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.
REAL ESTATE TECHNOLOGY
Redfin | March 24, 2022
Redfin launched nationwide rental search, letting consumers search for both rental and for-sale home listings on Redfin for the first time. Built on the same map-based search technology used by tens of millions to find homes for sale, the addition of rentals makes Redfin a destination for everyone in the U.S. looking for a place to live. Redfin’s rental search is powered by rental listings from RentPath, a leading marketing technology and services platform for the rental industry that operates Rent.com and other popular rental sites, which Redfin acquired in April 2021. This significantly expands the reach of the RentPath network, letting RentPath’s property-management customers market their rental listings to Redfin.com’s 47 million monthly visitors.
Adding rental listings to Redfin.com will increase our authority as a real estate destination, not only drawing more visitors to rental listings, but also to our existing for-sale listings. With about one in five Redfin.com visitors interested in rentals, we have an opportunity to generate as many rental inquiries from Redfin.com as from all other RentPath sites. As a result, we expect to attract more property managers to promote their listings on Redfin.com, and for Redfin.com traffic growth to accelerate.”
Glenn Kelman, Redfin CEO
Powerful, immersive search to discover the perfect place to rent
Prospective renters can see updated listings every day, search with tailored filters, including budget, location and pet policy, and connect with property managers. Photos, floor plans and 3D tours let users experience a new rental home before ever setting foot inside. Renters can use the contact feature to connect with property managers to schedule a tour, ask a question or request an application.
Because Redfin is a leading site to find homes for sale, people deciding between buying and renting can use Redfin for their entire home search. With one click, users can switch between homes for sale and homes for rent on the map. With another click, users can mark their favorite homes and see all of them in one place, whether they're for sale or for rent.
“Most people who are considering renting a new home in the next six months say they are also considering buying,” said Christian Taubman, Redfin's Chief Growth Officer. "Redfin gives everyone the tools to win the place that's best for them, whether that's a place to lease or buy.”
Broad exposure for property managers
“The launch of rental search on Redfin is an immediate benefit for the existing property owners and managers who rely on the RentPath network to connect with serious tenants, fill occupancies, and manage properties,” said Jon Ziglar, CEO of RentPath. “Whether you are managing multiple apartment communities or are an individual landlord, RentPath has the consumer reach and marketing tools to make the process of finding and signing new tenants simple and efficient. Adding the reach of Redfin's popular consumer website and app to the RentPath network, in addition to RentPath’s deep knowledge of the rentals business, we can offer the best solutions in the industry to simplify the rental search experience for renters while driving occupancies and operational efficiency for property managers and owners.”
Property owners and managers who list their properties via RentPath will now reach the tens of millions of consumers who visit Redfin every month, in addition to the other sites in RentPath’s network: Rent.com, Rentals.com, and Apartment Guide.
Requests from renters flow directly to property managers with details on whether the customer wants to tour, submit an application or ask a question about the property. With a single platform for property managers, RentPath makes it easy to see and manage contacts coming from across all sites in the RentPath network without having to learn new tools or work across multiple systems. In addition to reaching serious renters online, RentPath also provides a full-suite of online tools to help property managers communicate with residents and market their properties through targeted digital advertising, social media and online reputation management.
Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.
RentPath is the only marketing and automation platform that engages prospective residents through the entire renter journey, maximizing leads and occupancies with unparalleled ROI. Through its broad network of rental listing sites including rent.com, ApartmentGuide.com, Rentals.com, and Redfin.com, RentPath connects property owners and managers with over 10 million high-intent, in-market renters per month. In addition, the RentPath platform powers a full suite of best-in-class digital marketing solutions across search advertising, social media, email marketing, web chat, resident communication, reputation management and more. RentPath’s holistic solutions simplify the rental search experience for renters while driving occupancies and efficiencies for property managers and owners. RentPath is a Redfin Company.
REAL ESTATE INVESTMENT
FAIRSTEAD | December 17, 2021
Fairstead, a purpose-driven, vertically integrated real estate company committed to sustainable development and the creation and preservation of high-quality housing, today announced it has acquired the Sable Palms Apartments in Jacksonville, Florida. The acquisition will preserve and extend the affordability of the 200 units and enable investments in improvements to the apartments, buildings, and outdoor space.
