Offerpad | May 05, 2022
Offerpad, a leading tech-enabled platform for buying and selling residential real estate, revealed expansion plans that will bring the company’s top-rated1 solutions to residents in Cincinnati; Colorado Springs and Fort Collins, Colo.; Fort Myers, Fla.; and Fort Wayne, Ind. The expansion news comes on the heels of continued momentum with the company’s best quarter in Offerpad history. Earlier today the company reported first-quarter financial results announcing a year-over-year $1.1 billion revenue increase.
At Offerpad, we do things differently. Bringing together technology with our local real estate expertise, we take buying and selling homes from stressful to seamless. Traditional real estate, especially in today’s competitive market, often leaves homeowners feeling out of control and uncertain. Our solutions provide buyers and sellers with the flexibility to act fast and take care of all their needs under one roof. Americans increasingly want more convenience and control over their transactions, and we’re excited to help more homeowners in these new markets.”
Vaughn Bair, Offerpad Chief Real Estate Officer
Offerpad is expected to complete its Fort Myers opening in the second quarter and plans to expand to Cincinnati and the additional three markets later this year. When these five markets open, buyers and sellers across 29 U.S. markets will have access to the company’s entire suite of solutions:
Cash offers in just 24 hours with flexible closing dates, no showings or open houses, and free local moving services
Custom listing solutions and dedicated local market expertise to help customers sell their home on the open market with the option to retain a cash offer as back up
Home buying solutions that provide easy access to Offerpad’s inventory of homes for sale
Access to home mortgage and title services
Bundling selling, buying and financing solutions together to save thousands with Offerpad Bundle Rewards
Offerpad is available in more than 1,700 cities and towns and 24 U.S. markets. For the remainder of 2022, Offerpad will focus on growing its footprint around regional hubs in the Midwest, Southeast and Southwest.
Offerpad plans to begin hiring local real estate experts across all its new markets. Additionally, Offerpad plans to hire local home renovation vendors and develop partnerships with area homebuilders, real estate brokerages and agents. Offerpad currently offers a 3% referral fee to real estate agents who help a client sell to Offerpad.
Offerpad’s mission is to deliver the best home buying and selling experience so you can spend less time ‘real estat-ing’ and more time living. From cash offers and flexible listing options to mortgages and buyer services, Offerpad has been helping homeowners since 2015. We pair our local expertise in residential real estate with proprietary technology to put you in control of the process and help find the right solution that fits your needs.
REAL ESTATE INVESTMENT
ECI Group | December 16, 2021
ECI Group and K.D. Keller Development have closed on a two-acre site in Tampa's vibrant Channel District in Tampa, FL, with plans to start construction in January 2022 on Parc Madison, a 351-unit, eight-story Class A apartment community with 6,571 square feet of ground floor retail. The project equity was funded through a joint venture of ECI, Tampa-based K.D. Keller Development, and Scottsdale, AZ-based Kandle Investments, with construction financing provided by Wells Fargo Bank, N.A. Construction is expected to be completed in the third quarter of 2023.
Parc Madison will be located at the east end of the downtown Tampa block bounded by E. Twiggs Street, E. Madison Street, and Channelside Drive, adjacent to the new City of Tampa Madison Street Park. Constructed using efficient tunnel form concrete technology, the building will have a parking deck, skyline views from upper floors, an expansive rooftop pool and gym. The 6,571 square feet of ground floor retail is targeted towards a restaurant and/or coffee shop user.
"The ECI team is excited to be underway with the Parc Madison, destined to be a signature property in downtown Tampa, featuring sleek, modern architecture and sunlit, spacious apartments, We are proud to continue to contribute to the rapid growth of the Channel District, bringing in more residents to enjoy the new retailers, grocery stores, restaurants and gathering places."
-James Baugnon, President and CIO at ECI.
Chip Sykes and Drew Jennewein of Jones Lang LaSalle Capital Markets assisted in the formation of the project joint venture.
About ECI Group
For more than 50 years, ECI Group has been one of the most highly regarded, privately owned real estate organizations in the United States. The firm is fully integrated, with development, construction, and management groups that have garnered national recognition for innovation and performance in the multifamily industry. With a portfolio of more than 7,900 units either existing or under construction located throughout the Southeast, ECI is strategically positioned to continue to be a leader in the multifamily industry. For more information, visit www.ecigroups.com.
About K.D. Keller
K.D. Keller's mission is to help landowners realize the full income potential of their properties while retaining full ownership. We transform obsolete or underutilized structures into the highest and best use for the property, for now and for the future.
REAL ESTATE INVESTMENT
5T CRE | February 22, 2022
5 Talents Commercial Real Estate (5TCRE), along with Totem Capital Group, would like to announce the closing of their latest development project, Aria Apartments.
The complex is located on the Northeast side of San Antonio and features 170 apartment units. It is currently 99% occupied and conveniently located near major highways, industrial and large corporate workplaces, and is situated in a vibrant and growing community.
The investment team, led by 5TRCE, has over 24 years of experience in commercial and residential real estate. They identify, acquire, rehabilitate, and improve multifamily real estate properties, bringing quality housing options to residents across South Texas. The Aria Apartments renovation project will add value for residents as the community is remodeled. The development was built in 1982, and the project presented a huge opportunity to improve the community for current and future residents, and it offered an opportunity for investors to receive an equitable return on their investment dollars.
Most of the $750,000 budget will focus on interior upgrades and renovations, along with the repair and repainting of all exterior building surfaces. Plans also include renovating the leasing office and updating the workout facility. Landscaping, tree trimming, and fencing upgrades will also be included.
This project will offer current and future residents beautiful apartment living options in an area that continues to grow, and we are eager to attract new investment partners who share our vision."
Abel Pacheco, Principal and President of 5TCRE
We help investors, who align with our vision of community improvement and philanthropy, increase their net-worth and cashflow, while reducing their taxable income."
Ruben Dominguez, Principal of Totem Capital Group, is the main investment partner with 5TCRE.
To date, the group has invested in real estate projects valued at over $80 million, enhancing nearly 1,000 apartment units. The team offers many different investment opportunities that can be tailored to fit into any investor's portfolio.
REAL ESTATE INVESTMENT
FCPT | May 19, 2022
Four Corners Property Trust, a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties, is pleased to announce the acquisition of a NextCare Primary Care property for $1.8 million. The property is located in a strong retail corridor in Arizona and is corporate-operated under a net lease with approximately 7 years of term remaining. The transaction was priced at a 6.4% going-in cash capitalization rate, exclusive of transaction costs.
FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries.