JV Nabs Apartment in Chicago’s Printers Row

Kramer Inc | July 23, 2018

A joint venture of Chicago-based Draper and Kramer Inc. and equity partner Intercontinental Real Estate Corp. has acquired the 298-unit Burnham Pointe in Chicago’s South Loop Printers Row neighborhood. The acquisition of the 28-story property at 730 S. Clark St. enables Draper and Kramer to enlarge its Chicago-area portfolio. Acquisition terms were not disclosed. The off-market transaction was brokered by the Chicago office of HFF.

Spotlight

The global AI-in-construction market was valued at $3.1 million in 2017 but this figure is now expected to sky rocket to $3.1 billion over the next five years.


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BROKERAGE,MORTGAGE AND LENDING

Real Estate Tech Brokerage Radius Launches In-House Mortgage Brokerage in California

Radius | August 04, 2022

Radius, the tech-enabled brokerage, today announced it has launched a mortgage brokerage in California. The mortgage launch comes on the heels of the company's $14 million Series A fundraise and recent expansion to Texas, Florida and Washington. Radius is a full service, modern brokerage that provides real estate professionals and their teams with the support and tools needed to grow their business — with a simplified and modest flat fee commission structure. The brokerage empowers entrepreneurial real estate professionals with integrated technology, mentorship, recruiting, financial services and marketing resources to build and amplify their own brand. With the addition of a mortgage brokerage, Radius agents and their clients in California will have access to a more seamless and transparent lending experience. With access to real-time status updates and critical documents in their client dashboards, Radius agents will be able to provide quality information about the lending process to their clients — while being supported by a dedicated team. Radius' mortgage arm will be led by Director of Mortgage Michael Bardales, a 20-year veteran of California lending and Senior Lending Manager Grace Davis, a 17-year real estate veteran and top lending officer in the state. "We're building Radius Mortgage from the ground up to be a premier lender in California, For far too long, the lending process has been frustrating and burdensome for agents and their clients alike. By keeping cost structures low and bringing transparency to the entire lending process, we hope to help real estate professionals deliver a better client experience and grow their businesses." - Sam Kasle, Radius' Chief Revenue Officer Dedicated to developing the whole agent, Radius helped real estate professionals and their teams close more than $400 million in sales in the first quarter of 2022, while the referral network has generated $25 billion in referral commissions in the last three years. The company has doubled revenue in the last five months, and seen 300 percent revenue growth year-over-year. Radius now operates in California, Colorado, Georgia, Oregon, Texas, Florida, and Washington. Building on its real estate social network of more than 85,000 agents nationwide, Radius plans to further expand across the U.S. by the end of the year. About Radius Radius is the premier tech-driven brokerage firm for real estate professionals eager to grow their brands and profits. From networking opportunities, branding/marketing resources, to white-glove services for buyers and sellers, Radius is poised to help real estate professionals grow their businesses while saving them time and money. Founded in 2015, Radius is backed by the founders of Trulia, Zillow and Roofstock.

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REAL ESTATE INVESTMENT

MG Properties Acquires Verona Apartments in Henderson, NV

MG Properties | May 30, 2022

MG Properties, a private San Diego-based real estate investor, owner, and operator has acquired the 275-unit Verona Apartments in Henderson. MG Properties owns five other properties in the Las Vegas submarket. Las Vegas' desirable Henderson submarket is one of the fastest growing cities in the country due to its job growth, award-winning master-planned communities, strong school system and amenities. Relative affordability of Las Vegas when compared to coastal metros has led to expansion by top employers, and the location of Verona Apartments benefits from excellent accessibility to multiple major throughways that connect residents to major job centers throughout the metro. Las Vegas continues to be a major beneficiary of the economic recovery, with strong population and employment growth. we are pleased to add Verona to our regional portfolio and continue to be optimistic about the future prospects for the Las Vegas market." Jeff Gleiberman, Managing Director of MG Properties MG Properties has acquired 11 communities in 2022 so far, totaling over 2,800 units exceeding $990 million in combined value. The company is targeting further acquisitions in Washington, Texas, Oregon, Arizona, California, Colorado, and Nevada. Seller was represented by Taylor Sims of Cushman and Wakefield. Financing was provided by Brooks Benjamin and Corina Lam from Key Bank Real Estate Capital. About MG Properties MG Properties is a privately owned, fully integrated real estate company specializing in the investment, redevelopment, and management of multi-family assets. Headquartered in San Diego, California, MG was founded in 1992 by Mark Gleiberman with the mission to enrich communities. MG's current portfolio is comprised of over 28,000 rental homes in California, Washington, Arizona, Nevada, Colorado, and Oregon, including 89 communities.

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REAL ESTATE TECHNOLOGY

In Just 8 Months, YourHomeHub Powered by MooveGuru Has Already Sold Out 26 States and 28 Regional Territories. And It's Just Getting Started

