REAL ESTATE INVESTMENT
Gray Capital | June 30, 2022
Multifamily investment firm Gray Capital has closed on their acquisition of Club Meridian Apartments, a 406-unit property located in Okemos, MI just east of Lansing, MI.
Gray Capital intends to make strategic upgrades at the property, including siding and asphalt repairs, pool upgrades, re-painted balconies, new signage, and other exterior enhancements to boost the curb appeal of the property. Additionally, interior renovations like modern appliances, new flooring, and upgraded countertops will significantly increase the value of the asset and elevate its position in the rental market.
Club Meridian is already a well-maintained property, and this solid foundation will allow us to dedicate our resources to those renovations and improvements that are most important to residents and the quality of the property itself."
Spencer Gray, President and CEO of Gray Capital
George Tikijian, Hannah Ott, and Cameron Benz of the Indianapolis Cushman & Wakefield represented the seller in the transaction, with Gray Capital representing itself.
Club Meridian is the second property within Gray Capital's $100 million multifamily investment fund, The Gray Fund, and follows the acquisition of Indianapolis apartment property Stonybrook Commons one month prior.
The acquisition of Club Meridian and Stonybrook Commons in 2022 adds to Gray Capital's $600+ million in assets under management and more than $1 billion in commercial real estate projects to date since its founding in 2015.
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REAL ESTATE INVESTMENT
Evernest | July 01, 2022
Evernest, a national, full-service real estate and property management firm, announced a merger with three divisions of Virginia-based Dodson Property Management. The merger will bring Dodson's divisions overseeing single-family property management, small multi-family buildings, and association management into the Evernest portfolio.
The merger includes Dodson's entire single-family portfolio of 2,450 units; 1,100 units under its Portfolio Management division of smaller multi-family buildings; and all Association Management operations, encompassing 170 associations and 15,000 units. The names of the divisions will change to Evernest.
The merger is Evernest's largest to date, and adds roughly 3,550 single-family homes and small multi-family units to Evernest's portfolio. The deal boosts Evernest's overall portfolio to more than 11,000 single-family homes and apartments under management nationwide and positions Evernest as one of the largest single-family and small multi-family real estate and property management firms in America. Additionally, the deal moves Evernest into the management of homeowners and condominium associations in Virginia and Florida.
This merger is really the culmination of two companies that have a similar culture, a similar tech platform, and similar teams that have built legacies in large-scale, single-family property management. A combined company will add value to Dodson and Evernest clients through shared resources, shared values, and shared systems."
Matthew Whitaker, Evernest Founder and CEO
The merger with Dodson places Evernest's property management and brokerage services into four new single-family markets: Richmond, Fredericksburg, and Williamsburg, Va., as well as Northern Virginia. Dodson has association management operations in Richmond, Northern Virginia, Williamsburg, and Sarasota, Fla. These markets add to the 18 national regions already served by Evernest's elite team of property managers and real estate brokers. Like Dodson, Evernest has focused in recent years on acquiring and merging operations to grow and better support owners and residents. The Dodson merger comes on the heels of 21 previous deals, either mergers or outright acquisitions, made by Evernest. Dodson is one of five deals Evernest has made in the second quarter of 2022 alone.
"We have a vision for our own company's growth, and felt scale was necessary to build the best leadership team in the industry and to provide our residents and clients with all of the resources possible to ensure that they have a quality experience," said Duke Dodson, President and CEO of Dodson Companies. "We're extremely close with Matthew and the team at Evernest and have worked together over the years to build our businesses from the ground up, share best practices, and help one another grow, so we felt very comfortable in taking this big step to come together as one."
Dodson's existing leadership, operations, and property/association management teams will remain in place in the markets the company serves. Both property owners and residents will experience a seamless transition, maintain the same team members they know, and see continually improving processes and systems. Publicly, Dodson signage will change to Evernest. Dodson's Commercial, Development and short-term rental divisions remain independent and are not included in the Evernest merger.
Adds Whitaker: "As we expand into Virginia, and join forces with the Dodson team, we're excited to help residents, owners, and investors achieve their real estate goals and show them what a great property and association management company can be."
