Redfin: This is how much an open house can boost your home sale

Redfin | April 23, 2019

Technology has transformed the housing market by digitizing almost every aspect of the home buying process. In 2019, Americans are able to sell, purchase and finance a property all from the comfort of their own home.

Spotlight

Altus Group's RealNet has grown to give you an even more complete picture of the real estate market. Altus Group Limited is a leading provider of independent advisory services, software, and data solutions to the global commercial real estate industry. Our businesses, Altus Analytics and Expert Services, reflect decades of experience, a range of expertise, and technology-enabled capabilities. Our solutions empower clients to analyze, gain market insight and recognize value on their real estate investments. Headquartered in Canada, we have approximately 2,300 employees around the world, with operations in North America, Europe and Asia Pacific.

Spotlight

Altus Group's RealNet has grown to give you an even more complete picture of the real estate market. Altus Group Limited is a leading provider of independent advisory services, software, and data solutions to the global commercial real estate industry. Our businesses, Altus Analytics and Expert Services, reflect decades of experience, a range of expertise, and technology-enabled capabilities. Our solutions empower clients to analyze, gain market insight and recognize value on their real estate investments. Headquartered in Canada, we have approximately 2,300 employees around the world, with operations in North America, Europe and Asia Pacific.

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REAL ESTATE INVESTMENT

ACRE Provides $43.5M Loan for ‘Connect at First Creek’ Development in Denver, Colo.

ACRE | June 29, 2022

ACRE, a global real estate private equity firm, announced it has finalized a $43.5 million bridge loan with Peak Capital Partners (“Peak Capital”), to support the luxury multifamily apartment community ‘Connect at First Creek’ in Denver, Colorado. Issued through ACRE’s latest debt fund “ACRE Credit I”, the loan will support Peak Capital’s purchase of the 150-unit community. Executed in May, the 3-year agreement includes options for two single-year extensions. Brian Caudel and Jack Tidrick at KeyBank Real Estate Capital served as brokers for the deal. Denver has continued to add huge numbers of both jobs and residents over recent years, making it one of the country’s fastest-growing metro areas and creating a critical need for high-quality rental housing. Connect at First Creek has already enjoyed impressive success in helping to satisfy that robust demand, and we’re proud to play a role in supporting Peak Capital’s purchase of this first-class property.” Daniel Jacobs, Managing Partner at ACRE The agreement for Connect at First Creek was one of four loans, totaling approximately $169 million, issued via ‘ACRE Credit I’ in May alone. Other loans finalized during the month were issued in support of multifamily developments in Nashville, Tennessee; Fort Worth, Texas; and Fredericksburg, Virginia. The loan also represents the third issued to Peak Capital since ACRE Credit 1’s launch in August 2020, following two transactions for properties in the Atlanta metropolitan area. To date, the fund has raised $509 million of equity and has committed to provide more than $2 billion in whole loans across 52 transactions to support the acquisition, lease-up, redevelopment and recapitalization of multifamily assets in growing secondary markets across the U.S. “Our lending platform has been able to provide financing for a fast-expanding list of apartment developments across a wide variety of markets, as we continue to form and solidify partnerships with industry leaders like Peak Capital Partners,” said Jacobs. “May marked yet another productive month for ‘ACRE Credit I’, and we look forward to continuing to support other companies and the country’s rental housing sector at-large, as it experiences nearly unprecedented growth.” Located at 17900 East 56th Avenue, Connect at First Creek was built and delivered by Massimino Development. Since opening in 2020, the community has enjoyed significant lease-up success, as it is currently 96 percent leased. The development’s 150 luxury units feature a wide range of amenities, with in-unit features and finishes including stainless steel kitchen appliances, quartz countertops, Bluetooth keyless deadbolt locks, wood-style flooring, washer/dryer, walk-in closets, and private balcony/patio space. Community amenities include a resort-style swimming pool, fitness center, clubhouse, open air dining spaces with stainless steel BBQ grills, game room with billiards, coworking and conference spaces, a half-acre dedicated park, and direct access to First Creek Trail. Connect at First Creek is located just a short distance from Pena Boulevard, Interstate 70, Interstate 225 and the 61st & Pena Light Rail station, offering residents an easy trip to Downtown Denver, Denver International Airport, and Aurora. The property is also adjacent to Rocky Mountain Arsenal National Wildlife Refuge, a 15,988-acre wildlife sanctuary. About ACRE ACRE is a vertically integrated private equity firm specializing in commercial real estate through active investments in both direct equity and debt capital markets as well as special situation opportunities. ACRE manages a global portfolio in excess of $3.1 billion concentrated in U.S. multifamily with holdings in the United Kingdom and Southeast Asia through separate verticals. ACRE has offices in Atlanta, New York, and Singapore.

