Fiera’s acquisition of Palmer Capital: one year on

Private Equity Real Estate | January 06, 2020

The UK investment manager formerly known as Palmer Capital Partners is embarking on its largest-ever real estate fundraise. It is also relaunching its core vehicle one year after selling a majority stake to Canada’s Fiera Capital.   Newly rebranded as Fiera Real Estate, the firm launched Fiera Real Estate Opportunity Fund V in November with a seed investment of more than £30 million ($39.45 million; €35.26 million) from CBRE Global Investment Partners, the indirect private real estate arm of CBRE Global Investors. The vehicle has a target of £250 million. This would make it the largest in the series formerly known as the Palmer Capital Development Funds, which raised between £51.70 million and £225 million, according to PERE data. We see a bigger market opportunity in 2020,” said Alex Price, chief executive of Fiera Real Estate. “I’ve not seen a catalyst for change like Brexit come along in my lifetime, where suddenly you’re going to find supply chains are potentially in the wrong place … We’re going to see in the next 12 to 36 months a huge amount of change going on in the UK in the corporate real estate footprints that we have.

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REAL ESTATE INVESTMENT

ExchangeRight Fully Subscribes $124 Million 30-Property Net-Leased Portfolio

ExchangeRight | April 20, 2022

ExchangeRight, one of the nation's leaders in diversified real estate investments and strategies, has fully subscribed its $124 million Net-Leased Portfolio 50 offering, containing 30 net-leased properties covering 676,976 square feet across 17 states. The portfolio of single-tenant properties was structured to generate consistent investor distributions starting at an annualized rate of 6.12 percent. ExchangeRight has fully subscribed a $124 million 30-property net-leased portfolio focused on essential businesses. The fully occupied portfolio, offered at $124,160,000, includes properties tenanted by CVS Pharmacy, Dollar General, Dollar Tree, Family Dollar, First Midwest Bank, Fresenius Medical Care, Octapharma Plasma, Publix, Sherwin-Williams, Walgreens and WellMed. The offering launched with 10-year, fixed-rate, interest-only financing at 3.26 percent. We are grateful for those investors, advisors and representatives who have placed their trust in us to steward the wealth they have invested in Net-Leased Portfolio 50. We are intent on constructing diversified net-leased portfolios for DST investors designed to produce stable income through economic cycles, preserve investor wealth, defer investors' taxes and provide a strategic exit." Warren Thomas, a managing partner in ExchangeRight ExchangeRight and its affiliates' vertically integrated platform features over $4.8 billion in assets under management, diversified across over 1,050 properties, over 19 million square feet and throughout 44 states. More than 6,600 investors have trusted ExchangeRight to manage their capital. All of the company's current and past offerings have met or exceeded targeted cash flow distributions to investors since the company's founding. The past performance of ExchangeRight and its previous offerings does not guarantee future results. About ExchangeRight ExchangeRight pursues its passion to empower people to be secure, free and generous by providing REIT, fund and 1031 DST portfolios that target secure capital, stable income and strategic exits. The company strategically syndicates net-leased portfolios of assets backed primarily by investment-grade corporations that successfully operate in the necessity-based retail and healthcare industries, as well as diversified value-add portfolios of inline and outparcel retail spaces shadow-anchored by strong-performing grocery tenants.

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REAL ESTATE ADVICE

Explore the Luxury Home of Your Dreams Near the Nation's Capital

Gloria Rojas | June 20, 2022

Gloria Rojas, a top producer with Fairfax Realty Select recently listed two new homes for sale in Potomac, Maryland and Oakton, Virginia. Both stunning, custom properties are beautifully appointed, well kept, and located in excellent locations within easy, 30-minute access to Washington D.C. and the surrounding metro area. A Multi-Million Dollar Club Member and Top Producer since 2005, Gloria Rojas has been an elite licensed real estate advisor for nearly two decades. Her listings regularly fall within the DC metro area, in suburbs that welcome nearly any lifestyle – from cozy brownstones to full luxury estates fit for a dignitary. Potomac, Maryland: 11300 Glen Road A uniquely stunning 11,639 square feet custom-built property on 2+ acres, featuring a perfect blend of European and American stone-and-stucco cozy aesthetics. Outdoor, landscaped gardens, cherry-blossom trees, mature framing trees, with a private entrance and convenient circular driveway. It also comes with a 6-car garage. Custom trim, custom ceilings, soaring windows, Italian paint, and embassy-sized marble foyer with a monumental custom staircase complete with iron handrails are just a few of the home's exciting features. Ideally located just outside of DC, in the very exclusive community of Potomac, Maryland. Price: $3,100,000 Total Beds: 6 Total Baths: 5 full/ 2 half Total Sq. ft.: 11,639 on 2.01-acre property. Take a virtual tour of the home HERE. Oakton, Virginia: 2961 Trousseau Lane Nestled on a quiet street in the exclusive Northern Virginia neighborhood of Oakton and close to everything a homeowner could need, this home features a long driveway, gleaming hardwood floors, and spacious living areas. With other highlights like a stainless-steel gourmet kitchen, butler's pantry, a wet bar, guest suite on main level, and outdoor patio, this house is an Oakton treasure. Price: $1,299,900 Total Beds: 5 Baths: 5 full/2 half Total Sq. ft.: 5,826 on 0.15-acre property. Take a 3D tour of the home. Mrs. Gloria Rojas is extremely professional. She understands the difference between selling real estate vs. selling a home for her clients. When we decided to make the move to Washington D.C. metro area, we searched for the best realtor possible and we were extremely fortunate to work with Gloria. She guided my husband and I through the whole process and we were able to find our perfect home with no hassle and everything was transparent." A. Robertson About Gloria Rojas: Your Licensed Luxury Real Estate Advisor Since 2005, Gloria Rojas has been a trusted Washington DC real estate advisor to the elite, helping families find luxury homes and real estate investments with a wide variety of listings throughout the DC metro area, including Washington D.C., Northern Virginia and Maryland. A Top Producer and award-winning real estate professional, Gloria has striven to provide the best advice and service to her clients, especially when it comes to advising them with her expertise in listing a property, regardless of the price of the home, establishing her distinguished career over the course of nearly two decades. She holds a degree from University of Cambridge, located in the UK, a graduate degree from Sorbonne Université, located in Paris, France, and is fluent in English, Spanish, and French – earning her the respect and admiration of a truly global clientele, and her colleagues.

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REAL ESTATE INVESTMENT

Bluerock Residential Growth REIT To Be Acquired By Affiliates of Blackstone Real Estate In $3.6 Billion Transaction

