REAL ESTATE TECHNOLOGY

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

New Western | May 24, 2022

Affordable Homes
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.

Spotlight

Myst is located in the foothills of the Himalayas near Kasauli and is 5,500 ft. above sea-level. It is about 65 kms from Chandigarh airport. Biophilic design brings together nature and architecture to create living spaces that are inspiring and comforting. This approach to design allows residents to reconnect with all the elements of nature – earth, water and sky.


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REAL ESTATE TECHNOLOGY

EMPIRE STATE REALTY TRUST SIGNS THREE NEW RETAIL TENANTS AT TWO NYC PROPERTIES

EMPIRE STATE REALTY TRUST | February 02, 2022

Empire State Realty Trust, Inc. (NYSE: ESRT) announced today three new retail leases signed with AT&T Mobility, Subway, and Le Café Coffee at two of its New York City properties. 10 Union Square East AT&T Mobility signed its third lease with ESRT for a 3,077 square foot retail space in January 2022. Steve E. Baker of Winick Realty Group, LLC. represented AT&T Mobility in the lease negotiations. Property owner representation was provided by Fred C. Posniak of ESRT and Gene Spiegelman, Andrew Mandell, Richard Skulnik, and Beth Rosen of RIPCO. Subway signed its second lease with ESRT for a 600 square foot retail space in January 2022. Neil Seth of C&W represented Subway in the lease negotiations. Property owner representation was provided by Fred C. Posniak of ESRT and Gene Spiegelman, Andrew Mandell, Richard Skulnik, and Beth Rosen of RIPCO. 501 Seventh Avenue Le Café Coffee signed its second lease with ESRT for a 731 square foot retail space in December 2021. Yoel Gorjian represented Le Café in the lease negotiations. Property owner representation was provided by Fred C. Posniak of ESRT. Quality retail service tenants continue to be attracted to our retail stores located in bustling neighborhoods with high volume foot traffic where their businesses thrive, We are pleased to nurture established retail relationships as we continue to build our roster of high-quality retailers who also provide great amenities for our office tenants." Fred C. Posniak, SVP, leasing at Empire State Realty Trust. About Empire State Realty Trust Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and manages a well-positioned property portfolio of office, retail and multifamily assets in Manhattan and the greater New York metropolitan area. Owner of the Empire State Building, the World's Most Famous Building, ESRT also owns and operates its iconic, newly reimagined Observatory Experience. The company is a leader in healthy buildings, energy efficiency, and indoor environmental quality, and has the lowest greenhouse gas emissions per square foot of any publicly traded REIT portfolio in New York City. As of Dec. 31, 2021, ESRT's portfolio is comprised of approximately 9.4 million rentable square feet of office space, 700,000 rentable square feet of retail space and 625 units across two multifamily properties.

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REAL ESTATE ADVICE

New Urban Land Institute Report Explores How Real Estate Sector Can Support People Experiencing Homelessness