About Evernest
Based in Birmingham, Ala., Evernest operates in 25 real estate markets across the country. It is one of the nation's largest single-family and small multi-family investment broker and property management provider. The firm manages more than 11,000 homes for over 4,100 owners, brokers more than 1,000 investment deals annually, and has made the Inc5000 list five of the last six years.
About the Dodson Companies
Dodson was founded in 2007 as a property management and real estate company dedicated to the needs of investor owners and tenants. Today, Dodson operates a commercial property management and brokerage division, Dodson Commercial; a real estate development group, Dodson Development; and a short-term rental management division.
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REAL ESTATE TECHNOLOGY
Coldwell Banker Realty | June 13, 2022
The Jills Zeder Group, a powerhouse team of Coldwell Banker Global Luxury Ambassadors with Coldwell Banker Realty, have once again been ranked as the No. 1 large team in the entire United States, as announced in the 2022 RealTrends "The Thousand" list published in The Wall Street Journal. Per RealTrends, a large team ranges from 11 to 20 members.
RealTrends ranked The Jills Zeder Group No. 1 on the list, based on achieving $2,250,764,707 in closed sales volume in 2021 and 367.60 closed transaction sides in 2021. Affiliated with Coldwell Banker Realty's offices in Miami Beach and Coral Gables, Florida, the sales team, which specializes in luxury real estate, including luxury estates, condominiums, waterfront properties, and highly complex assemblages, achieved more sales volume than any other small, medium or large team from any brokerage or company nationwide.
Year over year, The Jills Zeder Group not only sets the bar for the industry standard of excellence, but they surpass their own benchmark. The team's ingenuity, dedication to client service, extreme market intelligence and fierce business acumen has resulted in another outstanding recognition this year. It is a true privilege to have the opportunity to serve this top-performing, legendary team as part of Coldwell Banker."
Ryan Gorman, CEO of Coldwell Banker
"I'm honored to once again congratulate The Jills Zeder Group for their distinguished achievement earning the No. 1 spot on the prestigious RealTrends list, solidifying them as the very best real estate team in the country," said Duff Rubin, president of Coldwell Banker Realty in Florida. "This well-earned recognition reconfirms what we already know about the team, that they offer their clients incomparable professionalism and real estate knowledge, as well as a superior understanding of the complex and evolving market of South Florida."
The RealTrends "The Thousand" ranking consists of all real estate agents and teams throughout the United States who took part in residential real estate transactions in 2021. The individual rankings are divided into two top 250 categories, based on closed transaction sides and closed sales volume. To qualify, an individual agent had to close at least 50 transaction sides or $20 million in sales volume in 2021. For real estate teams, the minimum was 75 transaction sides or $30 million in closed sales volume.
About The Jills Zeder Group
The Jills Zeder Group, affiliated with Coldwell Banker Realty, is comprised of three families, all of whom are major players in the luxury residential real estate business. These families include Jill Hertzberg, Jill Eber and Felise Eber; and Hertzberg's children Danny Hertzberg and Hillary Hertzberg; and Judy Zeder and her children, Nathan Zeder and Kara Zeder Rosen. Prior to The Jills Zeder Group's formation in 2019, the families closed a combined total of more than $8 billion in real estate sales, including collaborating on multiple luxury sales in the Coral Gables market. With offices in Miami Beach and Coral Gables, The Jills Zeder Group specializes in high-end, multimillion-dollar luxury properties in South Florida's most elite enclaves, representing celebrities, Fortune 500 executives, and a diverse international clientele. They offer incomparable knowledge and services to luxury real estate clients.
About Coldwell Banker Realty
Coldwell Banker Realty in Florida is a leading residential real estate brokerage company with approximately 73 offices and 8,106 affiliated sales associates. Coldwell Banker Realty is owned by a subsidiary of Anywhere Real Estate Inc. (NYSE:HOUS), the largest full-service residential real estate services company in the United States. Visit ColdwellBankerHomes.com. Coldwell Banker Global Luxury and the Coldwell Banker Global Luxury logo are service marks owned by Coldwell Banker Real Estate LLC.
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