Bluerock Residential | December 21, 2021

Bluerock Residential Growth REIT, Inc. (NYSE American: BRG) (the "Company") today announced that it has entered into a definitive agreement with affiliates of Blackstone Real Estate ("Blackstone") under which Blackstone will acquire all outstanding shares of common stock of BRG for $24.25 per share in an all-cash transaction valued at $3.6 billion (the "Acquisition"). Under the terms of the agreement, Blackstone will acquire 30 multifamily properties comprising approximately 11,000 units as well as a loan book secured by 24 multifamily assets. The properties consist of high-quality garden-style assets with significant green space and resort-style amenities, built, on average, in 2000. The majority of the properties are located in Atlanta, Phoenix, Orlando, Denver and Austin. Prior to the Acquisition, the Company separately intends to spin off its single-family rental business to its shareholders (the "Spin-Off" and together with the Acquisition, the "Transaction") through the taxable distribution to shareholders of all of the outstanding shares of common stock of a newly formed real estate investment trust named Bluerock Homes Trust, Inc. ("BHOM"), which will be externally managed by an affiliate of Bluerock Real Estate. BHOM will own interests in approximately 3,400 homes, including 2,000 through preferred/mezzanine investments, located in fast growing, high quality of life and knowledge economy markets across the United States. The Company's shareholders will receive shares of BHOM, with a current implied Net Asset Value estimated at $5.60 (based on the midpoint of the valuation range provided by Duff & Phelps, independent financial advisor to the Company's board of directors), for each share of Company common stock. There can be no assurance that the trading price upon a listing of BHOM will be equal to or greater than this estimated NAV. The Transaction has been unanimously approved by the Company's board of directors and the Acquisition, excluding the value of BHOM, represents a premium of approximately 124% over the unaffected closing stock price on September 15, 2021, the date prior to a media article reporting that the Company was exploring strategic options including a sale. We are very proud to enter into a transaction that delivers tremendous value to our shareholders. We believe the substantial premium to our historic trading price is a testament to our success in building a best-in-class institutional-quality multifamily apartment portfolio in our attractive knowledge-economy target markets, along with the robust process run by the board of directors and management to secure maximum value for our shareholders," Ramin Kamfar, Company Chairman and CEO. Bluerock's portfolio consists of high-quality multifamily properties in markets across the U.S. experiencing some of the strongest fundamentals. We look forward to bringing our best-in-class management to these properties to ensure they continue to be operated at the highest standards for the benefit of tenants and the surrounding communities." Asim Hamid, Senior Managing Director at Blackstone Real Estate Completion of the Acquisition, which is currently expected to occur in the second quarter of 2022, is contingent upon consummation of the Spin-Off, as well as customary closing conditions, including the approval of the Company's shareholders, who will vote on the transaction at a special meeting on a date to be announced. The Acquisition is not contingent on receipt of financing by Blackstone. Most members of the Company's senior management, along with certain entities related to them, have agreed to retain their interests in the Company's operating partnership, which will hold the assets related to the single-family rental business upon completion of the Spin-Off, rather than receiving cash consideration. Morgan Stanley & Co. LLC and Eastdil Secured LLC are the Company's lead financial advisors with BofA Securities also serving as an advisor. Wachtell, Lipton, Rosen & Katz, Kaplan Voekler Cunningham & Frank, PLC, and Vinson & Elkins, LLP are serving as the Company's legal counsel. Barclays and Wells Fargo Securities LLC are Blackstone's financial advisors and Simpson Thacher & Bartlett LLP is Blackstone's legal advisor. About Bluerock Residential Growth REIT, Inc. Bluerock Residential Growth REIT, Inc. (NYSE American: BRG) is a real estate investment trust that focuses on developing and acquiring a diversified portfolio of institutional-quality highly amenitized live/work/play apartment communities in demographically attractive knowledge economy growth markets to appeal to the renter by choice. The Company's objective is to generate value through off-market/relationship-based transactions and, at the asset level, through value-add improvements to properties and to operations. BRG has elected to be taxed as a real estate investment trust (REIT) for U.S. federal income tax purposes. About Blackstone Real Estate Blackstone is a global leader in real estate investing. Blackstone's real estate business was founded in 1991 and has $230 billion of investor capital under management. Blackstone is the largest owner of commercial real estate globally, owning and operating assets across every major geography and sector, including logistics, multifamily and single-family housing, office, hospitality and retail. Our opportunistic funds seek to acquire undermanaged, well-located assets across the world. Blackstone's Core+ strategy comprises open-ended funds that invest in substantially stabilized real estate assets globally and Blackstone Real Estate Income Trust, Inc. (BREIT), a non-listed REIT that invests in U.S. income-generating assets. Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT).

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REAL ESTATE INVESTMENT

EVERNEST ACQUIRES TULSA PROPERTY MANAGEMENT

EVERNEST | December 22, 2021

Evernest, a full-service real estate and property management company, headquartered in Birmingham, Alabama, that specializes in the brokerage and management of single-family homes and small multifamily properties, announced today that they have acquired the property management assets of Tulsa Property Management, based in Tulsa, Oklahoma. We could not be more excited than to be in Oklahoma – particularly in the amazing community of Tulsa. We've wanted to be here ever since we began our expansion into new markets. The founder of Tulsa Property Management, Luke Westerfield, built a great company and we will, by virtue of this acquisition, be managing some of the best homes in the Tulsa metro area. We plan to use the acquisition as a platform to offer investment opportunities in Tulsa to current clients and future clients with a desire to invest in a solid market." Evernest Founder and CEO, Matthew Whitaker Evernest has grown from a small Birmingham-based property manager into a full-service real estate company and one of the nation's largest single-family and small multifamily investment property management service providers. They currently have offices in Atlanta, Birmingham, Boulder, Chattanooga, Colorado Springs, Columbus (OH), Denver, Detroit, Fort Collins, Jackson (MS), Little Rock, Memphis, Murfreesboro, Nashville, Toledo, and now, Tulsa. Evernest manages about 6,000 homes with its almost 150 team members and has been on the Inc5000 list 5 out of the last 6 years. Evernest was a great fit for my clients. They are obviously doing something right with the amount of growth they've had over the last 5 years. For me, it provides an opportunity to focus on the large multifamily and development side of the real estate business." Westerfield We've acquired 16 companies over the past several years and will continue to focus our efforts on growth through acquisitions in thriving markets like Tulsa. We're most successful when we acquire a great company like Tulsa Property Management and infuse it with our distinctive culture and what we call our 'Three Uniques' - 1. Our national brand with local team. 2. Being an investor's real estate partner, and 3. Running all application underwriting in-house." Whitaker

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