REAL ESTATE TECHNOLOGY
The Menkiti Group | May 21, 2022
MG Residential, an arm of Brookland's The Menkiti Group, was joined by Whitecrest Real Estate, to celebrate the launch of The Heritage, a newly developed collection of modern condominiums starting in the mid $300's. The new development offers 1–2-bedroom units that range from 570 – 1050 square feet. The completion of this project marks a major milestone in the new development and momentum in Ward 5.
"The project was started late 2018 and took over 3 years to complete. Even through the chaos of COVID-19, we trooped through as we believed in the project," said the company's Director of Design, Maryam Kazmi. "We chose this project as we believed in the neighborhood and wanted to add value to this area and offer new modern living. This is an emerging neighborhood and we wanted to be part of its story."
The Heritage lies in the heart of Woodridge, a residential neighborhood located just north of the National Arboretum. The dynamic team of Whitecrest Real Estate always believed in the Woodridge neighborhood, but it was not until they began working in the area, that they realized its true potential.
We were one of the first very few developers who started to invest in the neighborhood, about a decade ago in 2013 with a boutique style building. While working in Woodridge, we realized that it is not only a conveniently located and easily accessible neighborhood to various hot spots of Washington DC, but also amongst one of the safest and most affordable areas in the city."
Reza Damani, Real Estate Investor and Chief of Operations for Whitecrest
The Heritage is conveniently located near a variety of the District's parks and amenities. Barnard Hill Park lies in the northwest corner of the neighborhood, providing 22 acres of open green space for walking or picnics. Also, near the neighborhood, the Dwight A. Mosley Playground and Taft Recreation Center have a large playground, several sports fields, a tennis court, and a basketball court. Although Woodridge lies in a residential area, its proximity to the city's main attractions is what gives this neighborhood its unique flexibility and advantage.
Whitecrest and MG Residential were joined by many Ward 5 residents and local businesses, resulting in a successful community event. Joe Dawson of Mission Mortgage and Lawrence Elliot of Prime Title sponsored the event and were also in attendance.
"We appreciate everyone who attended the official Grand Opening for The Heritage," says MG Residential's VP of Sales and top 1% of realtors nationwide, Lashika Mason. "We are truly overwhelmed by the constant outpouring of support from the community and look forward to seeing The Heritage's impact in Ward 5."
The Heritage is on one of the main arteries of the neighborhood, that runs into Washington, DC. The luxurious finishes combined with the extra effort that was taken to preserve the 100-year-old bank façade makes this beautiful building stand out. The Heritage is a well-built, high-end, and eco-friendly mixed-use condo building in a calm and inviting neighborhood that's a rare find in Washington, DC. The units are well-designed, efficiently built, and are offered at the most competitive prices available in the marketplace for brand-new condominiums.
"This is an exciting partnership with MG Residential and Whitecrest Development," says top producing realtor and Managing Director at MG Residential, Anthony Mason. "We are proud to be a part of this project and are looking forward to seeing the impact on the community as we strive to continue to fulfill our mission of transforming lives, careers, and communities through real estate."
About Whitecrest Real estate
Whitecrest is a dynamic team of real estate investors composed of four key players:
Farid Khan serves as the President for Whitecrest Real Estate Company. His primary role is developing a vision for White crest real estate. He also Analyzes budgets and financial reports regularly, reviews and advises on contracts, and leads the company towards success.
Reza Damani serves as the Chief of Operation for Whitecrest Real Estate, providing executive management and overseeing all areas of a project from acquisition of raw land to design and development of all the company's construction projects. Mr. Damani is a licensed Class A builder in the Washington DC area with 20 plus years and over 150,000 total developed square feet in the Washington DC metro area. From site selection, through acquisition and construction, to occupancy, he offers comprehensive ground-up and build-to-suit development services for the region.
Syed Ali serves as the Chief financial Officer for Whitecrest Real estate and is responsible for tracking cash flow, financial planning, analyzing the company's financial strengths and weaknesses and proposing strategic direction. He is also responsible for maintaining relationships with bankers and investors.
