy steps—so they can process and close deals faster than ever while providing a simpler experience for homebuyers and sellers.
Since its original release in 2021, the all-new Authentisign has received over 1.8 million ratings from agents, buyers, and sellers alike with a 4.5 out of 5 average. Of the 42 million signings completed in Lone Wolf solutions in the last year, 17 million have been completed using the all-new Authentisign.
"The new Authentisign was not only easier and faster than the previous version; it was also easier and faster than any other signature solution I've used, The new transaction workspace is a massive time-saver for real estate agents, and the signing experience for clients is incredibly intuitive."
- Janice Poetsch, Chief Administrative Officer at Fair Realty
This release, which comes on the heels of Lone Wolf's new forms editor, features the same groundbreaking technology designed to simplify real estate for everyone involved, Together, these two solutions will go a long way toward modernizing the forms and signing process as well as the entire buyer and seller journey,said Dan Fortin, Senior Product Manager at Lone Wolf.
Real estate has migrated from fragmented point solutions to digitally connected experiences, and transactions are the heart of it all, By connecting improved signatures to transactions through the all-new Authentisign, we're creating a central hub where real estate professionals can access and provide to their own clients the only truly connected start-to-finish experience in the industry,said Sean Wheeler, CTO at Lone Wolf.
About Lone Wolf Technologies
Lone Wolf Technologies is the North American leader in residential real estate software, serving over 1.5 million real estate professionals across Canada and the U.S. With cloud solutions for agents, brokers, franchises, MLSs and associations alike, the company provides the entire real estate industry with the tools they need to amaze clients, build their business, and improve profits from transactions to back office, insights, and more, all in one place. Lone Wolf's head offices are located in Cambridge, ON, and Dallas, TX.
REAL ESTATE INVESTMENT
CIP Real Estate LLC | November 17, 2022
CIP Real Estate has acquired Kennesaw Mountain Business Park, an industrial property in the north Atlanta metro area, for $22.6 million. The 10-acre parcel features two buildings totaling 144,130 square feet.
The business park comprises 18 shallow bay industrial units ranging in size from 3,920 to 18,000 square feet, and the majority of the suites are between 6,000 and 12,000 square feet. The project is currently over 96% occupied.
Due to strong demand and limited supply of small and mid-bay industrial units in the upscale Marietta area, a suburb of Atlanta, CIP expects significant rental increases in the next five years, which will be supported by upgrades to the facility, including improvements to the parking lot and landscaping, along with painting and HVAC upgrades.
“We’re seeing unprecedented industrial demand in the Atlanta metro area, driving low inventory and supporting higher rental rates, Kennesaw Mountain Business Park is a strategic addition to our Atlanta metro portfolio, in a highly desirable location with premier accessibility and demographics.”
-Eric Smyth, CEO of CIP
The Kennesaw project is the newest acquisition in CIP’s growing Atlanta metro portfolio. Just 17 miles away, in Alpharetta, is Mansell Commons, a 223,000-square-foot industrial and flex project. CIP invested nearly $750,000 in capital improvements on Mansell Commons this year. To the east, additional CIP assets include Gwinnett Commons, Brook Hollow Center, Pleasantdale Industrial Park and Perimeter Place Business Park.
CIP’s purchase of Kennesaw Mountain Business Park was funded with $14.69 million in takeback financing from the seller.
About CIP Real Estate LLC
CIP Real Estate LLC is a full-service real estate investment company focused on the acquisition, repositioning, re-branding, and management of industrial assets throughout West Coast, Southeast, and Texas markets. Founded in 1995 and based in Irvine, CA, the company owns and manages approximately 9.5 million square feet of quality properties, with offices in Ontario (CA), Riverside (CA), Hayward (CA), Las Vegas, Charlotte, Atlanta and Dallas.