REAL ESTATE TECHNOLOGY
Redfin | March 24, 2022
Redfin launched nationwide rental search, letting consumers search for both rental and for-sale home listings on Redfin for the first time. Built on the same map-based search technology used by tens of millions to find homes for sale, the addition of rentals makes Redfin a destination for everyone in the U.S. looking for a place to live. Redfin’s rental search is powered by rental listings from RentPath, a leading marketing technology and services platform for the rental industry that operates Rent.com and other popular rental sites, which Redfin acquired in April 2021. This significantly expands the reach of the RentPath network, letting RentPath’s property-management customers market their rental listings to Redfin.com’s 47 million monthly visitors.
Adding rental listings to Redfin.com will increase our authority as a real estate destination, not only drawing more visitors to rental listings, but also to our existing for-sale listings. With about one in five Redfin.com visitors interested in rentals, we have an opportunity to generate as many rental inquiries from Redfin.com as from all other RentPath sites. As a result, we expect to attract more property managers to promote their listings on Redfin.com, and for Redfin.com traffic growth to accelerate.”
Glenn Kelman, Redfin CEO
Powerful, immersive search to discover the perfect place to rent
Prospective renters can see updated listings every day, search with tailored filters, including budget, location and pet policy, and connect with property managers. Photos, floor plans and 3D tours let users experience a new rental home before ever setting foot inside. Renters can use the contact feature to connect with property managers to schedule a tour, ask a question or request an application.
Because Redfin is a leading site to find homes for sale, people deciding between buying and renting can use Redfin for their entire home search. With one click, users can switch between homes for sale and homes for rent on the map. With another click, users can mark their favorite homes and see all of them in one place, whether they're for sale or for rent.
“Most people who are considering renting a new home in the next six months say they are also considering buying,” said Christian Taubman, Redfin's Chief Growth Officer. "Redfin gives everyone the tools to win the place that's best for them, whether that's a place to lease or buy.”
Broad exposure for property managers
“The launch of rental search on Redfin is an immediate benefit for the existing property owners and managers who rely on the RentPath network to connect with serious tenants, fill occupancies, and manage properties,” said Jon Ziglar, CEO of RentPath. “Whether you are managing multiple apartment communities or are an individual landlord, RentPath has the consumer reach and marketing tools to make the process of finding and signing new tenants simple and efficient. Adding the reach of Redfin's popular consumer website and app to the RentPath network, in addition to RentPath’s deep knowledge of the rentals business, we can offer the best solutions in the industry to simplify the rental search experience for renters while driving occupancies and operational efficiency for property managers and owners.”
Property owners and managers who list their properties via RentPath will now reach the tens of millions of consumers who visit Redfin every month, in addition to the other sites in RentPath’s network: Rent.com, Rentals.com, and Apartment Guide.
Requests from renters flow directly to property managers with details on whether the customer wants to tour, submit an application or ask a question about the property. With a single platform for property managers, RentPath makes it easy to see and manage contacts coming from across all sites in the RentPath network without having to learn new tools or work across multiple systems. In addition to reaching serious renters online, RentPath also provides a full-suite of online tools to help property managers communicate with residents and market their properties through targeted digital advertising, social media and online reputation management.
Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.
RentPath is the only marketing and automation platform that engages prospective residents through the entire renter journey, maximizing leads and occupancies with unparalleled ROI. Through its broad network of rental listing sites including rent.com, ApartmentGuide.com, Rentals.com, and Redfin.com, RentPath connects property owners and managers with over 10 million high-intent, in-market renters per month. In addition, the RentPath platform powers a full suite of best-in-class digital marketing solutions across search advertising, social media, email marketing, web chat, resident communication, reputation management and more. RentPath’s holistic solutions simplify the rental search experience for renters while driving occupancies and efficiencies for property managers and owners. RentPath is a Redfin Company.
