REAL ESTATE TECHNOLOGY
New Western | May 24, 2022
New Western, the largest national private source of distressed residential investment properties, announced the opening of its first office in Illinois. This most recent geographic expansion to the Windy City is New Western's 43rd office location and its 19th state. Realtor.com lists Chicago as one of the Top Housing Markets Positioned for Growth in 2022.
Chicago is the third-largest city in America and is a rapidly growing market. This is a big milestone and important market in our nationwide expansion with our latest office opening in the Prairie State. Providing affordable housing, especially in large markets like Chicago, is vital. When we help bring distressed properties back to the market, it's up to 31% less expensive than a new construction home. We pride ourselves on being specialists in providing exclusive inventory for real estate investors to evaluate and purchase in a matter of days and believe our presence in Chicago will positively impact the community."
Kurt Carlton, co-founder and president of New Western
New Western brings market insight and an exclusive marketplace with distressed investment property inventory to help real estate investors acquire fixer-upper properties. The company's agents are helping to address the affordable housing crisis by revitalizing distressed homes across the U.S., with nearly three million aged properties in the Chicago area alone, and 87.7% of them built before 2001.
Richard Randall is the general manager (GM) and managing broker leading the new Chicago office, located at 1 Westbrook Corporate Center, Suite 300, in Westchester. As GM, Randall is responsible for recruiting, hiring, training and leading his team to revitalize $543 million in residential properties in the Chicago market over the next five years.
"There is a disconnection in Chicago between what investors need and the properties that are available. Our business model works incredibly well in this environment," said Randall. "Investors are hungry for properties that are ideal for fixing and flipping, and our agents are the conduit that uncovers these gems."
Randall began his career with New Western in 2015 in its Fort Worth office as a sales agent and quickly moved his way up, becoming an acquisition agent, then sales manager. In 2019 the company asked him to open its new Kansas City office and serve as its GM and managing broker.
New Western is the largest private source of investment properties in the nation. Since 2008, New Western has bought and sold nearly $12 billion in residential real estate.
About New Western
New Western makes real estate investing more accessible for more people. Operating in most major cities, our marketplace connects more than 100,000 local investors looking to rehab houses with sellers. As the largest private source of investment properties in the nation, we buy a home every 13 minutes. New Western delivers a new opportunity for all—a fresh start for sellers, exclusive inventory for investors, and affordable housing for buyers.
REAL ESTATE INVESTMENT
Title Resources Group | May 04, 2022
Title Resources Group, one of the nation's leading title insurance underwriters, announced that HomeServices of America is acquiring a minority stake in TRG. Financial terms were not disclosed. HomeServices, an affiliate of Berkshire Hathaway, is the nation's largest residential real estate company, based on closed transactions.
HomeServices is joining TRG's other major shareholders, Centerbridge Partners, L.P. and Realogy Holdings Corp., in participating in the JV. The expanded roster of joint venture partners will be instrumental in accelerating TRG's mission and growth as the title underwriter built for the real estate industry.
HomeServices of America is a long-time, valued customer of TRG, and we're thrilled to welcome them as a significant shareholder to our joint venture. We look forward to working with their team to expand our collaboration in the months and years ahead, further accelerating our growth."
Scott McCall, president and CEO, Title Resources Group
"Our strengthened partnership with Title Resources Group further enhances the ability of HomeServices' sales associates to provide clients with a one-stop shopping approach to delivering the American dream of homeownership," said Gino Blefari, CEO, HomeServices. "We're excited to be a part of this joint venture with Scott McCall and his team, as well as our other partners at Centerbridge and Realogy."
"We are pleased to partner with HomeServices of America on this compelling JV," said Kevin Mahony, managing director at Centerbridge. "The investment in TRG by its long-time customer validates the bright prospects for the business, and we are excited about the strategic benefits of expanding the relationship. HomeServices' perspective and track record of success will be invaluable as we shape and execute TRG's growth and value creation plan together."
"The continued investment in TRG's future is a powerful endorsement of Realogy's strategy to unleash the underwriter's growth potential and reinforces our confidence in the exciting opportunity of this business," said Ryan Schneider, CEO and President, Realogy.
