REAL ESTATE TECHNOLOGY,REAL ESTATE INVESTMENT
Landmark Properties and Manulife Investment Management | December 20, 2022
Landmark Properties, a fully-integrated real estate firm specializing in development, construction, investment management, and operation of high-quality residential communities, has formed a new build-to-core joint venture with Manulife Investment Management. The partnership will focus on developing and operating residential properties in targeted markets throughout the United States and has pre-identified several potential development opportunities, with the first being The Standard at Four Corners, an 890-bed project at the University of Connecticut located in Storrs.
"Landmark is excited to partner with Manulife Investment Management on the development of The Standard at Four Corners, This represents the first investment in our new build-to-core venture with Manulife Investment Management. Landmark continues to attract institutional capital to the student housing space due to our track record of success, vertical integration, and out-performance during challenging economic times."
-Landmark President and CEO, Wes Rogers
Located at 1717 Storrs Road, The Standard at Four Corners will be ready for occupancy in August 2025 and offers several distinct floorplans ranging from studios to three-bedroom. The design of these units, amenities featured, and the privacy the layouts offer are unique to Storrs and will attract attention from potential residents when weighing options among comparable properties. The property's pedestrian access will make way to both the campus core and downtown Storrs for residents.
Manulife Investment Management is proud to partner with Landmark Properties, who we view to be best-in-class in the student housing sector, leveraging their experience across the United States to jointly develop a premier portfolio of assets, We believe the student housing sector represents a compelling investment opportunity underpinned by attractive supply/demand dynamics and strong historical performance,said Edward Dunn, managing director, Infrastructure Investments at Manulife Investment Management.
Each apartment at The Standard at Four Corners provides a gourmet-style kitchen with ample cabinet space, quartz countertops and stainless-steel appliances. Every residence is fully furnished, offers hardwood-style flooring, and includes technology related amenities in the common area, high-speed internet and cable.
Additionally, residents can access 24-hour study lounges, fitness center and computer lab. The resort-style amenity spaces add extra opportunities for recreation and socialization with a gaming lounge, heated pool, hot tub, and fire pits. For residents with vehicles, a deck offers parking for an additional fee.
The development also features 14,500-square-feet of ground-floor retail space. Landmark Construction will serve as general contractor for the duration of the project.
According to CollegeSimply, the University of Connecticut is ranked as the best public university in the New England region.
With over $10 billion assets under management, Landmark's portfolio includes almost 100 residential communities across the country with approximately 60,000 beds. Landmark currently has 21 student, BTR, and multifamily projects under construction with an estimated value at $3.7 billion, and a significant and growing development pipeline.
About Landmark Properties
Headquartered in Athens, Ga., with an office in Atlanta, Landmark Properties is a fully integrated real estate firm, specializing in the acquisition, development, and management of high-quality residential communities. With more than $10 billion assets under management, Landmark's portfolio includes nearly 100 residential communities across the country with more than 60,000 beds under management. Additionally, Landmark benefits from an active development pipeline with 21 student and multifamily projects under construction with an estimated value at $3.7 billion. Landmark's mission is to be the leader in development, construction, operations, and investment management of high-quality residential communities, delivering unrivaled service and experience to our residents, partners, and employees.
About Manulife Investment Management
Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 19 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We're committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement. Not all offerings are available in all jurisdictions.
REAL ESTATE INVESTMENT,INVESTMENTS
VanWest Partners | December 08, 2022
VanWest Partners (VanWest), a Denver-based commercial real estate investment company, announces the acquisition of two additional self storage properties for VanWest Storage Fund III (Fund III). In aggregate, the two acquisitions represent 85,595 NRSF and 719 self storage and parking units.
Captain Hook Self Storage, located in Zion, Illinois, joins the existing asset base in the Illinois market purchased through VanWest Storage Funds I and II. The facility is in excellent physical condition and consists of 379 units and 51,680 net rentable square feet. The firm intends to improve the operational performance of the facility by reducing operating expenses and increasing rents, which are currently substantially under market rates.
The second acquisition in Durham, North Carolina, adds 340 units and 33,915 net rentable square feet to Fund III's portfolio. Similar to the acquisition in Illinois, this facility will add economies of scale to VanWest's Fund I and Fund II asset base throughout North Carolina by enabling the firm to amortize fixed operating costs across a larger asset base. the firm expects to create value quickly by bringing customers up to market rates and reducing historical operating expense loads.
The two recent acquisitions are the sixth and seventh for Fund III since launching in April 2022, and they represent the final closings of the year for the Fund. Both deals were sourced off-market and will add immediate value to Fund III as the firm leverages their operational platform to grow net operating income. The facilities will be rebranded to ClearHome Self Storage.
Fund III now includes a total of seven self storage facilities with 2,969 units and 493,890 net rentable square feet, representing $51.2MM in total capitalization deployed.
"We're very pleased with the early performance of the Fund's seven acquisitions made this year. 2023 will be a transformational time in the real estate investing space – the years of irrational exuberance are coming to an end. While we expect to see more attractive acquisition opportunities than we've seen for years, now is also a time for increased caution and conservatism given the uncertainty that lies ahead. Good deals are not enough in 2023 – they must be great deals. While we have fewer acquisitions in the pipeline than a year ago, we're excited about the assets that we're closing in Q1 of 2023. With conservative leverage and early performance above forecast, Fund III is well positioned to navigate a turbulent environment in the coming quarters."
-Jacob Vanderslice, a principal at VanWest Partners
VanWest Partners anticipates a 2–3-year deployment period for Fund III with targeted returns of 14-16% IRR and a 2X-2.25X investor equity multiple over a seven-year hold.