REAL ESTATE INVESTMENT
Capital Square | December 24, 2021
Capital Square 1031, a leading sponsor of Delaware statutory trust (DST) offerings for Section 1031 exchange and other accredited investors, announced today the acquisition of a recently constructed, Class A, 200-unit multifamily community in Midlothian, a suburb of Richmond, Virginia. The community was acquired on behalf of CS1031 Artistry at Winterfield Apartments, DST.
Artistry at Winterfield is another superb addition to Capital Square's growing portfolio of Class A apartment communities in the Southeast to Texas, Located in Midlothian, Virginia, a short drive on Highway 288 from Capital Square's headquarters, Artistry is located in a well-to-do neighborhood with a median household income of $172,916 within a one-mile radius, according to Yardi Matrix. And the icing on the cake – 19.6% rent growth in the submarket, the highest year-over-year rent growth in the region, as of August 2021.* Artistry should provide investors with stable income during the holding period and exceptional appreciation potential."
Louis Rogers, founder and chief executive officer of Capital Square.
Located at 1000 Artistry Drive, the community is located 15 miles from downtown Richmond. Proximate to Highway 288, Artistry at Winterfield offers residents convenient access to multiple retail and dining options within Midlothian, including Target, Kroger, Wegman's, Sam's Club and more.
Artistry at Winterfield offers one- and two-bedroom units with spacious floorplans that feature top-of-the-line finishes, including stainless steel appliances, in-unit washer and dryers, walk-in closets as well as private patios and balconies.
Amenities at the community include a clubhouse, resort-style swimming pool and fitness center. Additional amenities include a resident lounge with a pool table as well as a business center.
CS1031 Artistry at Winterfield Apartments, DST seeks to raise $35.2 million in equity from accredited investors and has a minimum investment requirement of $50,000.
Artistry at Winterfield is located in Midlothian, a thriving suburb of Richmond, The population within a five-mile radius of Artistry at Winterfield is projected to increase 4.09% in five years.* Capital Square is bullish on the Richmond MSA, not only for its proximity to our firm's headquarters, but also due to its exceptional market fundamentals and notable growth."
Whitson Huffman, chief strategy and investment officer.
Since its founding in 2012, Capital Square has acquired 144 real estate assets for over 3,800 investors seeking quality replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code and other investors seeking stable cash flow and capital appreciation.
About Capital Square
Capital Square is a national real estate firm specializing in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges and qualified opportunity zone funds for tax deferral and exclusion. Since 2012, Capital Square has completed approximately $4 billion in transaction volume. Capital Square's executive team has decades of experience in real estate investments. Its founder, Louis Rogers, has structured hundreds of investment offerings totaling in excess of $5 billion. 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 five consecutive years. Additionally, in 2021, the company was ranked 101st on the list of Inc. 5000 Washington D.C. Metro's Fastest-Growing Private Companies. In 2017, 2018 and 2020, the company was also ranked on Richmond BizSense's list of fastest growing companies. Capital Square was listed by Virginia Business on their "Best Places to Work in Virginia" report in 2019 and 2021 as well as on their "Fantastic 50" reports in 2019 and 2020.
REAL ESTATE TECHNOLOGY
Balfour Beatty Communities | April 07, 2022
Balfour Beatty Communities, a national residential real estate investment and management company, received national honors for its military, multifamily, and student property management services based on an independent satisfaction survey conducted by SatisFacts, a national leader for technology, data, and education in the multifamily industry. Balfour Beatty Communities received honors in three categories: National Company Award for overall military housing, National Company Award for overall multifamily/student housing, and National Property Awards across its military, multifamily, and student housing portfolio, which numbers close to 50,000 units.
We are honored to receive this recognition for our efforts to provide exceptional service across our military, multifamily, and student housing properties. These awards are a testament to the dedication of our employees who embody our mission-driven culture through the hard work and high-quality services that they provide to our residents, partners, and communities every day.”
