Geller Associates Buys $23M Charlotte Apartments

Geller Associates | October 10, 2018

Geller Associates has acquired the Fields at Archdale, a garden-style apartment community in Charlotte, N.C., for $22.6 million. The firm purchased the property from Elite Street Capital. Hunt Real Estate Capital provided an $18.3 million Fannie Mae DUS loan to finance the acquisition. The 12-year loan bears interest at a rate of 4.56 percent per annum, due on June 1, 2030, according to Yardi Matrix.

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REAL ESTATE TECHNOLOGY

New Western Enters Chicago Market with Eye on Revitalizing $543M Affordable Homes

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.

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REAL ESTATE TECHNOLOGY

Faropoint Sells Portfolio of 109 Institutional-Quality Last-Mile Warehouses For $481M

Faropoint | July 06, 2022

Faropoint, a leading real estate investment firm focused on last-mile industrial properties in high population growth markets, today announced the sale of 109 institutional-quality, last-mile logistics buildings to a private buyer for $481 million. The portfolio consists of 6.8 million square feet of warehouse space largely concentrated in Atlanta, Philadelphia, Houston and Memphis. The close of this portfolio sale in the current market climate further demonstrates Faropoint’s successful strategy as an aggregator of individual warehouses in growth markets across the U.S. The firm leverages a proprietary origination platform to collect data from its team of investment professionals across nine U.S. offices. This curation of data arms Faropoint with actionable insights and analytics to identify mostly off-market opportunities to acquire last-mile industrial buildings. “This deal marks one of the largest portfolio sales of last-mile urban logistics centers in recent years and positions Faropoint to continue to provide significant value to its investors through its last-mile industrial funds,” Faropoint Chief Relations Officer Raz Rahamim The 109-building portfolio includes multi-tenant warehouse and light industrial properties, with each building averaging 62,000 square feet. The portfolio is 98 percent leased and occupied by approximately 200 local, regional and national tenants. During the firm’s 3-year hold period, Faropoint executed 120 leases across the portfolio, significantly increasing NOI and lease commitments. “Our firm is extremely bullish about last-mile industrial and we are optimistic that fundamentals will remain strong in this segment of the market long-term due to constrained supply,” said Faropoint Chief Investment Officer Ohad Portat. “We will continue to closely monitor market conditions and adjust our strategy as needed in response to macroeconomic trends and future volatility.” This disposition follows a record-breaking year of activity in 2021, during which time Faropoint acquired 148 buildings in 85 separate transactions. “Transacting at such a high volume across nine offices and aggregating data from thousands of deals allows our team to act with much more accuracy and certainty when vetting and underwriting deals.” said Faropoint Chief Executive Officer Adir Levitas. “As the current macroeconomic climate evolves, we will continue to assess market conditions, and are well-capitalized to act when the right opportunities present themselves.” Eastdil Secured advised Faropoint on the sale and financing of the portfolio, and Duval & Stachenfeld LLP served as legal advisor. About Faropoint Faropoint is a vertically integrated, data-driven real estate investment manager that leverages data and deep market relationships to achieve superior risk-adjusted returns. Faropoint targets inefficiencies in the marketplace that can be solved with technology and scaled to create meaningful positions using cutting-edge, proprietary, real estate underwriting and portfolio management methods. The company invests in markets with strong demographics and high construction barriers to entry, such as Atlanta, Dallas, Philadelphia, Northern New Jersey, Chicago, Tampa, Miami, and Memphis. Faropoint currently owns and manages more than 20 million square feet of industrial assets. About Eastdil Secured As the most relevant and trusted advisor in the commercial real estate capital markets, Eastdil Secured creates value for clients through creative, actionable ideas and flawless execution. With an unrivaled combination of capital markets expertise and in-depth understanding of real estate fundamentals, Eastdil Secured delivers best-in-class advice on mergers and acquisitions, sales, joint ventures, debt placement, structured credit and loan sales to investors around the world. Headquartered in New York, Eastdil Secured has a broad global footprint to support clients with offices across the United States in Atlanta, Boston, Charlotte, Chicago, Dallas, Los Angeles, Miami, Orange County, San Francisco, Seattle, Silicon Valley and Washington, D.C., and internationally in London, Paris, Frankfurt, Milan, Dublin, Dubai, Hong Kong and Tokyo.