YourHomeHub | June 01, 2022

In October 2021, a likely source emerged with the first ever property tech franchise—MooveGuru. Through its automated data capture and delivery platforms, MooveGuru has been perfecting the consumer experience during the moving process. In January, the robust platform announced extended support for consumers with services throughout the homeownership lifecycle with a franchise model aimed at real estate service providers in brokerage, title and mortgage. Franchises have been selling faster than homes in red-hot housing markets. To date, MooveGuru has sold 28 regional proptech franchise territories, selling out 26 states in the process. No doubt, our experience and trust in the real estate community and a focused approach in identifying them as a target franchise audience has played a role in the rapid success of initial franchise sales. While a lot of franchises take the approach that anyone can be their own boss, with our organization we've emphasized the value of additional revenue streams for real estate professionals and it's paying off. We've created a buzz the real estate community can't get enough of. It's why we've sold more than half of the states in the U.S. in less than a year." Scott Oakley, CEO of MooveGuru The MooveGuru franchise enables franchisees to deliver a home ownership portal called YourHomeHub that allows homeowners to gain access to preferred local services at a discount. The success comes from being local. YourHomeHub, is the first consumer portal that is "Everything Home," meaning it allows homeowners to manage both the financial details and physical elements of their home. Consumers can monitor extensive information about their home and local market conditions, store important documents, generate accurate estimates for home repairs and find a local contractor for over 1,000 different home service categories. Each YourHomeHub is sponsored by local real estate brands, driving top of mind marketing and revenue from consumer purchases. The platform, provided by real estate professionals, gives a powerful homeowner resource to their customers. "We have expanded our franchise coverage area to 26 states in eight months—this is unprecedented in the franchise industry," said Kathleen Kuhn, President of MooveGuru, who brings more than three decades in the home services franchise industry to the organization. "While there are still opportunities in some major markets, the window is closing for those looking to be regional territory owners." Opportunities are still available for ownership in key markets such as Nevada, New Jersey and Illinois. Franchise owners' trend towards real estate brokerages who have experience with operating affiliate companies, followed by mortgage and title companies. Mortgage brokers typically partner with their top real estate agents for co-branding and split the opportunity fifty-fifty for RESPA compliance. Title companies are offering the service on all their title closings. The franchise pays 10-20 percent of net subscription to franchise owners. The more subscriptions to YourHomeHub and the more leads generated for service pros, the more the franchise owner makes. Recent regional owners include owners in real estate brands such as RE/MAX, Keller Williams, EXP, ERA and also include owners in mortgage and title. About MooveGuru MooveGuru Inc. is based in Roswell, GA. In 2016 the company launched a free mover engagement program to real estate agents and brokers with the idea of connecting home buyers and sellers to convenience and savings on moving services. Using just-in-time delivery through artificial intelligence algorithms, MooveGuru Inc. ensures consumers receive agent-branded savings and convenience from national and local retailers and utility connections as they step through the relocation process. Today, more than 2,000 brokerages, 316,000 agents, and millions of homeowners are connected to the MooveGuru and YourHomeHub platforms.

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REAL ESTATE ADVICE

Bowman Consulting Group Ltd. adds Gary VanAlstyne as Branch Manager, Principal of Leesburg, Virginia Office

Bowman | July 11, 2022

Bowman Consulting Group Ltd. (“Bowman”) announced that Gary VanAlstyne joined the company as branch manager and principal at its Leesburg, Virginia office. VanAlstyne has more than 30 years of experience in construction and development. As a Bowman branch manager/principal, VanAlstyne is responsible for providing consistent, effective leadership through stability, innovation, and common-sense solutions. Before joining Bowman, VanAlstyne served as vice president of Davis Utility Consulting, LLC, as director of design and construction services of the Loudoun County Public Schools, and as a member of the FSM Public Review Committee of the Loudoun County Government. He furthered his career working for Toll Brothers, Inc. as regional AVP and served as vice president of development for both Beazer Homes and Lennar. In addition, VanAlstyne owned and operated a development consulting firm in the residential, commercial, and recreational markets on the Eastern seaboard. He designed and built golf courses working with Arnold Palmer and Rees Jones as well as designing numerous master planned communities and various water parks around the country for Six Flags, Dollywood, and others. Before joining Bowman, he worked closely with the company as a client and had the opportunity to meet and collaborate with many individuals at the engineering services firm. “The industry has changed since I started working with Bowman in the early 2000s on residential subdivisions,” he said. VanAlstyne’s relationships with Bowman and the industry have allowed him to adapt and learn about different projects and clients and helping assure that Bowman is the “go-to” firm for engineering services in Loudoun County. “Thanks to his 22 years as a Bowman client, Gary VanAlstyne is a perfect addition to our team and we look forward to his continued contribution to Bowman’s success,” Bowman Chief Operating Officer Mike Bruen Bowman’s IPO and subsequent acquisitions compelled VanAlstyne to join the company and return to consulting. “I have come full circle,” he said. “I have been a Bowman client for over 20 years and having that experience as well as being a consultant and an owner’s representative helps me enhance the customer service experience,” he added. “What makes Bowman different from its competitors is its size and depth of specialized skills across the country, providing clients the ability to obtain all the services needed in one place and enhance my goal of bringing the customer experience to a new level.” VanAlstyne earned a Bachelor of Science in Civil Engineering (BSCE) and a geotechnical minor from Union College in Schenectady, NY, and is a registered professional engineer in NY, PA and VA. He is an active member of the Northern Virginia Builders Industry Association (NVBIA), the Loudoun County Chamber of Commerce and the National Association for Industrial and Office Parks (NAIOP). VanAlstyne is also a member of the Construction Owners Association of America (COAA) and the Urban Land Institute (ULI). About Bowman Consulting Group Ltd. (Bowman): Headquartered in Reston, Virginia, Bowman is an engineering services firm delivering infrastructure solutions to customers who own, develop and maintain the built environment. With over 1,400 employees and more than 60 offices throughout the United States, Bowman provides a variety of planning, engineering, construction management, commissioning, environmental consulting, geomatics, survey, land procurement and other technical services to customers operating in a diverse set of regulated end markets. Bowman trades on the Nasdaq under the symbol BWMN.

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