Preserving our affordable housing stock is a critical strategy to supporting our neighborhoods and ensuring that families can stay in the communities they love, Fairstead's acquisition of Sable Palms Apartments will extend the affordability of 200 homes and bring improvements to enhance the lives of residents."
-Jordan Capellino, Director, Development at Fairstead
The Sable Palms Apartments features 200 one- to four-bedroom units across 29 residential buildings. The campus includes one community building, where the management office is located, as well as two playgrounds, laundry facilities, and parking. Fairstead will preserve and extend the affordability of these units and provide upgrades to the buildings including improved kitchens, bathrooms, appliances, and common areas.
Fairstead recently announced a new $500 million equity commitment to strategically grow the company's operations, including expanding its multi-family housing portfolio and enhancing the firm's prop tech, sustainability, and community impact programming. Fairstead works with community leaders, advocates, and residents to provide programming and services that improve resident health outcomes, provide financial literacy, offer job training, bolster internet access, and provide opportunities for civic engagement.
This purchase is part of Fairstead's ongoing commitment to creating and preserving affordable housing across the nation. This week, Fairstead announced the largest affordable housing deal of the year in New York City with the acquisition of 48 buildings in the Bronx. Last week, Fairstead announced the acquisition of Gateway, 160 apartments in Lake Jackson, Texas, where it will preserve and expand its affordability. In Virginia, the Alexandria Redevelopment and Housing Authority (ARHA) recently announced that it had selected Fairstead in partnership with Mill Creek Residential and The Communities Group to redevelop the Samuel Madden Homes in Old Town Alexandria, nearby the new Amazon HQ2, where the company will create a sustainable mixed-use community with affordable, workforce, and market-rate housing.
Fairstead is a purpose-driven vertically integrated real estate developer specializing in creating sustainable, high-quality housing. The firm's national footprint includes more than $6 billion in assets and identified pipeline. With offices in New York, Maryland, and South Carolina, Fairstead's team manages 90+ communities across the country and runs its comprehensive real estate platform, which includes acquisitions and development, venture capital investments in prop tech, design and construction, energy and sustainability, property management, marketing, and leasing. The firm also administers one of the industry's most proactive community impact programs to provide on-site support services to residents.
REAL ESTATE INVESTMENT
Empire State Realty | March 03, 2022
Empire State Realty Trust, Inc. (NYSE: ESRT) today announced a new lease with Progyny, Inc. a leading fertility benefits management company, at 1359 Broadway. Progyny has committed to occupy 70,573 square feet across three floors, which includes one floor that it previously subleased, one floor that Progyny will occupy in late 2022 and a third floor that they will occupy in early 2024.
We are growing rapidly as more and more employers recognize the value of Progyny's comprehensive fertility and family building solution, We look forward to expanding our presence in our corporate office in New York City with Empire State Realty Trust."
Pete Anevski, CEO of Progyny.
Located along the updated Broadway Pedestrian Plaza, 1359 Broadway offers convenient access to major transportation hubs, subway lines, dining, lodging, and shopping. The fully modernized office building features industry-leading energy efficiency and indoor environmental quality measures at a fraction of the cost of newer buildings.
Our premier indoor environmental quality measures and energy-efficient practices continue to attract high-quality tenants who appreciate our value proposition, Progyny is a welcome addition to our excellent tenant roster at 1359 Broadway after a successful sublease."
Thomas P. Durels, executive vice president, real estate at Empire State Realty Trust.
David Falk, Kyle Ciminelli, and Dylan Weisman of Newmark Knight Frank represented Progyny, Inc. in the lease negotiations. Property owner representation was provided by Shanae Ursini and Jordan Berger of ESRT, and Paul J. Amrich, Emily Chabrier, Neil V. King III, and Meghan Allen of CBRE.
About Empire State Realty Trust
Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and manages a well-positioned property portfolio of office, retail, and multifamily assets in Manhattan and the greater New York metropolitan area. Owner of the Empire State Building, the World's Most Famous Building, ESRT also owns and operates its iconic, newly reimagined Observatory Experience. The company is a leader in healthy buildings, energy efficiency, and indoor environmental quality, and has the lowest greenhouse gas emissions per square foot of any publicly traded REIT portfolio in New York City. As of Dec. 31, 2021, ESRT's portfolio is comprised of approximately 9.4 million rentable square feet of office space, 700,000 rentable square feet of retail space and 625 units across two multifamily properties.