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BROKERAGE

The Real Brokerage Surpasses 5,000 Agent Milestone

The Real Brokerage Inc. | June 18, 2022

The Real Brokerage Inc., an international, technology-powered real estate brokerage, announced that it has surpassed 5,000 agents. The company has grown from 2,450 agents to 5,000 agents in the past 12 months, an increase of 104%. Over the past year, Real was listed on the NASDAQ Stock Exchange, launched a new platform for its technology, and broadened its brokerage operations to 44 states and the District of Columbia, with an addition of 13 states including Indiana, North Dakota, Minnesota, Montana, Iowa, Michigan, Idaho, Kentucky, Wyoming, New Mexico, Arkansas, Maine and Mississippi. The Company also added an international dimension, commencing operations in Canada, including Alberta and Ontario. The Company is focused on building a new model of national real estate brokerage that breaks away from franchise fees and brick-and-mortar offices and provides agents with an attractive financial incentive structure, innovative technology tools and an enterprising, ambitious culture. We've seen monumental success over the past year, and I believe a large part of that can be attributed to our agent attraction momentum and comprehensive tech solutions. Real attracts agents who are driven to succeed and who want to work with others who are equally as passionate. We build the technology and collaborative culture, and they continue to champion our growing community." Tamir Poleg, Real Chairman and CEO About Real Real is a technology-powered real estate brokerage operating in 44 U.S. states, the District of Columbia, and Ontario and Alberta, Canada. Real is building the future, together with more than 5,000 agents and their clients. Real creates financial opportunities for agents through better commission splits, best-in-class technology, revenue sharing and equity incentives.

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REAL ESTATE TECHNOLOGY

American Real Estate Partners Commits Capital to Its 6th Deal in Recently Announced Strategic Opportunity Fund III

AREP | July 29, 2022

American Real Estate Partners (“AREP”), and its Joint Venture partner Machine Investment Group (MIG) today announced the company’s latest investment in the logistics & distribution market, a 1,015,740 square foot industrial property located in Middletown, Delaware. This is AREP’s sixth investment through its Strategic Opportunity Fund III (“Fund III”) and is now 60 % deployed. The New Castle County industrial submarket has experienced meaningful growth, with the newly developed Route 301 Bypass transforming the ease of access to Middletown from Interstate 95. The current lack of easily accessible properties in Southern Jersey, Northern Delaware, and Eastern Pennsylvania has pushed tenants to seek strong alternate locations, the Middletown area is a premier example of this. “At AREP, we have sought to invest in those markets where we see growth of both tenancy and rents, We were drawn to this asset in a growing market as demand from Logistics & Distribution companies along 3PL providers continue to lead market absorption.” Doug Fleit, Co-Founder & CEO of AREP “Just weeks after announcing the closing of our third investment fund, this acquisition exemplifies AREP’s strategic and meaningful investments in the logistics market,” said Brian Katz, Co-Founder & President of AREP. “Our team has a proven track record of credibility and expertise in opportunistic investments, and we are proud to continue the diversification of our four asset pillars: industrial, data center, multi-family and office. We remain optimistic about Fund III and will continue to put its capital to work in a judicious manner.” In June, AREP announced the closing of Fund III with $63 million in equity commitments expanding on the diverse mix of public and private institutional investors and family offices. Fund III will continue AREP’s focus on a value-add and opportunistic strategy, concentrating on data center, residential, industrial, and office assets in East Coast urban and urbanized suburban markets. Fund III’s co-investment capital is targeted to invest in $1.5 B to $2.0 B of total asset value, utilizing moderate financial leverage. ABOUT AMERICAN REAL ESTATE PARTNERS Headquartered in the Greater Washington metropolitan area, AREP is an institutional fund manager and operating partner focused on data center, residential, industrial, and office assets, on both a development and repositioning basis in various markets along the East Coast. Since the company’s founding in 2003, AREP has deployed over $5.1B across targeted geographies, acquired more than 20 million SF of Class A real estate, and currently oversees over 10 million SF. AREP's vertically integrated real estate platform and experienced Management Team provide exceptional expertise in all ownership disciplines from acquisition to realization. By leveraging this expertise, AREP remains at the forefront of real estate innovation, maximizing investment and enhancing performance to provide added value for its investors.

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