REAL ESTATE INVESTMENT
Marble Capital | April 11, 2022
Marble Capital, a Houston-based investment advisory firm focused on multi-family rental housing across the United States, announced that the firm has signed definitive agreements to enter into a partnership with Navigator Global Investments. The transaction is expected to close in late April 2022. In the deal, Navigator will purchase a minority stake in the business and become a passive, non-voting minority partner. Most of the capital will be used to support Marble Capital's near term growth initiatives, including funding larger general partner commitments to Marble Capital funds.
With Navigator, Marble will benefit from the deep experience and relationships of the Navigator leadership team. Additionally, as Navigator is a portfolio investment of Dyal, a division of Blue Owl, Marble is joining a broad ecosystem of leading alternative asset managers with access to a team that focuses on sharing insight into industry best practices and access to various capital providers. The partnership will allow the firm to invest more significantly in its various funds while also providing balance sheet capital to create and implement new products.
We are extremely pleased to partner with Navigator as we enter into the next stage of growth at Marble Capital. We believe Navigator's commitment to the company validates our stategy, underwriting process and the team we've assembled over the last five years."
Adam Allen, co-founder and managing principal at Marble Capital
David Oelfke, Marble Capital co-founder and managing principal added "a partnership with Navigator provides us a long term and aligned partner to accelerate certain growth initiatives, gain access to a deep industry network and best practices to leverage over time."
Michael Shepherd, Navigator Chairman commented "This is a strategic and compelling opportunity to partner with a successful and growing asset manager that brings diversification to our existing investment portfolio and will create value for Navigator shareholders. We look forward to continuing to support the Marble Capital team."
Colchester Partners LLC served as financial advisor to Marble on the transaction. Holland & Knight LLP served as legal counsel to Marble. Sidley Austin LLP served as legal counsel to Navigator.
About Marble Capital
Established in 2016, Marble Capital currently manages $1.4 billion in AUM across a series of closed-end private equity funds. The company provides flexible capital solutions for multifamily real estate developers and operators across the United States with a portfolio consisting of more than 20,000 multifamily units across US$4.5bn in transactions. Marble is headquartered in Houston, TX and is managed by a group of accomplished real estate professionals with 150 years of combined experience in real estate finance, capital markets, development and operations.
Navigator Global Investments Limited is a diversified asset management holding company dedicated to partnering with leading management teams who operate institutional quality businesses globally, primarily in the alternative investment management sector. Navigator has US$21.6 billion of AUM (31 December 2021) on an ownership adjusted basis across Lighthouse Partners and its strategic investment portfolio.
Walker & Dunlop | June 30, 2022
Walker & Dunlop, Inc. announced that it facilitated the sale of East Bank at Richwood Village, a 200-unit luxury apartment complex located in Richwood, Texas. The property represented a rare opportunity to invest in a high-quality asset within the greater Lake Jackson submarket, a fast-growing area with limited multifamily stock.
Ryan Epstein and Jennifer Ray led the Walker & Dunlop team in facilitating the disposition from the seller, Pensam Capital, LLC to the buyer's representative, BR Premier Properties. The team assisted the client throughout the entire transaction, ensuring a favorable sale price.
Demographic and employment trends within the Lake Jackson area have been extremely positive over the past several months. Occupancy and rent growth in the immediate area have both been increasing significantly, making East Bank an excellent investment opportunity."
Ryan Epstein,Managing Director
With premium garden-style multifamily residences, East Bank at Richwood Village caters to the Alvin, Angleton, and Lake Jackson submarkets. The community's amenities include a cybercafé, fitness center, clubhouse, outdoor firepit, and dog park. In addition, Dow Chemical, the largest employer in the Lake Jackson area with nearly 4,000 employees, is located less than five miles west of East Bank at Richwood Village. The broader Brazoria County area also offers employment in many different industries, with oil, gas, and chemical companies at the top of the list of employers.
Walker & Dunlop is a leader in multifamily property sales, having completed $19.3 billion in property sales volume in 2021 alone, up 214% from 2020. Visit our website for information about multifamily properties available for sale via Walker & Dunlop's property sales platform.