Urban Land Institute | June 28, 2022

A new report from the Urban Land Institute (ULI) investigates how the real estate community is working to address the homelessness crisis in the United States. The report explores how to support people experiencing homelessness through creative housing solutions and collaboration with community organizations, with the ultimate goal of providing abundant, affordable, and high-quality housing for affected and at-risk populations. According to the U.S. Department of Housing and Urban Development, 2020 marked the fourth consecutive annual increase in people experiencing homelessness. Homelessness is a systemic challenge that necessitates the involvement and collaboration of the government, the private sector, philanthropic organizations, health and social services, faith communities, and the public. The ULI report, Homeless to Housed, offers housing case studies, universally applicable lessons, and a blueprint for how to replicate best practices in other communities to show how the development community can be an active partner in addressing homelessness. More than ever before, homelessness is being driven by rapidly increasing housing costs, and the public and private sectors must work together both to meet the needs of the unhoused and to prevent more households from falling into homelessness. This report offers creative models and examples of how the real estate community is effectively leveraging its housing development, management, investment, and financing expertise to enable cities to overcome the growing challenge of homelessness." Christopher Ptomey, Executive Director of the ULI Terwilliger Center for Housing Key takeaways from the new report include: Housing is important, but social services are essential: Housing is an essential first step in addressing homelessness, but it is not a solution in and of itself. Comprehensive social services are a critical second component. Delivering one without the other offers little chance of successfully tackling the crisis. Novel, creative solutions are needed: Nowhere is the need for innovation more evident than in seeking to address homelessness. Two areas of focus are cost-effective construction methods and non-governmental funding sources. Private companies -- both in real estate and in other sectors -- have a vital role to play in the latter. All segments of the community must play a role: Homelessness affects real estate, health care, social services, education, economic development, and more. Community collaboration is essential, particularly among the private and public sectors. The real estate sector is obligated to provide cost-effective housing, and it is incumbent on governments to pursue bold policies that allow for more housing for people of all income levels. Homelessness is a multifaceted issue, but in many cases links back to economics: Whether because of a lack of affordable housing, low wages, unexpected expenses, loss of employment, illness, lack of insurance, or a domestic issue, homelessness can be a result of economic stress. The report includes seven case studies that feature creative solutions for addressing homelessness that could serve as models for investors and developers alike: New Orleans: City of New Orleans Shelter and Engagement Center provides a 24-hour shelter to 100 homeless individuals and provides services to help guests secure permanent housing. Mountain View, Calif: LifeMoves is a supportive interim housing community that provides intensive case management services to help clients overcome homelessness and return to sustainable housing. Long Beach, Calif: Former Best Western Motel Conversion was the recipient of funds from Project Homekey, California's innovative $600 million program to purchase and rehabilitate housing. The former motels now provide temporary housing for residents 65 and older with pre-existing conditions that put them at greater risk of contracting COVID-19. San Antonio: Haven For Hope is the largest mixed-use development in the United States that provides housing for people experiencing homelessness, as well as job training, education, medical care, identification recovery, case management, and animal care services. Sharon Crossing, N.C.: The Lotus Campaign is a non-profit organization that increases the availability of housing for people experiencing homelessness by engaging with the private, for-profit real estate and investment communities. Recognizing that neither the public nor private sector can solve homelessness alone, the Lotus Campaign strives to bridge that gap while minimizing risks for vulnerable renters. San Francisco: The Bryant Street Project provides 145 apartments of permanent supportive housing near public transit, grocery stores, and community parks to ensure that residents have access to neighborhood amenities and services. Washington: John and Jill Kerr Conway Residence provides housing constructed with sustainable materials as well as health and social services to veterans experiencing homelessness in collaboration with the U.S Department of Veterans Affairs. Berkeley, Calif.: The project at 2012 Berkeley Way is a redevelopment of a surface parking lot in downtown Berkeley that will create three distinct projects – an 89-unit affordable family housing development; a 53-unit permanent supportive housing development; and a homeless shelter plus transitional housing – in one unified building. The full Homeless to Housed report is available on ULI's Knowledge Finder platform. About the Urban Land Institute The Urban Land Institute is a non-profit education and research institute supported by its members. Its mission is to shape the future of the built environment for transformative impact in communities worldwide. Established in 1936, the institute has more than 45,000 members worldwide representing all aspects of land use and development disciplines.

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REAL ESTATE TECHNOLOGY

Related Companies in Conjunction with Atria Senior Living and Welltower Close on Strategic Partnership for two Silicon Valley Developments

Welltower Inc. | March 07, 2022

A joint venture between Related Companies and Atria Senior Living, in conjunction with Welltower Inc., this quarter signed a strategic partnership to develop two world class senior living communities in Silicon Valley, one in Santa Clara, CA (Santa Clara Development) and the other in Cupertino, CA (Cupertino Development), as part of a larger strategic partnership among the three companies. The Related|Atria JV was formed in 2018 to develop, own and operate modern urban communities catering to seniors living in major metropolitan areas. The Santa Clara and Cupertino Developments will be the third and fourth locations for the joint venture's new series of upscale senior living communities after the newly opened Coterie Cathedral Hill at 1001 Van Ness in San Francisco and Coterie Hudson Yards at 451 10th Avenue in New York City which will open later in 2022. The 191-unit Santa Clara Development is immediately adjacent to a larger fully entitled 9.2 million square foot urban development by Related who commenced entitlement and pre-development work on the urban plan in 2015. Related Santa Clara will create an unparalleled new mixed-use downtown for Silicon Valley, consisting of traditional office and medical office buildings, hotel rooms, multifamily housing and retail amenities. At the apex of Silicon Valley and the growing East Bay, the Santa Clara Development is conveniently located to numerous commuting options, including a wide variety of public transit and proximity to Highways 237, 101 and Interstate 880. The senior living development is expected to break ground mid- 2022 with completion projected by 2024. Pre-development of the 158-unit Cupertino Development began in 2019 with plans of construction start by the end of 2022 and completion in 2024. Situated on a well-located corner of Stevens Creek Boulevard, Cupertino's major thoroughfare and State Route 85, as well as adjacent to the Cupertino Senior Center, Cupertino Memorial Park, and De Anza College, this development will grant seniors unrivaled access to the best of Cupertino's amenities with convenient connectivity to Silicon Valley. The Cupertino Development will also include an outdoor community park. About Welltower Welltower Inc., an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. The Company invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate infrastructure needed to scale innovative care delivery models and improve people's wellness and overall health care experience. Welltower, a real estate investment trust (REIT), owns interests in properties concentrated in major, high-growth markets in the United States, Canada and the United Kingdom, consisting of seniors housing and post-acute communities and outpatient medical properties. More information is available at welltower.com. We routinely post important information on our website at welltower.com in the "Investors" section, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included on our website under the heading "Investors." Accordingly, investors should monitor such portion of the company's website in addition to following our press releases, public conference calls and filings with the Securities and Exchange Commission. The information on our website is not incorporated by reference in this press release, and our web address is included as an inactive textual reference only. About Related Companies Related Companies is a global real estate and lifestyle company defined by innovation and the most prominent privately-owned real estate firm in the United States. Formed over 45 years ago, Related is the largest private owner of affordable housing and a fully-integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, marketing and sales. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, San Francisco, South Florida, Washington, D.C., Abu Dhabi and London, and boasts a team of approximately 4,000 professionals. Related was recently named to Fast Company Magazine's list of the 50 Most Innovative Companies in the World. About Atria Atria Senior Living is a leading operator of independent living, assisted living, supportive living and memory care communities in more than 400 locations in 45 states and seven Canadian provinces. With the addition of Holiday Retirement to its portfolio in 2021, Atria is now the residence of choice for more than 43,000 older adults, and the workplace of choice for more than 17,000 employees. In 2022, J.D. Power ranked Atria #1 in customer satisfaction among assisted living and memory care communities. Atria creates vibrant communities where older adults can thrive and participate, know that their contributions are valued, and enjoy access to opportunities and support that help them keep making a positive difference in our world. Atria operates seven distinct senior living brands: Coterie a luxury brand in a joint venture with Related Companies, Atria Signature, Atria Senior Living, Atria Park, Holiday Retirement, Atria Retirement and Gladwell. Atria's subsidiary, Glennis Solutions, is the only fully integrated cloud-based software suite specifically designed to serve the senior housing industry.

