REAL ESTATE INVESTMENT
Walker & Dunlop Investment Partners, Inc. | September 15, 2021
Walker & Dunlop Investment Partners, Inc. announced today that it has partnered with Ivanhoé Cambridge, a Canadian real estate company with assets around the globe, to form a programmatic joint venture.
The joint venture will make preferred equity investments in multifamily, student housing, and manufactured housing properties throughout the United States. Its strategy will focus on identifying opportunities with stabilized properties, primarily in top 25 MSAs, with a range of three- to ten-year investment horizons. The venture aims to address the growing need for flexible gap financing at an attractive cost of capital amidst a low cap rate, high-liquidity capital markets environment in the residential space.
"We're excited to grow our relationship with Ivanhoé Cambridge through this program by capitalizing on the low cap rate, high-liquidity conditions driving demand for gap financing in the market today," said Sam Isaacson, President of Walker & Dunlop Investment Partners. "Our product is designed to help sponsors achieve their desired leverage targets with incremental proceeds at a much lower cost of capital than common equity. Ivanhoé Cambridge is a world-class institution, and we look forward to continuing our successful partnership together."
"This partnership with Walker & Dunlop Investment Partners is part of our broader strategy to further diversify our U.S. residential investment portfolio across markets and risk spectrum," said Charles-Antoine Lussier, Senior Vice President, Investments, Residential and Hotels at Ivanhoé Cambridge. "Walker & Dunlop is a market leader for multifamily financing with a nationwide network. We have worked with them for many years, and we are glad to expand our existing relationship to provide incremental proceeds and more flexibility across the capital structure."
About Walker & Dunlop Investment Partners
Walker & Dunlop Investment Partners ("WDIP," f.k.a. JCR Capital Investment Corporation) is an alternative investment manager that provides capital solutions to middle-market commercial real estate sponsors. Investing on behalf of insurance companies, public pension funds, endowments, foundations, family offices, and high-net worth individuals, WDIP partners with sponsors whose transactions are in need of financing but are under-served by institutional capital. The Denver, Colorado-based firm's investment vehicles focus on opportunistic, value-add, and income-oriented commercial real estate strategies. As a wholly owned subsidiary of Walker & Dunlop, one of the largest commercial real estate finance companies in the United States, WDIP has unmatched access to proprietary resources and market intelligence. This partnership offers clients unique, real-time insights into market movements, valuation, pricing, and underwriting.
About Ivanhoé Cambridge
Ivanhoé Cambridge develops and invests in high-quality real estate properties, projects and companies that are shaping the urban fabric in dynamic cities around the world. It does so responsibly, with a view to generate long-term performance. Ivanhoé Cambridge is committed to creating living spaces that foster the well-being of people and communities, while reducing its environmental footprint. Ivanhoé Cambridge invests internationally alongside strategic partners and major real estate funds that are leaders in their markets. Through subsidiaries and partnerships, the Company holds interests in more than 1,100 buildings, primarily in the industrial and logistics, office, residential and retail sectors. Ivanhoé Cambridge held C$60,4 billion in real estate assets as at December 31, 2020 and is a real estate subsidiary of Caisse de dépôt et placement du Québec (cdpq.com), a global investment group.
About Walker & Dunlop
Walker & Dunlop is the largest provider of capital to the multifamily industry in the United States and the fourth largest lender on all commercial real estate including industrial, office, retail, and hospitality. Walker & Dunlop enables real estate owners and operators to bring their visions of communities where Americans live, work, shop and play to life. The power of our people, premier brand, and industry-leading technology make us more insightful and valuable to our clients, providing an unmatched experience every step of the way. With over 1,000 employees across every major U.S. market, Walker & Dunlop has consistently been named one of Fortune's Great Places to Work® and is committed to making the commercial real estate industry more inclusive and diverse while creating meaningful social, environmental, and economic change in our communities.
MultiVersity Housing Partners | December 23, 2021
The latest, but not last acquisition of 2021 by MultiVersity Housing Partners ("MVHP") is the acquisition of The Orchard Columbia. The Orchard Columbia is an 84-unit, 308-bed student housing property located less than one mile from The University of South Carolina. The Orchard Columbia is a highly reputable asset within the submarket and is an exceptional addition to MVHP's student housing portfolio. MVHP's property management arm, MultiVersity Property Management ("MVPM"), will be overseeing the management and planned improvements at the subject property.
The Orchard Columbia is comprised of 84 cottage-style units spread across 8.05 acres. The unit mix consists of 28 three-bedroom units and 56 four-bedroom units each suited with bed-bath parity. The Orchard Columbia was constructed in three phases between 2015 to 2018 and is outfitted with modern upscale features that include concrete and hardwood flooring, expansive kitchens, granite countertops, stainless steel appliances, and 48" screen TVs.
Community amenities include a pool, clubhouse, fitness center, individual security systems, and private parking. The Orchard Columbia is seated in a prime location, 0.9 miles from campus and 0.6 miles from Williams-Brice Stadium. The competitive location, amenities, and cottage-style product has enabled the property to achieve full occupancy for the 2021-2022 lease term, and is now 100% preleased for the 2022-2023 school year.
MultiVersity Property Management will bring their boutique-style approach and expertise in property management to operate this property more efficiently. MVPM will be adding an outdoor LED screen near the pool to display the latest Gamecock sporting events. Additionally, upgrades will be performed to the clubhouse, pool furniture, and fitness equipment. Furthermore, the cable and internet package will be enhanced along with improved security measures. These improvements will take place throughout the remaining school year and will be available to residents starting in August 2022.
MultiVersity is excited to be back in the Columbia market with such an outstanding asset, Orchard Columbia is the only cottage style product within a mile from campus, setting it apart from the competition. MVPM's planned upgrades will further set Orchard apart from the competition making it the premier choice for USC students."
Principal of MVHP, Anthony Magnelli
MultiVersity Property Management ("MVPM") is the property management division of MultiVersity Housing Partners ("MVHP"). MVPM's mission is to become the recognized leader in its targeted markets for property management services. MVHP is seeking market-rate apartment, workforce housing, and purpose-built student housing acquisitions throughout the Mid-Atlantic, Midwest, and Southeastern U.S. The guiding principle of MVPM is to treat each property as its own individual business first and foremost.
MVPM operates with a total focus on its portfolio of managed properties (both owned and third-party) and on its owners/customers. MVPM provides a number of services that fit the needs of today's conventional and student housing residents, while at the same time focusing on owner requirements and expectations.
Christopher Feeley, CEO and Managing Member of both MVHP and MVPM, would like to thank the following for assisting in the closing of this acquisition: Dan Kearns of JLL, the Hunt Realty Team with special thanks to Steve Gordon, Milan Parekh and his team at EM 163, and the senior lender.
The Counselors of Real Estate | August 19, 2020
Environmental, Social and Governance practices are no longer an emerging trend, but a critical component of real estate investment integrated into investment decision-making, according to a report from The Counselors of Real Estate. COVID-19 has further cemented this paradigm shift as risk management, resiliency, transparency, and social engagement—key components of ESG—take center stage.