Real Estate Advice
Businessiwire | August 11, 2023
SmartRent, Inc. (“SmartRent” or the “Company”), a leading provider of smart home and property operations solutions for the rental housing industry, has entered into an agreement with ADI Global Distribution, a Resideo Technologies, Inc. company, to serve as its preferred distribution partner.
A leading distributor of security, AV and low-voltage products, ADI's expansive network allows for efficient and timely order fulfillment for SmartRent’s 500+ rental housing customers, fortifying the Company’s inventory and distribution activities, and enabling it to streamline inventory management and enhance product availability.
“Demand for our solutions remains robust, and it’s imperative that we are able to meet the needs of our customers while continuing to prioritize the innovation and product enhancements that keep us at the forefront of the industry,” said SmartRent CEO Lucas Haldeman. “ADI is one of the most trusted names in the space, and we are proud to partner with them to meet our fulfillment needs and exceed customer expectations. This expanded relationship with ADI strengthens our overall partnership with Resideo.”
ADI was selected for its best-in-class operations, extensive product portfolio and local inventory availability. ADI has been supplying SmartRent with more than 100,000 Resideo thermostats per year, and this agreement will expand across the full product offering. In addition to prompt order fulfillment, the multiyear agreement provides SmartRent with needed hardware on demand while reducing its cash investment in inventory. Over time, SmartRent anticipates the decrease in on hand inventory will increase its cash balances.
"ADI is committed to serving as the indispensable partner of choice for our customers," said Rob Aarnes, President of ADI Global Distribution. "We're excited to expand upon our relationship with SmartRent to help them navigate their product needs and drive toward long-term business goals, while also resulting in incremental revenue growth for ADI."
Founded in 2017, SmartRent, Inc. is a leading provider of smart home and smart property solutions for the rental housing industry. The company’s unmatched platform, comprised of smart hardware and cloud-based SaaS solutions, gives operators seamless visibility and control over real estate assets, empowering them to simplify operations, automate workflows, benefit from additional revenue opportunities and deliver exceptional site team and resident experiences. SmartRent serves 15 of the top 20 multifamily owners and operators, and its solutions enable millions of users to live smarter every day.
ADI Global Distribution, a Resideo company, is a leading distributor of security, AV and low-voltage products serving more than 100,000 customers across North America, Europe, Middle East, and Africa. Leading pros rely on ADI for our wide selection of top brands, immediate product availability, knowledgeable sales staff and our product, design and support. Customers can shop ADI through its Digital Branch, mobile app and in more than 200 stocking locations. ADI solutions include Intrusion & Smart Home, Fire, Video Surveillance, Access Control & Communications, Residential AV, Pro AV, Networking, Data Communications, Power, Central Vacuum, Structured Wiring, Wire & Cable, and Tools & Hardware.
Home and Design
PRnewsiwre | August 10, 2023
Weidner Apartment Homes, a real estate investment and property management company, recently joined the Anchorage Affordable Housing and Land Trust (AAHLT) to aid the organization in its mission to expand and preserve year-round housing rental opportunities that are affordable to low and very low-income households.
In March 2023, Dean Weidner, Weidner's Chairman and Founder, matched the Rasmuson Foundation's $250,000 donation to AAHLT to provide initial working capital for the Trust to begin operations. One of the first projects undertaken by the Trust is a renovation project that will convert The Lake House, a downtown hotel in Anchorage, AK, into a 45-unit multifamily property for low and very low-income citizens. The Lake House is an older, well-maintained hotel purchased by the AAHLT in 2023 using ARPA funds granted by the Municipality of Anchorage.
"Dean Weidner invests in these projects because he believes we all have a responsibility to be involved in our communities and give back however we can. As a housing provider, we are connected to those who are unhoused, and it's a natural issue for us to gravitate towards and bring some focused expertise to the process." Said Greg Cerbana, Weidner's VP. of Government Affairs.
Weidner has been a multifamily rental housing provider in Anchorage since 1981 and owns 5,696 units across six cities in Alaska. Through the company's long-standing relationships with various Alaska-based housing providers, they have partnered with several nonprofits to significantly improve the region's housing instability issues.
"Since Weidner is a market-rate housing provider, our investments in various affordable housing projects allows us to fund a different need of the area's housing market. Every sector in the industry needs to be healthy for it to thrive, and our recent involvement with AAHLT enables us to support the industry outside of our primary line of work." Said Cerbana.
