Complaints to the UK Property Ombudsman up 16% last year

Ombudsman Association | May 08, 2019

Complaints to the Property Ombudsman increased by 16% in 2018 and more than £2million is returned to consumers in compensatory awards, the latest annual figures show. Overall there was a record number of enquiries in 2018 at 29,023, up 22% on 2017. Of these, 4,246 went on to be formal complaints, which also rose significantly year on year by 16%. The Ombudsman supported 2,782 complaints, of which 2,381 required a financial award to be paid and for the first time, compensatory awards paid by agents to consumers reached in excess of £2 million at £2.17 million, a total which has more than doubled since 2016.

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REAL ESTATE INVESTMENT

City Office REIT Announces Raleigh Acquisition

City Office REIT | January 03, 2022

City Office REIT, Inc. (NYSE: CIO) ("City Office" or the "Company") announced today that it has closed the acquisition of Bloc 83, a premier two-building office complex located in Raleigh, North Carolina, for a gross purchase price of $330.0 million exclusive of closing costs. The 494,000 square foot, newly built Class A complex possesses a prime location, market-leading features and strong tenancy. Bloc 83 is situated in the Glenwood South submarket, a preeminent live-work-play district of downtown Raleigh. Glenwood South has attracted a population of young professionals relocating from larger metro areas and is the epicenter of Raleigh's dining, shopping and entertainment district. Bloc 83 features best-in-class, modern tenant buildouts, common areas and amenities. Highlights of the property include state-of-the-art fitness centers, a rooftop sky lounge, a yoga studio, various retail amenities and expansive lounges. The first building was delivered in 2019 and is currently 93% leased with a weighted average lease term remaining of approximately 10.3 years. The second building was delivered in 2021 and is in its initial lease-up phase at approximately 67% leased as of closing. Adding Raleigh to our footprint of high growth markets in the south and west strategically enhances our portfolio, Raleigh's highly educated workforce has been a driver for growth in the STEM and life science industries. The region's tier one research universities, high quality of life and diverse economy positions it favorably over the long term." James Farrar, the Company's Chief Executive Officer. About City Office REIT, Inc. City Office REIT is an internally-managed real estate company focused on acquiring, owning and operating high-quality office properties located in leading 18-hour cities in the Southern and Western United States. City Office currently owns or has a controlling interest in 6.2 million square feet of office properties. The Company has elected to be taxed as a real estate investment trust for U.S. federal income tax purposes.

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INVESTMENTS

Trilogy Multifamily Income & Growth Holdings Acquires Class A Multifamily Community in Chicago

Trilogy Real Estate Group | February 10, 2022

Trilogy Multifamily Income & Growth Holdings, a Regulation A+ bond offering sponsored by Trilogy Real Estate Group, announced today the acquisition of a 138-unit, Class A multifamily community located in Chicago's famed Logan Square neighborhood. We are very excited to have acquired the first property within the Trilogy Multifamily Income & Growth Holdings offering, Our capital raise and a rapidly expanding selling group are strong indicators that investors are eagerly seeking investments offering attractive current income with upside potential and we believe this property delivers on both fronts." Matt Leiter, CFO of Trilogy. The six-story building was built in 2018 and provides 138 studio, one- and two-bedroom apartment homes and 8,800 square feet of fully occupied ground-floor commercial space. The transit-oriented development is only 300 feet from the nearest Chicago Transit Authority train station. Along with unobstructed city views available from the property's rooftop deck, the apartment community offers many amenities uncommon for an asset its size, such as granite countertops, stainless steel appliances, nickel finish fixtures and in-unit washers and dryers. Some apartment homes also feature large walk-in closets, private terraces and IOTAS smart home technology. Community amenities include an indoor coworking space, modern fitness center, luxury fireplace, grilling stations, a bocce court and a green roof, among others. Located in Chicago's desirable neighborhood of Logan Square, the property sits in the heart of a vibrant community with an abundant collection of dining, entertainment and employment experiences. Some of the notable employers in the surrounding area include Amazon, Eli Lilly, AbbVie and Boston Consulting Group. Residents are also just one mile south of the 606 Trail, a 2.7-mile community trail that brings together arts, history, design, event and green spaces for all residents. The Regulation A+ bond offering intends to primarily acquire existing Class A and Class B multifamily real estate assets located in targeted markets across the U.S. Trilogy Real Estate Group expects to add multiple properties over the coming months. About Trilogy Real Estate Group Trilogy Real Estate Group is a vertically integrated real estate investment and property management firm with a focus on multifamily apartments and commercial real estate. Trilogy was recently rated "A" and was ranked the sixth best U.S. apartment property manager in the "epIQ Index for Top 100 Management Companies" - January 2020. Since 2002, the principals of Trilogy have completed over $4 billion in transaction volume. Trilogy has a proven expertise in timing real estate cycles and sourcing and managing outstanding real estate investments in markets around the United States.

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REAL ESTATE INVESTMENT

Local Investors to Renovate Apartment Community in Northeast San Antonio

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.

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REAL ESTATE TECHNOLOGY

Green Courte Partners Hires Managing Director of Development

Green Courte Partners, LLC | March 10, 2022

Green Courte Partners, LLC, a private equity real estate investment firm focused on building industry-leading companies within niche real estate sectors, announced that it has hired C.R. Russell as Managing Director of Development. In this role, Mr. Russell will oversee all development and construction activities for Green Courte's investments in Windward Communities, True Connection Communities, and The Parking Spot, Green Courte's land-lease community, senior housing, and near-airport parking companies, respectively. Mr. Russell is replacing John Lyons, who retired in February after being with Green Courte and The Parking Spot since 2010. Prior to joining Green Courte, Mr. Russell was a Senior Vice President of Development and Construction at A.J. Capital Partners, a vertically integrated developer with $3.6 billion in real estate investments across 45 markets. In that role, Mr. Russell oversaw the planning and development efforts of $1.2 billion of high-profile hospitality and mixed-use developments comprising nearly 2.6 million square feet of space. Earlier in his career, Mr. Russell held several management roles at Vail Resorts Development Company on behalf of Vail Resorts, Inc., the largest owner and operator of mountain resort properties. At Vail, Mr. Russell was responsible for the company's mountain development team as well as expansion efforts across its entire portfolio of properties. Mr. Russell holds a Bachelor of Arts in Environmental Policy from Rollins College and a Master of Business Administration from Northwestern University's J.L. Kellogg Graduate School of Management. We are thrilled to welcome C.R. to our team, and we look forward to leveraging his diverse skillset and expertise to further expand and improve Green Courte's development efforts across our three active platforms." David B. Lentz, Green Courte's Chief Executive Officer About Green Courte Partners, LLC Green Courte Partners, LLC is a Chicago-based private equity real estate investment firm focused on building industry-leading companies within niche real estate sectors, including active adult/independent senior living properties, land-lease communities, and near-airport parking facilities. The firm combines focused investment strategies with a disciplined approach to transaction execution, operations, and asset management. Green Courte's goal is to invest in high-quality real estate assets that will generate attractive risk-adjusted returns over a long-term holding period.

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