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REAL ESTATE INVESTMENT

Indio Management Accepts First Multifamily Assignment from New Client, Magma Equities

Indio Management | December 27, 2021

Indio Management, a Dallas leader in property management solutions, has accepted a new management assignment from Magma Equities for Vista Azul, a 248-unit community located on Clydedale Drive, ten miles north of Downtown Dallas. This is Indio's first partnership with Magma equities, allowing the management company to expand upon its growing client base. This assignment fits Indio well, as the majority of its current properties span the 10-mile radius surrounding Dallas' core. We're always excited to bring on new clients and embrace challenges. We look forward to creating positive change for the prospects and residents at Vista Azul." Founder and President of Indio Management, Seth Bame. The garden-style community offers a combination of studio, one-, two-, and three-bedroom apartments which range from 500 square feet to 1,040 square feet. These units have been newly remodeled to include a full kitchen appliance package, faux hardwood flooring, built-in shelving, and patios or balconies in select units. Vista Azul also offers a comprehensive list of community amenities, including a fitness center, business center, controlled access gate, and picnic area outfitted with a grilling station. Vista Azul was recently renovated, and the addition of our services will further enhance the overall experience within the community. We make it a priority to create or enhance neighborhoods where we can, and we're excited to make that happen here with Vista Azul." Bame affirms. About Indio Management Indio Management has been a leading provider of professional property management services throughout Texas since 2011. Indio is inspired and driven to offer quality apartments, superior customer service, and memorable living experiences. Entrepreneurial, unorthodox, and responsive, Indio manages assets as they are their own and treats residents like family–their approach is the kind not taken by traditional property management groups. Indio brings a special brand of full service, institutional-like property management capability that prioritizes relationship building.

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REAL ESTATE INVESTMENT

Smart Building Pioneer Brivo to Become Publicly Traded Company Through Merger With Crown PropTech Acquisitions

RentPath | November 10, 2021

Brivo, Inc., the global leader in cloud-based access control and smart building technologies, and Crown PropTech Acquisitions (NYSE:CPTK) (“Crown”), a publicly traded special purpose acquisition company, today announced that they have entered into a definitive merger agreement that will result in Brivo becoming a publicly listed company. The transaction values the company at a pro forma enterprise value of $808 million. Upon closing, the combined company will operate as Brivo, and its Class A common stock is expected to be listed under the ticker symbol “BRVS.” This strategic business combination will enable Brivo to leverage Crown’s experience and relationships as an owner and operator of commercial real estate to accelerate market expansion. Since its founding in 1999, Brivo has pioneered and defined the cloud-based access control category. Brivo’s leadership was instrumental in transforming the security industry, which at the time was dominated by on-premise client-server technology, and has achieved remarkable growth with the innovative cloud-based hardware and software solutions it began rolling out in 2002. Today, Brivo builds and sells Software-as-a-Service-based (SaaS) building access management services and innovative connected devices to enterprises and property owners through over 1,500 channel partners. These partners provide local sales, service and installation across all classes of commercial real estate including office, industrial, multifamily and retail properties. As it continues to scale, Brivo expects to benefit from the dramatic increase in smart space adoption driven by the PropTech boom, the growing customer preference for cloud-based services, the new normal in safety and health, and a shift in security integrator channel sentiment – which has swung from 20% to 75% in favor of the cloud over the last five years. Brivo has become the single largest access control system in the world, serving a large, diversified global customer base of more than 44,500 customer accounts comprising over 300 million square feet of commercial property, 330,000 doors and 23 million credentialed Brivo users across 42 countries, all 50 states and Puerto Rico. Corporations and owners and operators of commercial real estate that use Brivo’s technology and services include Greystar, Whole Foods, NTT, DocuSign and Realogy. Brivo’s foundational platform for smart spaces includes access management, sensor monitoring, visual awareness, visitor and delivery management, and AI-driven data analytics, providing customers with all the core functionality required to operate, glean valuable insights, and optimize the performance of their buildings. Brivo’s sustained double-digit annual growth has been driven by constant innovation coupled with a focused land and expand strategy that has successfully increased annual recurring revenue over time by scaling customer adoption of products and services. The company’s extensive channel partner ecosystem is a key differentiator that allows Brivo to achieve attractive unit economics that drive highly productive and profitable customer relationships, with a compelling lifetime value (LTV) to customer acquisition cost (CAC) ratio of 6.1x. The company has significant organic growth opportunities with strong visibility into future financial performance from its high-retention SaaS-based model. “As an owner and operator of a sizable portfolio of commercial properties, we recognize the significant value Brivo brings to the ecosystem, and we believe there is a compelling opportunity to leverage our experience and relationships to further establish the company as the pre-eminent provider of cloud-based access control and smart building technology. Brivo has demonstrated its value through its strong subscription revenues, retention rates, network of channel partners, and successful land and expand strategy, creating a highly loyal customer base. We look forward to supporting Steve and the team as they advance their strategic priorities.” - Richard Chera, Chairman and CEO of Crown PropTech Acquisitions Transaction Overview Golub Capital Credit Opportunities has agreed to lead a $75 million convertible note PIPE in the combined company that will close concurrently with the business combination subject to satisfaction of related conditions. Eagle Eye Networks is also a strategic investor in the PIPE. There is approximately $276 million currently held in Crown’s trust account, subject to any redemptions by Crown shareholders. Existing Brivo shareholders will roll over 100 percent of their equity, retaining 69 percent ownership in the pro forma company. Assuming no redemptions, Crown shareholders will own approximately 31 percent of the combined company. “We are excited to provide a highly structured and flexible financing solution to support Brivo, the market-leading provider of cloud-based access control solutions in the enterprise and commercial segments. We think Brivo’s strong management team, coupled with Crown’s deep experience in real estate and the leadership of a proven serial technology entrepreneur like Dean Drako make for a world-class combination.” - Marko Soldo, Head of Golub Capital Credit Opportunities. The business combination will provide Brivo with up to $304 million of capital to advance its mission of delivering the highest quality products and services to protect its customers and to fuel growth via the expansion of sales and marketing, customer acquisition, SaaS service expansion and product development, with the actual amount of capital provided depending on the level of redemptions by Crown shareholders. The company has substantial runway within its current user base and a focused commercial strategy to drive market penetration and upselling. Brivo expects to generate $417 million in revenue and an annualized $290 million in annual recurring revenue in 2025, representing 2021E to 2025E CAGRs of 55% and 70%, respectively. Brivo's proven management team – including Van Till, COO John Szczygiel, CFO Mike Voslow and CTO Jeff Nielsen – will continue to operate and manage the combined company following the transaction. Dean Drako, founding CEO of Barracuda Networks, will continue to serve as Brivo’s chairman of the board. The boards of directors of Brivo and Crown have unanimously approved the business combination. The transaction will require the approval of the stockholders of Crown, and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. The transaction is expected to close in the first half of 2022. Imperial Capital is acting as financial advisor, and Latham & Watkins LLP is acting as legal advisor to Brivo. RBC Capital Markets, LLC is acting as financial advisor and capital markets advisor to Crown, and as exclusive placement agent on the private placement. Davis Polk & Wardwell LLP is acting as legal advisor to Crown. Shearman & Sterling LLP is acting as legal advisor to RBC Capital Markets, LLC. Simpson Thacher & Bartlett LLP is acting as legal advisor to Golub Capital Credit Opportunities. About Brivo Brivo is the global leader in mobile, cloud-based access control for commercial real estate, large distributed enterprises, and multifamily residential. Our comprehensive product ecosystem and open API provide businesses with powerful digital tools to increase security automation, elevate employee and tenant experience, and improve the safety of all people and assets in the built environment. Having created the category over twenty years ago, our building access platform is now the digital foundation for the largest collection of customer facilities in the world, trusted by more than 23 million users occupying over 300 million square feet of secured space in 42 countries. Our dedication to simply better security means providing the best technology and support to property owners, managers, and tenants as they look for more from buildings where they live, work, and play. Our comprehensive product suite includes access control, smart readers, touchless mobile credentials, visitor management, occupancy monitoring, health and safety features, and integrated video surveillance, smart locks, and intercoms. Valued for its simple installation, high-reliability backbone, and rich API partner network, Brivo also has the longest track record of cybersecurity audits and privacy protections in the industry. About Crown PropTech Acquisitions Crown PropTech Acquisitions (NYSE:CPTK) is a blank check company organized for the purpose of effecting a merger, capital stock exchange, asset acquisition or other similar business combination with one or more businesses or entities, with a focus on businesses that provide technological innovation to the broader real estate ecosystem. The management team is led by Richard Chera, the company’s Chief Executive Officer and director, who also serves as co-founder and Senior Managing Director of Crown Acquisitions Inc. and co-founder and Chief Executive Officer of ReWyre®; and Dr. Pius Sprenger, the company’s Chief Financial Officer and director, who was formerly an executive of Cantor Fitzgerald and Deutsche Bank. Rasheq Zarif serves as lead strategic advisor to the company.

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