Maryam Kazmi serves as the Director of Design for Whitecrest Real Estate. She oversees all design decisions and aesthetics of the project from the floor plans to the finishes. Her responsibilities include making all indoor and outdoor spaces functional, safe, and beautiful by determining space requirements and selecting essential and decorative items, such as colors, lighting, and materials to ensure a well-designed and cohesive look to the whole project.
About MG Residential
MG Residential is a premier sales team based in Washington, DC, with expertise providing residential and commercial real estate services to buyers, sellers, investors, and developers across Washington DC, Maryland, and Virginia. Over the past 15+ years, MG Residential has had the privilege of serving over 3,000 families in the greater DMV region and has consistently been ranked within the top 100 teams nationally for Keller Williams.
Founded with the mission of transforming lives, careers, and communities through real estate, MG Residential is anchored by Bo and Kymber Menkiti and Anthony and Lashika Mason. Their goal is to close the gap on homeownership and create intergenerational wealth in the District of Columbia and throughout the greater DMV region.
REAL ESTATE INVESTMENT
StratCap | June 07, 2022
StratCap’s institutional data center real estate investment platform, Strategic Datasphere, LLC, has completed the acquisition of a 187,000 square foot facility with a high-density data center, banking operations center and flex/R&D space in Cleveland, OH. Serving as a central connectivity point between Chicago and New York, Cleveland has seen an influx of interest due to local and regional companies looking to outsource their data center presence. And because Cleveland is an NFL city, it has seen an increase of cloud and edge customer activity from AWS, Google, Microsoft, and Facebook who are looking to establish nodes and local zones in these markets.
Located 5 minutes from the Cleveland Hopkins International Airport and 15 minutes from downtown Cleveland, this facility benefits from robust fiber connectivity from over seven providers. Originally built in 1988 as National City Bank’s operations and data center facility, it was expanded in 2008 when a major financial institution acquired the property to create a modern technology campus. This financial institution (an investment grade tenant) leases about 26% of the facility and has approximately 14 years of lease term remaining on their current lease.
As a value-add investment opportunity, the property has approximately 138,500 square feet of space available to lease. There is an 8,000 square foot turn-key data hall that can supply 3 MW of critical power at N+1. The data center has a 48” raised floor with liquid cooled racks capable of supporting over 300 watts per square foot. The building also has about 59,000 square feet of flex/R&D space can likely be repositioned to accommodate additional data center space as well.
We believe the existing 3 MW data center is unique in the local market and will be appealing to technology and financial services firms that run high-density compute applications. The ability to convert underutilized space into operational data halls also creates an attractive value-add opportunity for this asset. In addition, the current lease structure provides us with what we believe are long-term, predictable rental revenues.”
Bryan Marsh, CEO of StratCap’s data center platform
The Seller, Legacy Investing, LLC, a Virginia-based company focused on mission-critical real estate, was represented by Jones, Lang, LaSalle, Inc. Datasphere purchased the property on an all-cash basis.
StratCap is a privately held, global alternative investment management platform committed to providing access to dynamic asset classes and highly experienced investment professionals in order to provide clients with attractive risk-adjusted returns. The company is focused on a wide range of digital economy investments with an emphasis on digital infrastructure, sustainability, and technology-centric sectors.
About Strategic Datasphere
Datasphere is a data center real estate and infrastructure investment platform. Datasphere is focused on the acquisition, development and management of fully and partially stabilized data center facilities across North America and Europe. Datasphere has access to significant committed equity capital that is expected to support more than $1.5 billion in potential investments alongside debt financing. Datasphere is led by data center industry veteran, Bryan Marsh, and supported by a seasoned management team with several decades of collective experience in the data center industry.
