REAL ESTATE INVESTMENT
Vertical Street Ventures | March 01, 2022
Vertical Street Ventures (VSV) announces the acquisition of Redondo Tower, a downtown High Rise apartment building, in Tucson, AZ. VSV teamed up with Ral West and John Hardwick of Hardwick Apartment Homes, Ashok Patil and Mohit Bansal of Prime Investment LLC, and Louie Caumban and Rosalind Caumban of Fastpath Capital Group LLC.
This marks VSV's 5th property purchased in the Tucson, AZ market and 12th property acquired in the Arizona Market. Arbor Realty Trust provided the debt on the project. MEB Management will manage the property. Design and Construction will be managed by Gia Venturi.
When we discovered Redondo Tower was available for purchase, we immediately jumped on the opportunity, We've invested in Tucson for several years now and Redondo Tower has always been a fixture in the downtown area. We're thrilled and honored to take on this project for the City of Tucson. We'll take it through a major renovation and add to the fabric of downtown's revitalization."
Ronnie Gou, a Managing Partner for VSV.
A 96-unit high rise apartment building, Redondo Tower is a key part of downtown Tucson, which will be rebranded Vertical Heights. Residents of the property will enjoy many new amenities, including adding a new rooftop lounge, a new gym and yoga studio, a state-of-the-art co-working lounge, and modernizing the existing pool. Its interior units will undergo extension renovation with brand new kitchens, bathrooms, and newly added Washer/Dryers in each unit. Located centrally right off the 10 freeway, a 5-minute walk to anywhere downtown, and a 10 minute drive to the University of Arizona campus, this is a prime location for many job sectors.
With Tucson market vacancy at 4%, Tucson residents continue to look for great places to live. VSV will continue its strategy of finding communities to improve in high growth markets residing in excellent locations throughout the Arizona and Texas Markets.
About Vertical Street Ventures
Vertical Street Ventures (also known as VSV) is a commercial real estate private equity firm, led by Managing Partners Steven Louie, Jenny Gou, Kyle Mitchell, and Ronnie Gou. With a mission to improve communities nationally, VSV has grown substantially in the last year, growing its current portfolio of assets to $182 Million this year across the Arizona and Texas markets. VSV helps busy professionals build passive income through investing in real estate syndications.
REAL ESTATE TECHNOLOGY
GPARENCY | November 23, 2021
With an eye to the future of the commercial mortgage industry, Ira Zlotowitz, renowned for his success founding and leading Eastern Union, a national commercial mortgage brokerage company, today announced the launch of a new game-changing service, GPARENCY, to help clients go directly to the bank. GPARENCY is oversubscribed, raising the maximum of
$15 million in venture-backed capital from over 125 real estate professionals and engaged strategic partners (including Customers Bank), the largest seed round in the commercial space, to fund this new approach to mortgage financing.
Gauging both the core interests of the banks and the borrowers they serve, Zlotowitz formed GPARENCY to provide a new direct-to-bank formula for the mortgage business. This model empowers borrowers with transparency, technology, and professional services with expert touches from top real estate finance executives.
"After studying the commercial mortgage market, we saw that 20% of borrowers exclusively use brokers, while 80% want to work directly with banks. Many think that broker fee structures for larger deals needed to be changed. This is exactly what we are doing at GPARENCY, Make no mistake, GPARENCY is the future of the mortgage industry. Today's commercial real estate investors are smarter, banks are more sophisticated, and full-scale, one-size fits all mortgage brokerage firms belong to the past. Our transparency, technology and flat fee pricing structure will empower and free the industry to reach their goals more efficiently and successfully than ever before"
In the future, GPARENCY will offer long-term plans for clients that will provide all data and tools directly to them through a subscription-based service called LANDSCAPE. This will allow clients to see maps with parcels showing public information, banking information, and access to all sales brokers in real time, making GPARENCY's differentiating technology client-facing.
GPARENCY is revolutionizing the commercial mortgage industry. Through radical transparency and a tech-forward process, GPARENCY puts borrowers in the driver's seat so they can direct their own mortgage, access lenders directly, hire professionals by the hour, and Take it to the bank™. Out with the mystery and the inflated commissions. In with the clarity, transparency, and control.
REAL ESTATE INVESTMENT
JLL Income Property Trust | December 08, 2021
JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with $5.5 billion in portfolio assets, today announced the acquisition of Friendship Distribution Center, a newly constructed, four-building industrial portfolio totaling nearly 650,000 square feet. The Class A properties are located in the Atlanta suburb of Buford, Georgia, home to the premier Northeast Atlanta industrial submarket. The purchase price was $95 million.
"Friendship Distribution Center's location in Atlanta's Northeast submarket, high quality new construction and proximity to irreplaceable transportation infrastructure makes this an excellent portfolio fit for us as we continue to execute on our strategy of increasing our allocation to core industrial assets,". "Given this property's strong tenant profile and exceptional location, this acquisition aligns well with our overall strategic objectives."
-Allan Swaringen, JLL Income Property Trust President and CEO
JLL Income Property Trust's aggregate industrial allocation is now over $1.6 billion of industrial holdings in 54 properties across 13 key markets, representing the second largest property type allocation in the portfolio.
Friendship Distribution Center is in an "A" location, with immediate proximity to Interstate 985, the major highway in the Northeast Atlanta submarket. Its strategic location provides access to the entire Eastern seaboard within a one to two-day drive.
Friendship Distribution Center is 96 percent leased to five tenants, with a weighted average lease term of approximately six years. According to LaSalle Research & Strategy, Atlanta is the fourth largest industrial market in the U.S. with more than 660 million square feet of space. The market set an absorption record in the second quarter of 2021 of 8.6 million square feet, bringing vacancy down to just 5 percent. The Northeast submarket specifically saw 2.1 million square feet of net absorption in the second quarter, the highest of any submarket in the Atlanta metro area, accounting for 24 percent of total absorption.
JLL Income Property Trust is an institutionally managed, daily NAV REIT that brings to investors a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world's leading real estate services firms.
About Jones Lang LaSalle Income Property Trust, Inc. (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX),
Jones Lang LaSalle Income Property Trust, Inc. is a daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing apartment, industrial, office and grocery-anchored retail properties located in the United States. JLL Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis.
About LaSalle Investment Management
LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, LaSalle manages approximately $76 billion of assets in private and public real estate property and debt investments as of Q3 2021. LaSalle's diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments.