Real Estate Technology
PR Newswire | September 14, 2023
GID, a real estate owner and fiduciary that invests in multiple asset classes, has announced that its industrial team, GID Industrial, has been named a 2023 Influencer in Industrial by GlobeSt. Real Estate Forum. This award recognizes distinguished individuals, teams, and companies for notable achievements within the industrial real estate sector.
"GID Industrial is honored to receive this prestigious recognition," says Rene Circ, co-head of GID Industrial. "In the three years since we formed our team, we have built an impressive portfolio that has sustained occupancy and offers potential for continued rent growth. We aim to continue our portfolio expansion, targeting opportunities that offer strong potential for long-term growth."
GID has been active in the industrial sector since 1986 and officially launched its industrial platform in 2020. In the three years after the platform's launch, the team has accomplished significant growth within the sector, executing stabilized, value-add, and development transactions. This diverse mix allows the team to provide its partners with investment opportunities tailored to their unique risk and return preferences. The platform currently operates more than 25M square feet of industrial space in top markets across the country.
"GID Industrial's key differentiator is the expertise and passion of our team," says Michael Wenaas, co-head of GID Industrial. "With 30 individuals boasting an average of 21 years of experience in the sector, our team is well equipped to provide unique value to our partners by offering a practiced, holistic perspective on the state of the industry. Our achievements over the last three years are a credit to the powerhouse team that we have assembled."
GlobeSt. Real Estate Forum Influencers in Industrial are selected by its editors based on nominations that outline the nominee's accomplishments and impact on the sector.
About GID
GID is a leading real estate investment and management firm that operates a diverse portfolio of multifamily, industrial, and mixed-use developments across the United States. With over 60 years of experience across multiple asset classes, GID is an established real estate private equity investor and fiduciary supported by an integrated operating platform with approximately 54,000 multifamily units and over 25M square feet of industrial and commercial space of assets under management. The company also operates a credit platform that aims to provide commercial real estate debt solutions for institutional borrowers.
With corporate offices in Atlanta, Boston, Dallas, New York City, and San Francisco, GID employs over 1,200 real estate professionals and operates an expansive portfolio of existing and under-development properties valued at over $30.1 billion1 as of June 2023.
1 Assets Under Management is calculated in compliance with the definition for Assets Under Management ("AUM") prescribed in INREV's Global Definitions Database.
Read More
Real Estate Investment
Newmark | September 26, 2023
Newmark Group, Inc. a leading commercial real estate adviser and service provider to large institutional investors, global corporations, and other owners and occupiers, announces the launch of NewliticQuest. Bringing together Newmark's expertise in real estate, technology and consulting onto a single platform, NewliticQuest offers accelerated insights to develop strategic and tactical recommendations, inform business case development and achieve optimal results for property portfolios. Together with Newlitic, Newmark's proprietary data visualization platform, NewliticQuest is another addition to Newmark's growing suite of technology solutions serving corporate real estate leaders.
Leveraging NewliticQuest, organizations are better equipped to plan for and respond to business change, disruptive events, mergers and acquisitions and real estate opportunities through strategic insights, including location and market rate optimization, ideal vacancy rates, talent retention, commute times and more.
"Newmark is committed to investing in leading-edge technology that drives real decision-making dynamics to define the future of the workplace," said Rick Bertasi, Chief Executive Officer of Newmark Global Corporate Services. "Given the changing nature of corporate real estate, technology advancements will further amplify the value and potential of an organization's real estate strategy as companies pivot towards more data-centric cultures.
NewliticQuest offers several self-serve capabilities and insights into business and real estate performance with dynamic and simple dashboards, which can be accessed directly by clients. The software's automated data validation capabilities help users quickly pinpoint data issues to ensure that information is accurate before being executed. Coupled with Newmark's best-in-class consulting expertise, the tool can enable in-depth portfolio assessment, delivering tailored and tangible solutions for clients assessing their portfolio.
