prnewswire | September 23, 2020
Despite the COVID-19 pandemic slowing down much of the country, real estate has arguably never been hotter. That's why it's never been more important for the real estate industry to embrace technology than it is right now. And now, the real estate industry can meet this new normal head-on thanks to a dynamic new offering from real estate tech pioneer Zigzy. Townify, which is launching today out of beta testing, enables real estate agents to host virtual open houses, a necessity in an age of social distancing.
REAL ESTATE INVESTMENT
Capital Square | January 21, 2022
Capital Square 1031, a leading sponsor of Delaware statutory trust (DST) offerings for Section 1031 exchange and other accredited investors, announced today the acquisition of a Class A, 237-unit multifamily community in Olathe, a city within the Kansas City metropolitan area. The community was acquired on behalf of CS1031 Villas at Ridgeview Falls Apartments, DST.
Villas at Ridgeview Falls is the next in the line of highly-amenitized, newly constructed, Class A apartment communities acquired by Capital Square for the 1031/DST program, Capital Square was drawn to the location of this property – Olathe, the seat of Johnson County, 20 miles southwest of Kansas City, where the economy is strong, with 4.4% job growth and a 3.5% unemployment rate as of September 2021.1 The property should provide investors with stable income during the holding period and exceptional appreciation potential."
Louis Rogers founder and chief executive officer of Capital Square.
Located at 11835 S. Fellows St., the community is located in the southwest corner of the Kansas City, MO-KS Metropolitan Statistical Area. The property's location near major highways and interstates provides residents with convenient access to Kansas City employment centers. Additionally, Villas at Ridgeview Falls is located within walking distance of many convenience and grocery stores, as well as dining options.
Completed in 2020, the community offers spacious one- and two-bedroom units with top-of-the-line finishes and an average square footage of 1,046 square feet.
Amenities at the community include a resort-style saltwater pool, an in-pool tanning deck, a poolside television and lounge, poolside pergola, lounge area with a fireplace, rooftop retreat, golf green, yoga area, walking trail with outdoor fitness equipment and 24-hour fitness center with a yoga studio. Additional amenities include an indoor mail room, a media room, gourmet coffee and tea bar, cybercafé, social lounge, guest suite, garages and carports as well as a pet spa.
CS1031 Villas at Ridgeview Falls Apartments, DST seeks to raise $35.2 million in equity from accredited investors and has a minimum investment requirement of $50,000.
The proximity to grocery stores and dining options, as well as Kansas City employment centers, coupled with its top-of-the-line features, make this community an ideal investment property for our growing portfolio of multifamily properties, The submarket has ideal fundamentals that match exceptionally well with Capital Square's multifamily acquisition criteria. For example, the population within a five-mile radius of the property is projected to increase 4.4% in five years and the average annual rent growth in the submarket is projected to grow 3.78% from 2021 to 2026."
Whitson Huffman, chief strategy and investment officer.
Capital Square acquired the property from J.A. Murphy Group, which was represented by Colliers' Will Mathews.
It's an honor to represent our friends and clients at J.A. Murphy Group on a landmark sale in fast-growing Olathe, Kansas, Congratulations and many thanks to the buyer, Capital Square, on their continued success and dedication to a seamless year-end close!"
Since its founding in 2012, Capital Square has acquired 146 real estate assets for over 3,800 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 national real estate firm specializing in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges and qualified opportunity zone funds for tax deferral and exclusion. Since 2012, Capital Square has completed more than $4.2 billion in transaction volume. Capital Square's executive team has decades of experience in real estate investments. Its founder, Louis Rogers, has structured hundreds of investment offerings totaling in excess of $5 billion. 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 five consecutive years. Additionally, in 2021, the company was ranked 101st on the list of Inc. 5000 Washington D.C. Metro's Fastest-Growing Private Companies. In 2017, 2018 and 2020, the company was also ranked on Richmond BizSense's list of fastest growing companies. Capital Square was listed by Virginia Business on their "Best Places to Work in Virginia" report in 2019 and 2021 as well as on their "Fantastic 50" reports in 2019 and 2020.
REAL ESTATE INVESTMENT
DJM | January 05, 2022
DJM, a California-based private equity real estate and development firm, today announced its acquisition of Long Beach Exchange (LBX) in partnership with PGIM Real Estate from Burnham-Ward Properties. Eastdil is credited with brokering the deal. As experts in retail, DJM will increase LBX's value through best-in-class management, leasing, marketing and placemaking. PGIM Real Estate is the real estate investment and financing business of PGIM, the $1.5 trillion global investment management business of Prudential Financial, Inc.
Built in 2018, Long Beach Exchange is a 246,500 square-foot, open-air lifestyle property located in Long Beach, California. Grocery-anchored LBX features a mix of best-in-class retail, fitness, daily needs and dining including Whole Foods, Handel's, Orange Theory, Ra Yoga, Silverlake Ramen, Ulta, Nordstrom Rack, and more. LBX also boasts The Hangar, a 17,000 square-foot food hall fashioned in the style of a vintage aviation hangar that offers a range of small, artisanal food vendors and boutique retailers to Long Beach's dense office and residential population.
Although COVID undoubtedly impacted retail across all sectors, we're now experiencing a tremendous return to growth across our entire portfolio, with foot traffic and sales numbers surpassing even pre-pandemic figures, This rebound, which reinforces the ever-changing nature of retail, is due largely in part to the outdoor nature of our properties as well as thoughtful community programming and relevant, region-specific merchandising. Long Beach Exchange is a fantastic addition to the DJM portfolio and we look forward to shaping the property into the best version of itself."
Chad Cress, Chief Creative Officer at DJM.
With today's announcement, Long Beach Exchange joins DJM's portfolio that also includes, among other destinations, Hollywood & Highland (soon to be Ovation Hollywood) in Los Angeles, Lido Marina Village in Newport Beach, and Bella Terra in Huntington Beach. PGIM Real Estate, DJM's partner at the 853,000 square-foot outdoor shopping center Bella Terra, will join DJM as a partner at LBX.
We have seen firsthand the transformation DJM has created at Bella Terra, We are extremely pleased with the value that DJM and PGIM Real Estate were able to add to the portfolio and deliver an excellent outcome for our investors even during these unprecedented times. We are excited to continue our work together at Long Beach Exchange."
Tim Hennessey, Managing Director at PGIM Real Estate.
DJM is a private real estate equity and development firm based in Southern California. With a core strength in retail combined with mixed use asset classes, DJM creates long-term value by transforming real estate to meet the 21st century demands of consumers, retailers, and office users. DJM's focus is on placemaking- leveraging design, development, and best-in-class management to create places where people thrive. DJM is represented by a current portfolio of approximately four million square feet with an estimated total portfolio value of $2 billion.
About PGIM Real Estate
As one of the largest real estate managers in the world with $201.3 billion in gross assets under management and administration,1 PGIM Real Estate strives to deliver exceptional outcomes for investors and borrowers through a range of real estate equity and debt solutions across the risk-return spectrum. PGIM Real Estate is a business of PGIM, the $1.5 trillion global asset management business of Prudential Financial, Inc.