REAL ESTATE TECHNOLOGY
UL | May 12, 2022
UL, a global safety science leader, announced a new partnership with InSite, a provider of building intelligence solutions that enable organizations to optimize performance of real estate assets, achieve sustainability goals and fulfill environmental, social and governance (ESG) reporting requirements.
With this partnership, InSite will provide building owners and property managers with actionable building intelligence data to complement UL's ESG advisory, sustainability and energy advisory, indoor environmental quality and field services. UL's advisory services include services such as energy and water audits, commissioning advisory services, sustainability certifications, including Leadership in Energy and Environmental Design (LEED), Building Research Establishment's Environmental Assessment Method (BREEAM), Fitwel and the WELL Building Standard.
Per the 2020 Global Status Report for Buildings and Construction by GlobalABC, buildings generate nearly 40% of annual global CO2 emissions including 28% from building operations. As part of the UL and InSite combined offering, InSite's building intelligence platform will support robust reporting and disclosure of ESG and sustainability data to key stakeholders such as GRESB. UL will leverage InSite's extensive data integration capabilities and operational insights to provide relevant advisory expertise, such as carbon accounting and net zero carbon emissions.
ESG reporting for a building encompasses a variety of environmental metrics. According to the 2020 United Nations Global Status Report for Buildings and Construction, the operations of buildings contribute to 28% of total global energy-related carbon dioxide emissions. In addition to greenhouse gas emissions, other environmental factors should be considered for ESG reporting, including energy use, water consumption, solid waste and biodiversity.
The commercial real estate industry has prioritized formulating building performance and ESG data as well as related reporting standards as part of overall property management operations. UL's new partnership with InSite will allow us to serve customers with an end-to-end technology and advisory solution to help inform these critical business decisions, including asset allocation, property management company selection and overall investment strategies."
Sean McCrady, global director of UL's Asset and Sustainability Performance group
"We are extremely excited about our new partnership with UL and the positive impact it will have on our customers. This partnership allows us to continue monitoring and reporting building performance, sustainability and ESG data while enriching and elevating our clients' sustainability journeys with UL's industry-leading advisory," said Francis Gangemi, InSite's president.
InSite is a premier business intelligence solution for real estate owners and operators. InSite's software as a service (SaaS) platform and managed services provide innovative, data-driven insights enabling clients to achieve ESG and sustainability goals and improve building performance while reducing operating costs. InSite's cloud-based platform seamlessly integrates data from a multitude of sources and systems. Leveraging a combination of machine learning and human analytics, InSite delivers actionable intelligence for optimization of real estate operations in support of strategic objectives and regulatory compliance.
UL is a global safety science leader. We deliver testing, inspection and certification (TIC), training and advisory services, risk management solutions and essential business insights to help our customers, based in more than 100 countries, achieve their safety, security and sustainability goals. We believe our deep knowledge of products and intelligence across supply chains make us the partner of choice for customers with complex challenges.
REAL ESTATE ADVICE
Urban Land Institute | June 28, 2022
A new report from the Urban Land Institute (ULI) investigates how the real estate community is working to address the homelessness crisis in the United States. The report explores how to support people experiencing homelessness through creative housing solutions and collaboration with community organizations, with the ultimate goal of providing abundant, affordable, and high-quality housing for affected and at-risk populations.
According to the U.S. Department of Housing and Urban Development, 2020 marked the fourth consecutive annual increase in people experiencing homelessness. Homelessness is a systemic challenge that necessitates the involvement and collaboration of the government, the private sector, philanthropic organizations, health and social services, faith communities, and the public.
The ULI report, Homeless to Housed, offers housing case studies, universally applicable lessons, and a blueprint for how to replicate best practices in other communities to show how the development community can be an active partner in addressing homelessness.
More than ever before, homelessness is being driven by rapidly increasing housing costs, and the public and private sectors must work together both to meet the needs of the unhoused and to prevent more households from falling into homelessness. This report offers creative models and examples of how the real estate community is effectively leveraging its housing development, management, investment, and financing expertise to enable cities to overcome the growing challenge of homelessness."
Christopher Ptomey, Executive Director of the ULI Terwilliger Center for Housing
Key takeaways from the new report include:
Housing is important, but social services are essential: Housing is an essential first step in addressing homelessness, but it is not a solution in and of itself. Comprehensive social services are a critical second component. Delivering one without the other offers little chance of successfully tackling the crisis.
Novel, creative solutions are needed: Nowhere is the need for innovation more evident than in seeking to address homelessness. Two areas of focus are cost-effective construction methods and non-governmental funding sources. Private companies -- both in real estate and in other sectors -- have a vital role to play in the latter.
All segments of the community must play a role: Homelessness affects real estate, health care, social services, education, economic development, and more. Community collaboration is essential, particularly among the private and public sectors. The real estate sector is obligated to provide cost-effective housing, and it is incumbent on governments to pursue bold policies that allow for more housing for people of all income levels.
Homelessness is a multifaceted issue, but in many cases links back to economics: Whether because of a lack of affordable housing, low wages, unexpected expenses, loss of employment, illness, lack of insurance, or a domestic issue, homelessness can be a result of economic stress.
The report includes seven case studies that feature creative solutions for addressing homelessness that could serve as models for investors and developers alike:
New Orleans: City of New Orleans Shelter and Engagement Center provides a 24-hour shelter to 100 homeless individuals and provides services to help guests secure permanent housing.
Mountain View, Calif: LifeMoves is a supportive interim housing community that provides intensive case management services to help clients overcome homelessness and return to sustainable housing.
