REAL ESTATE TECHNOLOGY

REfresh Is Back - A Virtual Experience for Yardi Breeze Clients

Yardi Breeze | April 04, 2022

Following a very successful inaugural event in 2021, Yardi is hosting the REfresh user conference on April 6-7, 2022. This virtual event is free to Yardi Breeze and Yardi Breeze Premier clients in the U.S. and Canada.

With over 6,000 companies now on Breeze or Breeze Premier, thousands of users are once again expected to attend the event featuring more than 85 on-demand classes, spotlight sessions and an exclusive keynote presentation by Nikki Greenberg, an influential real estate futurist and thought leader.

The goal is to empower property owners, managers and investors with the information and tools they need to succeed. (And maybe have a little fun while they are it.) Attendees can learn more about their Breeze or Breeze Premier software and see how they can expand their platform with other key Yardi products designed to help them better market their properties, find quality residents and tenants, protect their assets and improve their operations through innovation and automation.

Clients are automatically preregistered for REfresh. They only need to log in to their Breeze or Breeze Premier system on April 6-7 and click on the conference link to learn and connect. Attendees can engage with peers and Yardi experts via live chat. Plus, anyone who signs in will find multiple ways to win prizes!

Abut Yardi
Yardi develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. Established in 1984, Yardi is based in Santa Barbara, Calif., and serves clients worldwide.

Spotlight

One of the largest diversified global real estate managers, Founded 1994; currently $47.9 billion in assets encompassing, private and public real estate debt and equity interests, Manages commingled fund and direct separate account strategies, More than 200 institutional investors worldwide, Independent real estate investment management affiliate of MassMutual Financial Group.


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INVESTMENTS

JLL Income Property Trust Acquires Newly Constructed North Tampa Surgery Center

JLL Income Property Trust | December 15, 2021

JLL Income Property Trust, an institutionally managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with more than $5.5 billion in portfolio assets, today announced the acquisition of North Tampa Surgery Center, a 13,000-square-foot, newly constructed medical office building in Odessa, Florida. The property is 100 percent leased on a long-term basis to Comprehensive Outpatient Joint and Spine Institute Center. The purchase price was approximately $8.5 million. "Within the office sector, our priority investments are healthcare-oriented, focusing on medical office and life science properties, In an uncertain environment for traditional multi-tenant office properties, these two healthcare-oriented sectors stand out for their lower vacancy rates, healthy net absorption and balanced new supply due to significant barriers to entry. These factors also lead to higher tenant retention, even during periods of weakness within traditional office market environments." -Allan Swaringen, President and CEO of JLL Income Property Trust. This acquisition increases JLL Income Property Trust's healthcare allocation to nine properties totaling more than 925,000 square feet, valued close to $360 million and representing approximately 7 percent of its overall portfolio. Swaringen added: "The shift towards outpatient, standalone surgery centers as an alternative to undergoing procedures in traditional hospital settings combined with the continued aging of our population positions medical office buildings as attractive portfolio additions to our stable value, income-oriented portfolio. It also positions the portfolio well to capture current and future demand, ultimately resulting in what we anticipate to be stable occupancy and long term cashflow." The build-to-suit property, newly constructed this year, comprises three surgery centers and new and innovative technology. The lease term is for 20 years and provides for an average of 2 percent annual rent increases. Located in the northern suburbs of Tampa, Odessa is a low-density but quickly growing community that is within 10 miles of nine hospitals, creating a strong base of potential referrals for North Tampa Surgery Center. LaSalle's Research & Strategy team forecasts the area should continue to see strong population growth and increased healthcare spending. JLL Income Property Trust is an institutionally managed, daily NAV REIT that gives investors access to a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world's leading real estate services firms. About JLL Income Property Trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX), Jones Lang LaSalle Income Property Trust, Inc. is a daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing residential, industrial, grocery-anchored retail, healthcare and office properties located in the United States. JLL Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis. For more information, visit www.jllipt.com. About LaSalle Investment Management LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, LaSalle manages approximately $76 billion of assets in private and public real estate property and debt investments as of Q3 2021. LaSalle's diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments.