About Newmark
Newmark Group, Inc., together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of June 30, 2023, Newmark's company-owned offices, together with its business partners, operate from approximately 170 offices with over 7,400 professionals around the world.
Read More
Real Estate Technology
PR Newswire | October 10, 2023
Capital Square, one of the nation's leading sponsors of tax-advantaged real estate investments and an active developer and manager of housing communities, announced today the formation of a joint venture partnership with ITOCHU Corporation to acquire Creekside Terrace, a 100-unit build-for-rent (BFR) single-family community currently being developed by Pulte Homes, the third largest home builder in the country.
ITOCHU Corporation is one of the largest Japanese sogo shoshaa, or general trading and investment companies, founded in Japan in 1858. According to the 2023 Fortune Global 500 list, ITOCHU is the 96th largest company in the world, with annual revenue in excess of $103 billion.1
"Capital Square is thrilled to partner with one of the largest corporations in the world to acquire Creekside Terrace, a build-for-rent community near San Antonio, Texas," said Louis Rogers, founder and co-chief executive officer of Capital Square.
Creekside Terrace is a 100-unit purpose-built single-family BFR rental community, located just minutes from Interstate 35. Part of an exceptional master-planned development of new homes, the community features a pool, pavilion and park with convenient access to nearby shopping and dining. These three- and four-bedroom, open-concept homes offer upscale interiors and contemporary amenities for growing families in the burgeoning New Braunfels, San Antonio area. The community will provide a high-quality rental housing option to the almost 19,000 new residents who moved to San Antonio last year.
"Capital Square continues to invest in the acquisition and development of build-for-rent communities throughout Texas and the Sunbelt," said Dave Platter, managing director and co‑head of private equity at Capital Square. "As a firm, we continue to source opportunities in the I-35 corridor between Austin and San Antonio. We believe Creekside Terrace will present a welcoming community for young families looking for the benefits of single-family living without the high costs and headaches associated with homeownership today."
Build-for-rent communities, comprised of single-family homes purpose-built for renting, have become an increasingly popular asset class among institutions and individual investors. Demand for this rental option is growing exponentially among residents who seek a single-family lifestyle, the financial and leasing flexibility of a rental with the amenities and convenience of a professionally managed property.
The U.S. has chronically underbuilt housing since the Great Financial Crisis and requires an additional 4.3 million housing units by 2035 to meet the demand for rental housing, according to the National Multifamily Housing Council. Demand for build-for-rent homes continues to increase with professionally managed communities offering one of the best solutions for the shortage of quality, affordable housing. Institutionally owned and operated build-for-rent communities represent less than 5% of the overall U.S. housing stock, paving the way for long-term, sustainable growth for the asset class.
"We are pleased to partner with Capital Square on Creekside Terrace and look forward to working with Capital Square on future acquisitions," said Hideyuki Matsukawa, senior vice president and general manager of general product and realty division at ITOCHU International Inc.
Since its formation in 2012, Capital Square has raised more than $3 billion in equity from investors for its tax-advantaged real estate investment offerings. The company has consistently ranked as one of the leading sponsors of Delaware statutory trust (DST) investment programs for investors seeking the advantages of Internal Revenue Code Section 1031 exchanges and is also an active sponsor of qualified opportunity zone funds, development LLCs and Capital Square Apartment REIT, a real estate investment trust that invests in multifamily communities throughout the Southeast.
About Capital Square
Capital Square is a vertically integrated national real estate firm specializing in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges, qualified opportunity zone funds for tax deferral and exclusion and a real estate investment trust (REIT). In recent years the company has become an active developer of mixed-use multifamily properties in the southeastern U.S., with eight current projects totaling approximately 2,000 apartment units with a total development cost in excess of $600 million. Since 2012, Capital Square has completed more than $7.5 billion in transaction volume. Capital Square's related entities provide a range of services, including due diligence, acquisition, loan sourcing, property/asset management and disposition, for a growing number of high-net-worth investors, private equity firms, family offices and institutional investors. Since 2017, Capital Square has been recognized by Inc. 5000 as one of the fastest growing companies in the nation for seven consecutive years. In 2017, 2018 and 2020, the company was also ranked on Richmond BizSense's list of fastest growing companies.