Long Beach, Calif: Former Best Western Motel Conversion was the recipient of funds from Project Homekey, California's innovative $600 million program to purchase and rehabilitate housing. The former motels now provide temporary housing for residents 65 and older with pre-existing conditions that put them at greater risk of contracting COVID-19.
San Antonio: Haven For Hope is the largest mixed-use development in the United States that provides housing for people experiencing homelessness, as well as job training, education, medical care, identification recovery, case management, and animal care services.
Sharon Crossing, N.C.: The Lotus Campaign is a non-profit organization that increases the availability of housing for people experiencing homelessness by engaging with the private, for-profit real estate and investment communities. Recognizing that neither the public nor private sector can solve homelessness alone, the Lotus Campaign strives to bridge that gap while minimizing risks for vulnerable renters.
San Francisco: The Bryant Street Project provides 145 apartments of permanent supportive housing near public transit, grocery stores, and community parks to ensure that residents have access to neighborhood amenities and services.
Washington: John and Jill Kerr Conway Residence provides housing constructed with sustainable materials as well as health and social services to veterans experiencing homelessness in collaboration with the U.S Department of Veterans Affairs.
Berkeley, Calif.: The project at 2012 Berkeley Way is a redevelopment of a surface parking lot in downtown Berkeley that will create three distinct projects – an 89-unit affordable family housing development; a 53-unit permanent supportive housing development; and a homeless shelter plus transitional housing – in one unified building.
The full Homeless to Housed report is available on ULI's Knowledge Finder platform.
About the Urban Land Institute
The Urban Land Institute is a non-profit education and research institute supported by its members. Its mission is to shape the future of the built environment for transformative impact in communities worldwide. Established in 1936, the institute has more than 45,000 members worldwide representing all aspects of land use and development disciplines.
REAL ESTATE ADVICE
Sklar Kirsh | June 29, 2022
Los Angeles-based law boutique Sklar Kirsh LLP announced that it has bolstered its real estate practice with the addition of Amit S. Patel, who joins the firm as a Partner.
Patel represents owners, developers, and investors in the acquisition, sale, lease, development, and financing of retail, office, commercial, industrial and residential real estate. His recent work includes oversight over the fifth largest multifamily sale in the history of U.S. real estate, worth approximately $1.85 billion and consisting of 13,243 apartments at 36 properties, 21 loan defeasances and 11 loan assumptions. An expert in portfolio transactions on behalf of industrial owners, he recently handled approximately $850 million over two sales of 26 properties.
Joining the highly successful practice chaired by firm Co-Founder Andrew T. Kirsh, Patel brings the total number of attorneys working under the firm's real estate arm to 18.
We've been expanding steadily as a firm, but our goal hasn't been to add attorneys for the sake of it - we're cultivating talent that will add value to our clients for years to come. Between Amit's thriving practice and his tireless dedication to his practice, we couldn't be happier to add him to the team."
Andrew T. Kirsh,Co-Founder
Patel additionally counsels clients in operating and tenants-in-common agreements, restructuring and buy/sell agreements and property management agreements.
Patel praised the quality and versatility of Sklar Kirsh's real estate team, which he attributed as a primary motivator for joining the team.
"I've always taken a comprehensive approach to representation, guiding clients from start to finish while looking out for them from every angle," said Patel. "It's refreshing to be practicing with a team of professionals who shares and complements that mindset."
Sklar Kirsh LLP is a boutique law firm that provides sophisticated and expert advice in the areas of corporate, real estate, bankruptcy, and entertainment law as well as commercial, real estate and entertainment litigation.
Bonaventure | June 27, 2022
Bonaventure, an integrated alternative asset manager focused on the development, construction, and property management of innovative lifestyle multifamily communities in the Mid-Atlantic and Southeastern regions, today announced the sale of a 289-unit garden-style multifamily property Williamsburg, Virginia, to Illinois-based The Inland Real Estate Group.
We are very pleased with the outcome of this transaction. The price we were able to command reflects the asset’s high quality and the strong investor appetite for stabilized multifamily communities in markets with solid employment fundamentals. We take great pride in our proven ability to create meaningful value for our residents and investors.”
Dwight Dunton, founder and CEO of Bonaventure
The property is extremely well located at 401 Bulifants Blvd. and features a diverse collection of two- and three-bedroom floor plans with in-unit washers and dryers and private balconies or patios. The luxury community’s many amenities include a swimming pool, a fitness center, a business center, a clubhouse and a dog park. The property benefits from its proximity to Sentara Williamsburg Regional Medical Center and the shops and restaurants near Route 199 and Interstate 64.
As one of the nation’s largest and most active developers and owners of multifamily communities, Bonaventure has established a track record of delivering exceptionally well-designed and highly amenitized properties that residents want to live in and investors want to own. This strategic disposition further demonstrates how Bonaventure’s vertically-integrated platform is capable of generating compelling risk-adjusted returns for its investors.
Drew White, Senior Managing Director of Berkadia D.C. Metro, and Carter Wood, Senior Director of Berkadia Norfolk, facilitated the sale of the community on behalf of Bonaventure.
Headquartered in Alexandria, Virginia Bonaventure is an integrated alternative asset management firm specializing in multifamily design, development, construction, investment and property management. Bonaventure has over $1.5 billion of assets under management, is an expert at utilizing low-cost financing, and manages over 6,000 apartment units across 31 communities primarily in the Mid-Atlantic and Southeastern regions. Since its founding in 1999 by Dwight Dunton, with the intent to create best-in-class capabilities connecting capital to assets, the focus of the firm has been to generate excess returns on a risk adjusted basis while building enduring value through ingenuity.