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REAL ESTATE INVESTMENT

Pixiu Real Estate and Woodbine Development Acquire The Driskill Hotel

Pixiu Real Estate | May 26, 2022

Pixiu Real Estate, Woodbine Development Corporation and a collective of Austin-based investors have acquired the capital city’s first and most iconic hotel, The Driskill, from Hyatt Hotels & Resorts. Woodbine Development Corporation is the Dallas-based real estate investment firm behind many notable hotel properties in Texas and beyond. Pixiu Real Estate is part of Pixiu Investments, an investment firm owned by Eddie Margain, co-founder of several ventures, including local MLS club Austin FC. Among the investor group is Bryan Sheffield, founder of Parsley Energy and fellow investor in Austin FC. As a destination, The Driskill Hotel has been a shining star for Austinites and Texas-bound travelers since it opened its doors in 1886. As new owners and stewards of this historic property, we’re excited to work with Hyatt, Pixiu and the local investor group, who have a common goal of enhancing this hotel and ensuring its legacy for years to come.” Dupree Scovell, managing partner and chief investment officer at Woodbine The Driskill anchors the Sixth Street Entertainment District in downtown Austin. The new ownership group is looking to maintain and elevate the appeal of the 189-room luxury hotel while also helping to stabilize and revitalize the surrounding neighborhood. The group has expressed initial plans to invest a substantial amount of capital, which is intended to help spur momentum for revitalization along Sixth Street. “We are thrilled about this important acquisition because of what it represents for Austin and for Pixiu Real Estate,” said Eddie Margain. “As an Austinite, I know and appreciate the historical significance of this more than 130-year-old property. And, as our community continues to grow, I believe we need to preserve and revitalize landmarks like The Driskill that have contributed to the making of Austin’s distinct character and spirit.” Margain added: “We made calls to good friends who have the same interest of preserving Austin and a desire to work on a legacy project, and an amazing group came together. Partnering with Woodbine Development has been an incredible experience; they are world-class hotel operators, and they know the hotel industry like none other.” Dallas-based Woodbine brings nearly 50 years of hospitality development and asset management experience to the hotel’s ownership group. The company’s portfolio of work includes Austin’s Hotel Magdalena and Hyatt Regency Lost Pines Resort & Spa; San Antonio’s Hotel Emma and Hyatt Regency Hill Country Resort & Spa; Hyatt Regency Dallas and Reunion Tower and Hilton Dallas/Park Cities; and many other properties throughout Texas and the United States. Woodbine specializes in developing select- and full-service destinations in urban, suburban and inspiring out-of-the-way settings as well as office/mixed-use projects – always creating places people want to be. Just a few blocks from the Texas capitol, The Driskill opened its doors in 1886, quickly becoming known as the Grande Dame of Austin. A confluence of opulence and luxury, the hotel has been the destination of choice for an array of guests over the years – for overnights, special events, SXSW sessions, election-night watch parties, political drink-sipping and deal-making, weddings and engagements (future president Lyndon B. Johnson proposed to Lady Bird during their first date, which took place at the hotel) and much more. While no longer owners of the hotel, Hyatt Hotels & Resorts will continue daily management of the property. About Woodbine Development Corporation Woodbine Development Corporation is a full-service real estate company with nearly 50 years of development, investment, acquisition and asset management experience. With offices in Dallas and Phoenix, Woodbine specializes in hotels, resorts and mixed-use developments throughout the United States. The company’s hospitality portfolio features major brands, independent hotels, full-service destinations and select-service stays alike. Since 1973, Woodbine has been involved in more than $7 billion in commercial real estate projects, including the development, ownership, asset management, repositioning or renovation of over 17,000 hotel rooms. About Pixiu Real Estate Pixiu Real Estate was founded in 2010 and is comprised of an expanding portfolio of real estate properties around Austin and Texas. Among the iconic properties of which Pixiu has ownership are the Littlefield and Scarbrough buildings adjacent to The Driskill. The firm also has ownership in several other buildings downtown. Pixiu Real Estate’s parent company, Pixiu Investments, is a prominent investment firm based in Austin, Texas with investments across multiple industries including real estate, technology, hospitality, energy, and professional sports.

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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 INVESTMENT

JLL Income Property Trust Acquires Kansas City Medical Office Portfolio

JLL Income Property Trust | March 30, 2022

JLL Income Property Trust, an institutionally managed daily NAV REIT with more than $5.9 billion in portfolio assets announced the acquisition of Kansas City Medical Office Portfolio, a more-than 50,000-square-foot, three-property medical office building portfolio with properties in and around Kansas City, Missouri. The purchase price was approximately $22.2 million. We've continued to focus on expanding our national medical office portfolio as we target healthcare-oriented properties in the office sector to take advantage of positive, long-term market trends that should continue to produce stable cashflow for our shareholders. Kansas City Medical Office Portfolio is another great example of a top-of-the-line asset in a location with positive demographic trends and strong tenancy that we believe positions our portfolio well for the coming years." Allan Swaringen, JLL Income Property Trust President and CEO In aggregate, the three properties are 100 percent leased to a diverse tenant roster of leading health systems and physicians groups. The portfolio has a weighted average lease term of just under 15 years, providing long-term cashflow. All of the properties are strategically located throughout Kansas City, drawing patients from throughout the metro area. The portfolio includes three properties: Roeland Park: a nearly 30,000-square-foot medical office building constructed in 2021. The property's largest tenant is AdventHealth Shawnee Mission, a subsidiary of AdventHealth, an investment-grade rated not-for-profit health system. Northland Women's Healthcare: a 10,000-square-foot medical office building constructed in 2021 and fully leased to one of Kansas City's most established women's healthcare providers. Blue Springs Pediatrics: a 10,500-square-foot medical office building fully redeveloped in 2021 as a best-in-class single-tenant property leased to a leading physician group that is subsidiary of Children's Mercy, an investment-grade rated, not-for-profit health system. This acquisition increases JLL Income Property Trust's healthcare allocation to 12 properties totaling more than 1.1 million square feet, valued in excess of $450 million and representing approximately 8 percent of its overall portfolio. JLL Income Property Trust is an institutionally managed, daily NAV REIT that brings to investors a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world's leading real estate services firms. About Jones Lang LaSalle Income Property Trust, Inc. Jones Lang LaSalle Income Property Trust, Inc. is a daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing apartment, industrial, grocery-anchored retail, healthcare and office properties located in the United States. JLL Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis. About LaSalle Investment Management LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, LaSalle manages approximately $76 billion of assets in private and public real estate property and debt investments as of Q3 2021. LaSalle's diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments.

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Spotlight

One of the largest diversified global real estate managers, Founded 1994; currently $47.9 billion in assets encompassing, private and public real estate debt and equity interests, Manages commingled fund and direct separate account strategies, More than 200 institutional investors worldwide, Independent real estate investment management affiliate of MassMutual Financial Group.

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