Read More
Real Estate Technology
Flyhomes | September 12, 2023
Flyhomes, creator of the world’s best home buying and selling experience, has entered into a definitive agreement to purchase certain assets from Innovative Holdings, LLC, doing business as Home Sale Assured, a leader in the field of ‘buy before you sell.’ Founded in early 2022 by Eric Meadow, Home Sale Assured’s flagship product is the Guaranteed Backup Contract, which empowers existing homeowners to buy their next home before closing on the sale of their current one. As part of the deal, Flyhomes will be acquiring the Home Sale Assured brand, and Meadow will be joining Flyhomes in a senior executive capacity where he’ll report to EVP of Mortgage & Closing, Dan Richards.
“Eric is a seasoned mortgage professional who has built something really special with the Guaranteed Backup Contract,” said Tushar Garg, co-founder and CEO at Flyhomes. “Its ability to remove friction from the buying and selling process, while adding assurance, flexibility, and customer-centricity, aligns perfectly with our core tenants here at Flyhomes. This deal strengthens our offerings and gives us more tools to serve more customers looking for a better way to buy and sell a home.”
Following the close of the deal, lender and realtor partners will be able to continue offering their customers access to the Guaranteed Backup Contract through the Home Sale Assured brand at Flyhomes. Understanding the importance of the customer-agent relationship, Guaranteed Backup Contract was designed to enhance the role of real estate agents and lenders. This ensures everyone moves in unison toward the common goals of seamlessly transitioning the customer into their new home and selling their prior home for maximum value.
“We’re thrilled to be adding Eric and the Home Sale Assured brand to the Flyhomes family of products,” said Dan Richards, EVP of Mortgage & Closing at Flyhomes. “Eric brings 25 years of mortgage industry experience, from his time as President of Celebrity Home Loans (at the time a national multi-billion dollar retail lender) to his recent success as an entrepreneur at Home Sale Assured. His deep operational knowledge and network of relationships will play a key role in extending our portfolio of products nationwide.”
“It’s an honor to be joining Flyhomes at such a critical point in residential real estate,” said Eric Meadow, CEO and founder of Home Sale Assured. “There remain far too many obstacles to home ownership these days, be it first-time home buyers, or in the case of Home Sale Assured, current homeowners trying to move. Consumers, agents and lenders are all looking for practical solutions to overcome these institutional challenges and Flyhomes has been at the forefront of this category. I’m ecstatic to now be able to leverage their advanced infrastructure and resources to bring the Guaranteed Backup Contract to more customers.”
Benefits of the Guaranteed Backup Contract:
With a valid purchase offer, a lender is able to apply standard agency guidelines to remove the departing debt obligation from the consumer’s debt to income ratio. Thus allowing the lender to approve the loan on the new home before the consumer closes on the sale of their prior home.
The consumer is able to close on and move into their new home and take up to 90 days to close on the sale of their prior home.
The consumer can work with a real estate agent to list their prior home for sale during this 90-day option period. If the consumer receives a better offer, they can cancel the Guaranteed Backup Contract and sell their home to the higher offer.
About Flyhomes
Flyhomes is building the world’s best homebuying and selling experience. Launched in 2016, Flyhomes has reinvented the homebuying and selling process at every step, making the process smoother and simpler for consumers with offerings like the Flyhomes Cash Offer and Buy Before You Sell. They back these services with a unique guarantee that gives both buyers and sellers certainty and peace of mind that is unheard of in real estate. To date, they’ve helped clients close on more than $6 billion worth of homes at prices ranging from $150,000 to $7 million.
Read More