"Anchorage is uniquely positioned to find workable solutions for the challenges associated with homelessness. The city has a history of cooperation between its businesses, nonprofits, and public sectors. I encourage everyone to come together and prioritize fulfilling the needs of the most vulnerable in our society." Said Weidner.
As of August 2023, Weidner has committed over $10 million to fund solutions for homelessness in Anchorage. Weidner is excited to expand its efforts to support the full continuum of Anchorage's housing market by joining the AAHLT to provide much-needed housing for low and very low-income citizens.
About Weidner Apartment Homes
Founded by W. Dean Weidner in 1977, Weidner Apartment Homes is a multi-faceted real estate investment, and management company recognized industry-wide as an efficient provider of quality rental homes and a creative developer of new housing. The vision of the Weidner Company is to distinguish ourselves as the apartment industry leader in each of our markets, which includes Alaska, Arkansas, Arizona, California, Colorado, Minnesota, North Dakota, Oklahoma, Texas, Utah, Washington, Wisconsin, and Canada. We can only achieve that vision by having the best apartment managers, leasing consultants, maintenance managers, and service technicians in the business.
Real Estate Technology, Agent
PRnewswire | August 04, 2023
Capital Square, one of the nation's leading sponsors of tax-advantaged real estate investments and an active developer of multifamily communities, announced today that its offering, CS1031 Ashford Townes BFR Housing, DST, has been fully subscribed. The Regulation D private placement, which raised nearly $13.7 million from accredited investors, is comprised of a 74-unit, newly constructed build-for-rent townhome community in the affluent Raleigh suburb of Fuquay-Varina, North Carolina.
Capital Square formed the Private Equity Group, managed by experienced real estate executives Dave Platter and Jon Trott as managing directors and co-heads, to profit from opportunities in the housing market, including a dedicated build-for-rent ("BFR") strategy in high growth sunbelt markets. This represents Capital Square's third BFR offering on platform to date.
"This is another home run for Capital Square in providing a newly constructed build-for-rent housing community for Section 1031 exchange and other investors seeking stable cash flow and capital appreciation. From Class A and Class B residential communities, manufactured housing in Florida and now build-for-rent residential communities, Capital Square is providing investors with a range of options to invest in the vibrant southeastern housing markets," said Louis Rogers, founder and co-chief executive officer of Capital Square.
Completed in February 2022, Ashford Townes is located at 604 Oakbrook Pass Way. The townhome community, developed by D.R. Horton, the nation's largest homebuilder by volume, boasts three-bedroom, open floorplans averaging 1,693 square feet with integrated smart-home technology, stainless steel appliances, quartz countertops, high vaulted ceilings, built-in window blinds, spacious walk-in closets, full size washer-dryers, attached one-car garages, private patios and outdoor storage. A community dog park is additionally contemplated for development.
Residents have access to over 130,000 jobs, including major employers such as the University of North Carolina at Chapel Hill, Novartis, IQVIA, JLL and Duke Energy. Five minutes from the property are a plethora of local retailers, restaurants, breweries, fitness centers and top performing schools. Approximately 30 minutes south of the property is Research Triangle Park, the largest research park in the U.S. and a premier global innovation center covering 7,000 acres of the combined Raleigh-Durham-Cary statistical area.
"Ashford Townes is an affordable housing option amidst Raleigh's single-family for-sale market, where rents are predicted to grow 3.75% over the next five years," said Whitson Huffman, co-chief executive officer. "The area has seen a recent decline of multifamily inventory, making the Raleigh market an attractive market for investment in a high-quality single-family rental community."
Capital Square is an active owner of multifamily communities in North Carolina. The firm recently acquired Asheville NC Apartment Portfolio, a two-property multifamily portfolio comprised of a total of 305 apartment homes in Asheville. The community was acquired on behalf of CS1031 Asheville NC Apartment Portfolio, DST, a private placement offering that seeks to raise $73.1 million in equity from accredited investors and has a minimum investment requirement of $50,000.
Since its founding in 2012, Capital Square has acquired 171 real estate assets for over 6,500 investors seeking quality replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code and other investors seeking stable cash flow and capital appreciation.
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 six consecutive years. In 2017, 2018 and 2020, the company was also ranked on Richmond BizSense's list of fastest growing companies. Additionally, Capital Square was listed by Virginia Business on their "Best Places to Work in Virginia" report in 2019 and their "Fantastic 50" reports in 2019 and 2020. In 2023, Capital Square was recognized by the Richmond Times-Dispatch as one of the region's "Top Work Places."