About Legacy Investing, LLC
Headquartered in Northern Virginia and founded by seasoned technology company executives, Legacy Investing focuses on mission critical real estate impacted by new technologies: digital and physical supply chains, future workplaces, and life sciences. Legacy’s principals have leveraged this platform and their public company C-level experience across the past two decades to complete more than $2.75 billion in transactions across 19 million square feet of data centers, e-commerce distribution centers, modern office buildings, and life sciences facilities on behalf of select family office and institutional investors. Legacy leverages its expertise on technology’s impact on tenant demand, site selection, and leasing to target and position properties to meet those needs and create long-term real estate value.
REAL ESTATE ADVICE
Anywhere Real Estate Inc. | June 16, 2022
Anywhere Real Estate Inc., a global leader in residential real estate services (formerly known as Realogy Holdings Corp.), announced that its affiliated agents lead the National Association of Hispanic Real Estate Professionals (NAHREP) 2022 Top 250 Latino Agents Report, which recognizes the top producing Latino agents across the United States, including Puerto Rico. With 50 independent agents included – more than any other company – Anywhere-affiliated agents comprise 20 percent of the list. All six leading residential real estate brands in the Anywhere portfolio, including Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Corcoran, ERA®, and Sotheby's International Realty®, are represented in the report's rankings.
According to NAHREP's 2021 State of Hispanic Homeownership Report, the Latino homeownership rate continued to increase in 2021 for the seventh consecutive year. While the report also notes that a dearth of housing supply and rising price points remain a significant barrier to many homebuyers, the Urban Institute predicts that Latinos will account for 70 percent of homeownership growth over the next 20 years.
We are incredibly proud that the Anywhere family of brands is home to so many of the top-producing agents that represent the nation's expanding community of Latino homebuyers. As Hispanic household formation continues to drive significant homeownership growth in the coming years, we remain committed to creating professional opportunities for diverse and representative professionals that can help to empower everyone's next move."
Ivonne Furneaux, vice president of diversity, equity, and inclusion for Anywhere
As the one of the largest full service residential real estate services companies in the U.S., Anywhere is dedicated to creating a culture of diversity, equity, and inclusion, and is a vocal advocate for equal opportunity and fair housing. The Company's renowned brands also offer a number of initiatives focused on driving diversity, such as CENTURY 21's Empowering Latinas program, which helps Latina entrepreneurs obtain their real estate license and prepares them for success in the real estate industry through a network of support. Read more about Anywhere and its commitment to diversity, equity and inclusion in its 2021 CSR Report.
According to NAHREP, this year's report ranks individual agents and teams based on transactions and sales volume, and represents a total of 39,804 transactions and $13.8 billion in combined sales volume in 2021. Anywhere affiliated agents featured in the top 10 of Top 250 Latino Agents Report include Wilfredo Alfaro, Coldwell Banker Realty in Clifton, NJ and Johnny Rojas, Century 21 JR Gold Team Realty in Garfield, NJ.
Additionally, Anywhere agents on the list represent:
One quarter of the Top 100 agents by sale volume, including Coldwell Banker Real Estate (14), CENTURY 21 (6), Sotheby's International Realty (3), and Corcoran (2).
Almost half of the Top 25 'Rookies', including Coldwell Banker (6), CENTURY 21 (2), Better Homes and Gardens (1), and ERA (1).
46% of the top 100 agents in the Northeast, 43% of the top 100 agents in the Northwest, 38% of the top 100 agents in the Southwest, 27% of top 100 agents in the Southeast, 20% of top 100 agents in the Midwest, and 13% of the top 100 agents in the Mountain region.
As of June 9, 2022, Realogy completed its corporate rebrand to Anywhere. Home to renowned real estate brands as well as national title, settlement, and relocation companies and scaled mortgage origination and underwriting joint ventures, the Anywhere rebrand reflects a strategic shift for the company. Leveraging its leading position in business segments that comprise nearly every aspect of the real estate transaction, the company has placed a strong emphasis on building a more simplified, digitized, and integrated home buying and selling experience for any consumer, anywhere.