Fund III succeeds VanWest Storage Funds I and II, with Fund II closing at the end of 2021. Through these Funds and other vehicles, VanWest Partners has acquired or built over 42 self storage facilities, totaling more than 2.5 million square feet and 19,700 units.
About VanWest Partners
VanWest Partners is an opportunistic real estate investment firm specializing in self storage and urban infill repositioning. We target a full range of investment opportunities from development to fully stabilized assets in primary, secondary, and tertiary markets with strong fundamentals and an opportunity to add value through both revenue and expense optimization. Accredited investors are invited to participate in value-add self storage throughout the continental US.
REAL ESTATE TECHNOLOGY,REAL ESTATE INVESTMENT
Hilco Real Estate | November 24, 2022
Hilco Real Estate, LLC, (HRE) was chosen as part of a competitive process by Alamo Dynamic, LLC, a private equity-backed food producer, to monetize a turnkey, USDA-certified, cold storage facility located in Lubbock, Texas. The property consisted of 224,000± SF across five buildings set on 16.38 sprawling acres.
The pandemic took its toll on the company, as Dynamic Foods' main contractual partner, Furr's Fresh Buffet, filed for bankruptcy in spring of 2021. Without this partnership, the facility was only running at about 20% capacity, which led to the ownership's decision to sell the facility and all its associated assets.
Due to the property's tertiary location, the existing specialized buildout of the facility, environmental challenges and a tight deadline, the seller was uncertain of the ultimate recovery a sales process could yield.
HRE immediately implemented a targeted national marketing campaign that, in just under three months, garnered over 80 direct inquiries from sophisticated buyers (many who were end users), nine tours with well-qualified groups and three viable offers. HRE conducted a multi-phased, competitive offer process in which the ultimate price exceeded $17,000,000, far beyond the initial anticipated sale price.
During the due-diligence period, the buyers came across an unknown environmental issue with the potential to delay the closing. Hilco Global institutional knowledge regarding mitigating environmentally challenged properties proved invaluable. The team developed a unique phased closing strategy to accommodate the seller's need for a quick sale and the buyer's desire to begin retrofitting the facility on a specific timeline. The phased closing plan also allowed the seller to responsibly address the ongoing remediation prior to transferring the impacted parcel to the new buyer.
"We are thrilled that the sale will allow the buyer to utilize the highly sought-after cold storage component of the facility, and more importantly, provide jobs to the area, many that were lost when the previous operator closed its doors. Simultaneously, our strategic sale process allowed the seller to maximize the property's value, limit time and costs typical in conventional sale processes, and thoughtfully address the environmental obstacles that could have otherwise thwarted the sale."
-Chet Evans, a vice president at Hilco Real Estate
About Hilco Real Estate: Hilco Real Estate, LLC ("HRE"), a unit of Hilco Global, is headquartered in Northbrook, Illinois. HRE is a national provider of accelerated real estate disposition services for corporations, lenders, servicers, receivers, bankruptcy attorneys, estates, private owners, investment companies as well as local, state, and federal government agencies. Acting as an agent or principal, HRE applies its vast experience to advise and execute strategies, helping both healthy and distressed clients to derive maximum value from their real estate assets. By leveraging multi-faceted sales strategies and techniques, aggressive repositioning and restructuring experience, a vast and motivated network of buyers and sellers, and substantial access to capital, HRE exceeds expectations even in the most complex transactions.
REAL ESTATE TECHNOLOGY,REAL ESTATE ADVICE
McKissock Learning | November 22, 2022
McKissock Learning, the leading national provider of online education for real estate appraisers, today announced its commitment to launch a Practical Applications of Real Estate Appraiser (PAREA) Experience Program to support the diversification and growth of the appraisal profession.
“As a leading appraisal education provider, we know firsthand how difficult it can be for aspiring appraisers to find a supervisor and realize their dream, We believe this is a great opportunity to demonstrate our dedication to the profession with a critical initiative to ultimately contribute to a more diverse and expanded appraiser community.”
- Kevin Hecht, Appraisal Training and Development Manager at McKissock Learning
Slated to launch in the fall of 2023, the McKissock PAREA Experience Program combines technology-based training with real-world field experience and will allow participants to qualify for up to 100 percent of the experience hours required to sit for an appraisal exam in participating states.
McKissock’s PAREA Experience Program is made intentionally for people who complete the required education only to find they cannot move forward in their goal of becoming licensed appraisers because they can’t find a supervisor, It is a powerful instrument to diversify and expand the profession, said Alan Hummel, Principal at The Hummel Group and certified appraiser for 35 years.
Consistent with The Appraiser Qualifications Board (AQB) policies, McKissock’s PAREA program will allow participants to apply appraisal concepts and general principles to real-life situations, problems, and activities. Participants can access training modules, simulations, and assignments through McKissock’s dynamic learning platform, allowing for mentor-led and self-study activities.
In addition to simulated learning experiences, McKissock will also require students to complete real-life personal experience activities in their local markets, such as inspecting properties in their area and verifying information with local stakeholders such as realtors, contractors, and lenders. Participants will be expected to author and produce appraisal reports on various property types, each of which must pass a mentor’s review and be fully compliant with USPAP standards.
Our mission at McKissock Learning is to support the advancement, diversification, and growth of the real estate appraisal profession. We are committed to providing PAREA participants with quality training and practical experiences to enable them to become licensed and successful appraisers, said Renee Altier, President of Valuation and Property Services, Colibri Group, the parent company of McKissock Learning.
About McKissock Learning
McKissock Learning is a top national provider of education for licensed real estate property appraisers, agents, brokers, home inspectors, land surveyors, and professional engineers. For more than 30 years, McKissock has provided appraisal qualifying and continuing education, as well as professional development courses to support appraisers through all stages of their careers. McKissock Learning is part of Colibri Group, which provides learning solutions to licensed professionals who strive to be among the best in their fields.