Real Estate Technology
PR Newswire | October 10, 2023
Capital Square, one of the nation's leading sponsors of tax-advantaged real estate investments and an active developer and manager of housing communities, announced today the formation of a joint venture partnership with ITOCHU Corporation to acquire Creekside Terrace, a 100-unit build-for-rent (BFR) single-family community currently being developed by Pulte Homes, the third largest home builder in the country.
ITOCHU Corporation is one of the largest Japanese sogo shoshaa, or general trading and investment companies, founded in Japan in 1858. According to the 2023 Fortune Global 500 list, ITOCHU is the 96th largest company in the world, with annual revenue in excess of $103 billion.1
"Capital Square is thrilled to partner with one of the largest corporations in the world to acquire Creekside Terrace, a build-for-rent community near San Antonio, Texas," said Louis Rogers, founder and co-chief executive officer of Capital Square.
Creekside Terrace is a 100-unit purpose-built single-family BFR rental community, located just minutes from Interstate 35. Part of an exceptional master-planned development of new homes, the community features a pool, pavilion and park with convenient access to nearby shopping and dining. These three- and four-bedroom, open-concept homes offer upscale interiors and contemporary amenities for growing families in the burgeoning New Braunfels, San Antonio area. The community will provide a high-quality rental housing option to the almost 19,000 new residents who moved to San Antonio last year.
"Capital Square continues to invest in the acquisition and development of build-for-rent communities throughout Texas and the Sunbelt," said Dave Platter, managing director and co‑head of private equity at Capital Square. "As a firm, we continue to source opportunities in the I-35 corridor between Austin and San Antonio. We believe Creekside Terrace will present a welcoming community for young families looking for the benefits of single-family living without the high costs and headaches associated with homeownership today."
Build-for-rent communities, comprised of single-family homes purpose-built for renting, have become an increasingly popular asset class among institutions and individual investors. Demand for this rental option is growing exponentially among residents who seek a single-family lifestyle, the financial and leasing flexibility of a rental with the amenities and convenience of a professionally managed property.
The U.S. has chronically underbuilt housing since the Great Financial Crisis and requires an additional 4.3 million housing units by 2035 to meet the demand for rental housing, according to the National Multifamily Housing Council. Demand for build-for-rent homes continues to increase with professionally managed communities offering one of the best solutions for the shortage of quality, affordable housing. Institutionally owned and operated build-for-rent communities represent less than 5% of the overall U.S. housing stock, paving the way for long-term, sustainable growth for the asset class.
"We are pleased to partner with Capital Square on Creekside Terrace and look forward to working with Capital Square on future acquisitions," said Hideyuki Matsukawa, senior vice president and general manager of general product and realty division at ITOCHU International Inc.
Since its formation in 2012, Capital Square has raised more than $3 billion in equity from investors for its tax-advantaged real estate investment offerings. The company has consistently ranked as one of the leading sponsors of Delaware statutory trust (DST) investment programs for investors seeking the advantages of Internal Revenue Code Section 1031 exchanges and is also an active sponsor of qualified opportunity zone funds, development LLCs and Capital Square Apartment REIT, a real estate investment trust that invests in multifamily communities throughout the Southeast.
About Capital Square
Capital Square is a vertically integrated national real estate firm specializing in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges, qualified opportunity zone funds for tax deferral and exclusion and a real estate investment trust (REIT). In recent years the company has become an active developer of mixed-use multifamily properties in the southeastern U.S., with eight current projects totaling approximately 2,000 apartment units with a total development cost in excess of $600 million. Since 2012, Capital Square has completed more than $7.5 billion in transaction volume. Capital Square's related entities provide a range of services, including due diligence, acquisition, loan sourcing, property/asset management and disposition, for a growing number of high-net-worth investors, private equity firms, family offices and institutional investors. Since 2017, Capital Square has been recognized by Inc. 5000 as one of the fastest growing companies in the nation for seven consecutive years. In 2017, 2018 and 2020, the company was also ranked on Richmond BizSense's list of fastest growing companies.
Real Estate Investment
Globe Newswire | October 12, 2023
SRS Real Estate Partners today announced an expansion of its industrial services to Miami with the addition of a veteran three-person team. Wayne Schuchts will lead SRS’ industrial practice in Florida and is joined by Andrew Lehrer and Michael Palmer. The team will focus on representing owners, tenants, and investors of industrial property throughout Florida.
“The addition of this team and the creation of a Miami office will be a game changer in Florida for SRS,” said Chris Maguire, SRS Chairman and CEO. “We have been looking for the right opportunity to enhance our capabilities in Orlando, Tampa and Fort Lauderdale, and adding this seasoned industrial team will make a significant impact in the state.”
This is the second industrial team to join SRS in the last month. In early September the company announced a significant expansion that included new team members in Atlanta and Southern California.
“Wayne, Andrew and Michael are a fantastic addition to our industrial team,” said Brant Landry, SRS Industrial Managing Principal. “They have an extensive track record throughout Florida providing exceptional services for their clients, and they give SRS a strong presence in the state. Wayne and I worked together at the Staubach Company previously and I’m looking forward to teaming up with him again.”
Schuchts, previously a partner at Avison Young, joins SRS as Managing Principal and brings more than three decades of commercial real estate experience. Specializing in industrial property transactions for institutional investors and corporate users, he has negotiated more than $5 billion and 12 million square feet of transactions, including 60-plus transactions involving properties greater than 100,000 square feet.
“The opportunity to partner with Brant again as well as Chris Maguire and the rest of the SRS team to lead the industrial practice in Florida is the perfect fit,” said Schuchts. “The culture, client-first mindset and high-level professionals at SRS provide the ideal platform to serve best-in-class clients.”
Lehrer joins SRS as a Vice President with the industrial team. He was previously with Flagler Global Logistics, the largest industrial developer in Florida. With almost 20 years of commercial real estate experience, Lehrer has been involved in more than $2 billion in transactions and has handled 11 million square feet of institutional product for landlords. His experience includes build-to-suits, master-planned business park leasing, third-party logistics, sale-leasebacks, manufacturing facilities, and cold storage properties. He focuses on tenant and landlord representation, as well as advising developers in South Florida.
Palmer also joins SRS as a Vice President in industrial. He previously worked with Schuchts at Avison Young. Palmer has seven years of commercial real estate experience, specializing in industrial property transactions on behalf of institutional investors, family offices and corporate occupiers. He earned his SIOR designation and CCIM designation in 2018.
SRS Industrial was formed in April 2022 when Managing Principal Brant Landry and a team of industrial specialists joined SRS to help the firm expand on its retail foundation and offer more extensive commercial real estate solutions to tenants, owners and investors.
The SRS Industrial team works directly with retailers, distributors and manufacturing companies to support their evolving needs for industrial space, while also serving more traditional industrial clients through tenant and owner services, capital markets, and development services. The team has logged more than 1,000 transactions totaling $92.8 billion in transaction value.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with more than 28 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust.
Real Estate Advice
PR Newswire | October 25, 2023
Zillow is launching a big update to the look and feel of for-sale property listings on its website, improving home shoppers' experience with a more intuitive and simplified layout.
The enhanced design of for-sale property listings on Zillow.com offers a wider, single-scroll format, making it easier for home shoppers to find key information, such as square footage, the Zestimate feature, lot size and home type. The new layout also introduces a media section at the top of the page that better showcases photos and 3D tours. By clicking on a photo, the media section expands, providing a full-page, magazine-style layout for seamless navigation through the rest of the home's photography.
"The new design delivers a fun and efficient way to browse homes on the Zillow website, making it easier for home shoppers to navigate and process information," said Jenny Arden, chief design officer at Zillow. "We introduced a wider layout for images, larger fonts for the most important facts and a clearer articulation of what makes the home special to help our users quickly understand if the home is right for them."
Zillow's app updates: Navigate with ease and simplify financing with the Home Loans tab
In addition to the redesign on the Zillow website, for-sale property listings on the Zillow app (iOS) are also receiving an update. This new look minimizes excessive scrolling by allowing users to more easily find the information that matters the most to them, whether that's home facts and features, a cost calculator or the Zestimate history.
When viewing a for-sale listing on the app, users will see a new look that presents the home details categorized into sections such as "What's Special,"' "Market Value," "Monthly Cost" and "Neighborhood." Users can click into particular sections of interest to find more details. This new look will be available before the end of the year on the Zillow iOS app.
Zillow is also introducing a new "Home Loans" tab on the Zillow app to help shoppers become buyers. Users can now easily figure out their budget, connect with a lender, get prequalified with Zillow Home Loans℠, and track their loan status — all in one place.
"Financing is a critical part of the home-buying process, and 60% of buyers say setting their budget is their first step when buying a home. With this update, we're helping the millions of people browsing the Zillow app better understand what they can afford within their budget and see a clear path toward getting the mortgage they need," said Matt Daimler, senior vice president of product at Zillow. "We're already seeing an impact: Customers are saying it's easier than ever to access and use our financing tools and get prequalified with Zillow Home Loans."