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REAL ESTATE INVESTMENT

Cadre Hires Dustin Cohn as CMO to Boost Awareness of Commercial Real Estate Among Main Street Investors

Cadre | April 21, 2022

Cadre, the technology-driven commercial real estate investment platform, announced the hire of Dustin Cohn as Chief Marketing Officer to continue driving awareness around the accessibility and advantages of real estate investing. With decades of experience across brand development and performance marketing, Cohn will report to Cadre Founder and CEO Ryan Williams to support Cadre's mission of democratizing commercial real estate (CRE) investing, a traditionally exclusive asset class. According to a recent survey, 73% of consumers earning $75k - $500k are interested in CRE, but only 14% are invested in it.1 This may be due to a number of misconceptions about the asset class. Many consumers assume CRE is exclusive to the ultra wealthy, institutions, or requires at least $100k to invest. There is also a knowledge gap about the benefits CRE can provide – by and large, consumers are worried about inflation (86%), they want to diversify their portfolios (68%), but many do not recognize CRE's potential for inflation-hedging or historically high risk-adjusted returns.2 Cadre, now with the help of Cohn, is working to dispel misconceptions by providing and promoting unprecedented access to CRE. At Cadre, we are keen to educate individuals about the financial opportunities the commercial real estate market can provide. I founded Cadre to serve those typically excluded from accessing high-quality assets and opportunities to build wealth. Dustin's proven experience reaching individuals and raising awareness is unparalleled, and I am eager to work with him as we bring the transparency, accessibility and liquidity of our platform to more people." Ryan Williams, Cadre Founder and CEO Cohn joins Cadre following its most successful quarter to date, as platform users rose by more than ~20% and the firm raised nearly as much capital from individual investors as it had throughout all of 2021. Cohn's experience helping consumers access wealth-building tools will help build off that momentum. Prior to Cadre, Cohn served as Head of Brand and Marketing for Marcus and Wealth Management at Goldman Sachs, leading the development of the Marcus brand—notably inventing its name—and launching a number of firsts for the storied firm, including its first-ever consumer advertising campaign and athlete sponsorship. He also led brand and marketing efforts for the firm's Asset Management division. "Cadre's platform already disrupted the status quo by giving individuals access to institutional-quality real estate," stated Cohn. "Commercial real estate is no longer just for the uber wealthy and institutions. For many consumers, the remaining barrier is simply awareness. A modern wealth-building tool is already available to individual investors right now, a few clicks away. I am honored to join the firm's mission to not only deliver this access, but also educate more investors that it exists." Cohn also has experience leading marketing for a number of global consumer brands. Prior to joining Goldman Sachs, he served as CMO for Jockey International, CMO for Optimer Brands, and spent several years at PepsiCo as Marketing Director for Gatorade and Propel. About Cadre Cadre is a groundbreaking technology-driven commercial real estate investment platform that offers both institutional and individual investors the opportunity to access expertly curated real estate assets with lower minimums, low fees, and unprecedented potential for liquidity. Via its data-driven and transparent approach, Cadre opens participation in a historically opaque and illiquid asset class. Along with its traditional investment offerings, Cadre also provides investors with the ability to pursue highly vetted commercial real estate opportunities and the opportunity to seek liquidity through its proprietary secondary market, a unique offering within the industry. Since Cadre's founding, Cadre has closed more than $4.5 billion in real estate transactions across 23 U.S. markets and delivered an 18+% average net IRR across all completed property sales,3 resulting in the return of more than $300 million of capital to Cadre investors to date.

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Spotlight

Myst is located in the foothills of the Himalayas near Kasauli and is 5,500 ft. above sea-level. It is about 65 kms from Chandigarh airport. Biophilic design brings together nature and architecture to create living spaces that are inspiring and comforting. This approach to design allows residents to reconnect with all the elements of nature – earth, water and sky.

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