About Walker & Dunlop
Walker & Dunlop is one of the largest providers of capital to the commercial real estate industry, enabling real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. The power of our people, premier brand, and industry-leading technology makes us more insightful and valuable to our clients, providing an unmatched experience every step of the way. With more than 1,400 employees across every major U.S. market, Walker & Dunlop has consistently been named one of Fortune's Great Places to Work® and is committed to making the commercial real estate industry more inclusive and diverse while creating meaningful social, environmental, and economic change in our communities.
REAL ESTATE TECHNOLOGY
Marcus & Millichap | April 05, 2022
Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of The ERGS Portfolio, a six-property multifamily portfolio spanning a total of 1,077 units across eight assets. The portfolio traded for $302.5 million, or $280,872 per unit.
With this purchase, the buyer establishes a strong presence in Reno’s multifamily market. The tremendous upside potential that can be captured through value-add renovations across the majority of the assets in the portfolio, along with the high-value major employers that can be found in the Tahoe-Reno Industrial Center (TRI Center), made for an extremely attractive acquisition.”
Kenneth Blomsterberg, senior managing director investments in Marcus & Millichap’s Reno office
Blomsterberg, Ryan Rife and Daniel Winrod represented the seller and procured the buyer. “Over the past five years, the Reno-Sparks region has experienced a rapidly evolving landscape of business development and employment opportunities, and this trend is projected to continue,” added Rife. “Tesla, Apple, Google, Amazon, Blockchain LLC, Switch, and Panasonic are only a few of the major employers that have brought thousands of new jobs to the region. Many of these companies are in the TRI Center, the nation’s largest industrial park, located just a short drive from the ERGS Portfolio.”
Built between 1958 and 2021, the assets are:
North Peak Apartments, 352 units
Silver Lake Apartments, 352 units
Sierra Sage Apartments, 232 units
Vale Apartments, 40 units
Vale Townhomes, 16 units
Peavine Peaks, 30 units
Oak Manor, 47 units
Angel Street Apartments, 8 units
“The bulk of the ERGS Portfolio is located in the North Valleys submarket, which is the second-fastest growing employment location in Northern Nevada,” said Winrod. Truckee Meadows Community College is located less than five minutes from the ERGS Portfolio, and the University of Nevada, Reno is nearby. Lake Tahoe, the Black Rock Desert, and North Valleys Regional Park are within a short drive.
About Marcus & Millichap, Inc.
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion.
REAL ESTATE TECHNOLOGY
Broadmark Realty Capital | April 26, 2022
Broadmark Realty Capital Inc., an internally managed secured real estate finance company, announced that it is strengthening its Board of Directors with the addition of a new independent director, Pinkie D. Mayfield, effective today. Ms. Mayfield’s addition increases the size of the Board of Directors to eight members, including six independent directors.
We are very pleased to expand and further strengthen our Board of Directors. We welcome Pinkie and look forward to benefitting from her extensive experience in public relations, corporate affairs and investor relations. Pinkie will complement our already strong group of directors as we look to expand our business, execute our strategy to provide capital solutions for our customers, and maintain our commitment to our communities and the Company's stakeholders.”
Dan Hirsch, Chairman of Broadmark’s Nominating and Corporate Governance Committee
Ms. Mayfield has been Chief Communications Officer and Vice President of Corporate Affairs at Graham Holdings Company (formerly The Washington Post Company), a diversified conglomerate whose principal operations include education and media. In her current role since 2018, Ms. Mayfield is responsible for corporate affairs, public relations, communications and strategic initiatives. Since joining Graham Holdings in 1998, she has held a number of executive leadership positions.
Prior to joining Graham Holdings, Ms. Mayfield was a Vice President and Trust Officer at NationsBank (now Bank of America) in the Investment Services Division. A director of Founders Bank, a Washington D.C.-based community bank, she has chaired the audit committee since joining the board in 2020. Ms. Mayfield also serves as treasurer of the board of directors of the District of Columbia College Access Program and a trustee of the Philip L. Graham Fund. Ms. Mayfield graduated magna cum laude with a BA in business administration from Trinity Washington University and earned an MBA from the University of Maryland University College.
About Broadmark Realty Capital
Broadmark Realty Capital Inc. is a specialty real estate finance company, providing financing solutions generally in the $2 to $50 million range across the entire debt capital stack for commercial and residential real estate opportunities throughout the United States. Broadmark is particularly well equipped to address complex financing requirements that require rapid response, investing across a variety of market conditions and economic cycles.