Anywhere Real Estate Inc. is on a mission to empower everyone's next move. Home to some of the most recognized brands in real estate – Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Corcoran®, ERA®, and Sotheby's International Realty® – the AnywhereSM portfolio includes franchise and brokerage operations as well as national title, settlement, and relocation companies and nationally scaled mortgage origination and underwriting joint ventures. Supporting approximately 1.5 million home transactions in 2021, Anywhere is focused on simplifying, digitizing, and integrating the real estate transaction for all consumers, no matter where they may be in their home buying and selling journey. With innovative products and technology, Anywhere fuels the productivity of its approximately 196,200 independent sales agents in the U.S. and approximately 136,400 independent sales agents in 118 other countries and territories. Recognized for eleven consecutive years as one of the World's Most Ethical Companies, Anywhere has also been designated a Great Place to Work four years in a row, named one of LinkedIn's 2022 Top Companies in the U.S., and honored by Forbes as one of the World's Best Employers 2021.
REAL ESTATE TECHNOLOGY
YourHomeHub | June 01, 2022
In October 2021, a likely source emerged with the first ever property tech franchise—MooveGuru. Through its automated data capture and delivery platforms, MooveGuru has been perfecting the consumer experience during the moving process. In January, the robust platform announced extended support for consumers with services throughout the homeownership lifecycle with a franchise model aimed at real estate service providers in brokerage, title and mortgage.
Franchises have been selling faster than homes in red-hot housing markets.
To date, MooveGuru has sold 28 regional proptech franchise territories, selling out 26 states in the process.
No doubt, our experience and trust in the real estate community and a focused approach in identifying them as a target franchise audience has played a role in the rapid success of initial franchise sales. While a lot of franchises take the approach that anyone can be their own boss, with our organization we've emphasized the value of additional revenue streams for real estate professionals and it's paying off. We've created a buzz the real estate community can't get enough of. It's why we've sold more than half of the states in the U.S. in less than a year."
Scott Oakley, CEO of MooveGuru
The MooveGuru franchise enables franchisees to deliver a home ownership portal called YourHomeHub that allows homeowners to gain access to preferred local services at a discount. The success comes from being local. YourHomeHub, is the first consumer portal that is "Everything Home," meaning it allows homeowners to manage both the financial details and physical elements of their home.
Consumers can monitor extensive information about their home and local market conditions, store important documents, generate accurate estimates for home repairs and find a local contractor for over 1,000 different home service categories. Each YourHomeHub is sponsored by local real estate brands, driving top of mind marketing and revenue from consumer purchases. The platform, provided by real estate professionals, gives a powerful homeowner resource to their customers.
"We have expanded our franchise coverage area to 26 states in eight months—this is unprecedented in the franchise industry," said Kathleen Kuhn, President of MooveGuru, who brings more than three decades in the home services franchise industry to the organization. "While there are still opportunities in some major markets, the window is closing for those looking to be regional territory owners."
Opportunities are still available for ownership in key markets such as Nevada, New Jersey and Illinois.
Franchise owners' trend towards real estate brokerages who have experience with operating affiliate companies, followed by mortgage and title companies. Mortgage brokers typically partner with their top real estate agents for co-branding and split the opportunity fifty-fifty for RESPA compliance. Title companies are offering the service on all their title closings. The franchise pays 10-20 percent of net subscription to franchise owners. The more subscriptions to YourHomeHub and the more leads generated for service pros, the more the franchise owner makes.
Recent regional owners include owners in real estate brands such as RE/MAX, Keller Williams, EXP, ERA and also include owners in mortgage and title.
MooveGuru Inc. is based in Roswell, GA. In 2016 the company launched a free mover engagement program to real estate agents and brokers with the idea of connecting home buyers and sellers to convenience and savings on moving services. Using just-in-time delivery through artificial intelligence algorithms, MooveGuru Inc. ensures consumers receive agent-branded savings and convenience from national and local retailers and utility connections as they step through the relocation process. Today, more than 2,000 brokerages, 316,000 agents, and millions of homeowners are connected to the MooveGuru and YourHomeHub platforms.