Chris Williams, Balfour Beatty Communities president
The SatisFacts surveys measure the resident experience from move-in to move-out and include resident scores on their interaction with office and maintenance staff on a 5-point scale. The SatisFacts Index allows Balfour Beatty Communities to benchmark resident satisfaction compared to other residential management companies. Balfour Beatty Communities then uses the scores to enhance resident satisfaction, retention, and overall community performance.
This year, SatisFacts received over 40,000 survey responses from Balfour Beatty Communities military housing residents and scored in the top percentile for both move-in and work order performance. These high scores resulted in the company receiving the National Company Award for overall military housing services and National Property Awards across almost all its military properties. For Balfour Beatty Communities’ military housing installations, current reporting indicates the company scored:
4.41 out of 5 on overall move-in performance
4.61 out of 5 on overall work order performance
Balfour Beatty Communities received similarly high scores across its 18-property multifamily and student housing portfolio, obtaining over 4,200 survey responses from its residents and performing highly on both move-in and work order experiences. The company was awarded the National Company Award for overall multifamily/student housing services and National Property Awards across almost all its multifamily and student properties.
About Balfour Beatty Communities
Balfour Beatty Communities is an active owner and operator of residential real estate in the multifamily, student and military housing sectors across the United States. Since its inception in 1999, Balfour Beatty Communities has invested in nearly 100 properties representing more than $7.9 billion of gross asset value. Our broad in-house expertise includes decades of acquisition, development, finance, renovation, leasing and property/facility management experience. Leveraging this extensive expertise and a customer service-focused approach, Balfour Beatty Communities seeks to create value in its real estate projects while delivering exceptional living experiences.
Balfour Beatty Communities is a subsidiary of Balfour Beatty Investments, Inc. and Balfour Beatty plc, a leading international infrastructure group.
REAL ESTATE INVESTMENT
Walker & Dunlop, Inc. | March 08, 2022
Walker & Dunlop, Inc. announced that it structured $302,241,000 in Freddie Mac financing for a portfolio of ten multifamily properties in central Connecticut. The portfolio comprises 2,286 units in total, over 75% of which qualify as mission-driven, affordable housing under Federal Housing Finance Agency (FHFA) guidelines.
Taylor Williams, Managing Director in Walker & Dunlop's Capital Markets group, structured the financing on behalf of Beachwold Residential, a repeat client and family-owned real estate company headquartered in New York City. The team provided support to the client throughout the entire deal process, working to ensure the latest rental rate increases were captured in the appraisal and underwriting processes. The new loan effectively provided the borrower with an attractive fixed rate and additional proceeds.
Taylor Williams and his team are experts. They provided clear and prescient guidance throughout the process, and their reaction time to any queries we had was exceptional. They are truly professionals when it comes to dealing with this type of transaction."
Gideon Friedman, CEO of Beachwold Residential
"It was an honor to be chosen for this transaction by Gideon Friedman and the Beachwold team," Mr. Williams added. "We were able to effectively execute the deal with an excellent rate, thanks to our skilled team and solid partnership with Freddie Mac."
The ten-property portfolio is comprised of a diverse and unique set of communities with construction dates ranging from 1926 to 2008. The oldest property, 278 Main, was originally a schoolhouse, which was converted to apartments. Another distinctive property is Lofts at the Mills, a former mill that was recently converted to loft apartments. Most of the properties within the portfolio are situated in irreplaceable infill locations throughout Connecticut.
Walker & Dunlop was the top provider of capital to the U.S. multifamily market in 2020, and in 2021 the firm originated $49 billion in debt financing volume, including lending over $42 billion for multifamily properties.
About Walker & Dunlop
Walker & Dunlop is the largest provider of capital to the multifamily industry in the United States and the fourth largest lender on all commercial real estate including industrial, office, retail, and hospitality. Walker & Dunlop enables 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 make us more insightful and valuable to our clients, providing an unmatched experience every step of the way. With over 1,000 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.