About Title Resources Group (TRG)
Title Resources Group – the underwriter built for the real estate industry – is one of the nation's largest title insurance underwriters, according to the American Land Title Association's 2021 market share data. A joint venture with Centerbridge Partners, L.P. and Realogy Holdings Corp., TRG serves title insurance agents in 37 states and the District of Columbia. With $163 million in liquid assets at year-end 2021, its financial strength and stability are rated A' (Unsurpassed) by Demotech, Inc., and B++ (Good) by AM Best Rating Services, and since its inception, the company has consistently operated profitably without a net operating loss in any fiscal year. With a mission to provide knowledgeable and responsive underwriting solutions, TRG is dedicated to growing lifelong relationships and maintaining quality through integrity and financial stability.
About HomeServices of America
HomeServices of America, Inc., through its operating companies, is the nation's largest residential real estate company based on closed transactions and is a premier provider of homeownership services, including brokerage, mortgage, franchising, settlement, property and casualty insurance, relocation services and more. HomeServices of America is the owner of the Berkshire Hathaway HomeServices and Real Living Real Estate residential real estate franchise networks. HomeServices is owned by Berkshire Hathaway Energy, a consolidated subsidiary of Berkshire Hathaway Inc.
Choice Home Warranty | February 08, 2022
Choice Home Warranty ("Choice") announced today that it has acquired certain assets of Home Warranty of America ("HWA") from Home Warranty of America, Inc. to enhance Choice's position as a leading provider of home warranty service contracts and to accelerate Choice's mission to become the US' largest and most respected home warranty provider. Financial terms of the transaction were not disclosed.
Founded in 1996 and based in Illinois, HWA is recognized as a top national provider of home warranty service contracts to real estate professionals. Choice will continue to operate HWA as a stand-alone brand; but would complement HWA's strong brand and experienced employees with modern and improved customer service utilizing Choice's advanced technology.
HWA's experienced team and strong reputation with real estate professionals combined with Choice's advanced technology, is an excellent fit with Choice's overall growth strategy, The combination of HWA's real estate channel experience with Choice's direct to consumer business and high-tech administration platform will be complimentary and will improve customer service, be great for our partners, and accelerate our path to attaining our goal of become the US' largest and most respected home warranty provider."
Victor Hakim, Chairman, and founder of Choice.
Home Warranty of America has been a trusted and recognizable brand in the home warranty space for more than 25 years, We welcome the team and are excited to bring new technology to improve and grow HWA and Choice."
REAL ESTATE TECHNOLOGY
Institutional Property Advisors | May 18, 2022
Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Hudson on Farmer, a 171-unit boutique apartment asset in Downtown Tempe, Arizona. The property traded for $96 million, which represents $561,404 per unit.
Hudson on Farmer is supported by a highly educated population of over 620,700 working professionals throughout 16 major employment corridors within a 10-mile radius. Tempe’s outstanding demographics include average and median annual household incomes of $85,200 and $61,500, respectively.”
Steve Gebing, IPA executive managing director
Gebing and IPA executive managing director Cliff David represented the seller, 8th & Farmer Owner LLC, and procured the buyer, Ideal Capital Group. “Tempe is one of the best suburbs in Arizona for young professionals and this ambitious demographic has long been a key source of the city’s success,” added David.
Hudson on Farmer’s Mill Avenue District location places it in the geographical center of Greater Phoenix, close to ASU and steps from the city’s only Whole Foods Market. Downtown Tempe has a mix of treelined walkways and large office developments, including 20-acre, 2-million-square-foot Marina Heights, and Hayden’s Ferry Lakeside, a master-planned mixed-use development with 1.6 million square feet of office, retail and residential space. Major employers near Hudson on Farmer include State Farm, ADP, Silicon Valley Bank, and Microsoft. There is 18.5 million square feet of lifestyle amenities in close proximity, namely Tempe Marketplace, Mesa Riverview, and Sloan Park, the spring training home of the Chicago Cubs.
Completed in 2021, six-story Hudson on Farmer has open-concept apartment homes with full-size front-load washers and dryers, walk-in showers, and private balconies. The exclusive sixth floor has distinctive cabinetry with undermount lighting, premium closets, and reserved parking. The property’s common area accommodations include a resort-inspired, heated swimming pool and spa and second-story resident lounge with social space, a conference room, and workspaces accented by modern art and natural wood décor. The landscaped courtyard, with a covered outdoor dining area, barbecue grills, firepit, desert vegetation and misting system gives residents an added venue for entertaining. Additional community amenities include a fitness center, bike parking room and electric vehicle charging stations.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap, a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
About Marcus & Millichap, Inc.
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion.