Tuesday, October 25, 2016

A more affordable Uptown? West Dallas is newest apartment hot spot

Construction crews in West Dallas are starting work on a high-profile development site that's been vacant for almost a decade.
The former Colorado Place property on Fort Worth Avenue is being rebuilt into 299 apartments with retail space by one of Dallas' largest developers, Lincoln Property Co.
The new project is just one of a series of major developments in the works on the avenue running west of downtown Dallas.
Old properties along Fort Worth Avenue, West Commerce Street and Singleton Boulevard are being recycled into new apartments, restaurants and retail.
Lincoln Property bought the 18-acre Colorado Place property at Fort Worth Avenue and Colorado Boulevard earlier this year. The vacant land — next to Oak Cliff's popular Kessler Park and Stevens Park neighborhoods — was previously occupied by apartments built in the 1940s.
Before the recession, developers were planning a large mixed-use development. But the deal stalled, and the property changed hands a couple of time.
"We are doing 299 apartments on about 12.5 acres," said Ben Breunig, Lincoln's vice president of development. And 5 acres along Fort Worth Avenue at the front of the property are being reserved for retail development.
"We will probably open the first units about a year from now," he said.
The three-story rental community will be a lower density than other new central Dallas apartment projects, with more courtyards and more open space.
"We want a different product from Uptown and other denser areas," Breunig said. "We will have several units with views of Stevens Park Golf Course."
Neighbors are glad to see the dirt flying.
"A number of projects have been announced there and never come to fruition," said Deborah Carpenter with the Fort Worth Avenue Development Group. "Everyone is pleased to see something finally happening."
Part of the old Colorado Place property across the street from Lincoln's development on Fort Worth Avenue was bought by Centre Living Homes.
The builder plans to use the 3-acre site for a residential development, said Centre Living Homes president Trevor Brickman.
"We are trying to figure out our plans right now, but we know it will be townhomes," Brickman said. "We have several communities in the Ross Avenue corridor in East Dallas and the only single-family community in CityLine in Richardson."
Apartment builder Trammell Crow Residential is opening the first units in its Alexan West Dallas apartments on Fort Worth Avenue just east of Sylvan. The three-story development has 340 units that start in size at 540 square feet.
"We opened the first units a little over a month ago and are 20 percent leased — a very strong reception by the marketplace," said Crow Residential senior managing director Steve Bancroft.
Bancroft said nearby retail and restaurants at Trinity Groves on Singleton and Sylvan 30 on Fort Worth Avenue are attracting renters to West Dallas.
"Our renters save $400 to $500 per month in rent vs. new properties in Uptown," he said. "Activity breeds activity, and when a neighborhood is gentrifying, it is all good.
"Given our pace of lease-up, there seems to be demand for more units in West Dallas."
More are on the way.
Columbus Realty is building a 349-unit apartment community on Singleton across the street from the Trinity Groves restaurant buildings.
The apartment and retail building opens next year, and a second phase of apartments is already planned.
Also on Singleton, just west of Sylvan, apartment developer StreetLights Residential is building a 355-unit rental community called the Austin at Trinity Green. The apartments open starting next year.
Phoenix-based apartment builder Alliance Residential is building more than 300 rental units in its Broadstone project on West Commerce Street near Fort Worth Avenue.
"The leasing office should be opening up in September next year, with first units following in October," Alliance's Chad Jackson said.
The growth of the West Dallas apartment market is also attracting investors.
The 2-year-old Alta West Commerce apartment complex, which has about 252 units, recently sold to an Alabama investment firm. And apartments in the Sylvan 30 mixed-use complex are for sale.
Written by Steve Brown - Dallas Morning News
Global Design and Engineering Firm Jacobs Moving HQ to downtown Dallas

International engineering and design firm Jacobs Engineering Group is moving its headquarters from California to downtown Dallas.
The deal — which has been in the works for several months — will bring about 100 new jobs in addition to the more than 300 people Jacobs already has in downtown Dallas.
"As we continue to focus on transforming our business in terms of efficiency and high-growth in the engineering and construction industry, our new headquarter location ensures access to top talent and positions Jacobs for convenient access to our clients," Jacobs Chairman and CEO Steven Demetriou said in statement. "In Dallas, we will also benefit from a business-friendly economic and cultural environment.
"Jacobs has had a long and successful history in Pasadena and will continue to employ more than 1,500 people in Southern California," he said. "Although our headquarters is relocating, we will maintain a strong workforce and office footprint across the state of California where we see ongoing expansion opportunities."
Jacobs — which has 230 offices around the globe — is moving the headquarters staff to the Harwood Center office on Bryan Street.
Landing the Jacobs headquarters is another win for downtown.
The 69-year-old company, which started in Pasadena and has almost 64,000 employees, does work in everything from architecture to aerospace, mining and transportation.
A Texas Enterprise Fund grant of $1.3 million will be given to Jacobs to help pay for the move.
In 2013 Jacobs consolidated two suburban North Texas offices and moved its Dallas operations into more than three floors of the 36-story Harwood Center. 
Written by Steve Brown - Dallas Morning News
Development of Mockingbird Station land would add to DART's $7 billion property impact

The parking lot at DART's Mockingbird Station isn't full most mornings.
One of the busiest stations on DART's Dallas-area commuter rail line, the 11 acres of parking is surrounded by apartments, office buildings, shopping and a hotel.
"We've always know there would come a day when there would be a higher and better use of that property," said Gary Thomas, president of the Dallas-based public transit system.
DART's asking developers to come up with proposals to build high-density urban projects on the parking lots. DART wants to lease the land to builders who could put up anything from apartment towers to office or hotel high-rises on the property.
"There aren't many 11 acre tracts south of Northwest Highway on U.S. Highway 75 to take advantage of," Thomas said. "Mockingbird Station, I would suggest is at the northern edge of Uptown's growth right now."Development of the property between U.S. 75 and Greenville Avenue could easily produce more than $200 million in projects.
DART already has a good track record with spurring development.
The transit agency says that it's had a more than $7 billion economic impact with real estate projects built or planned within a quarter mile of its rail lines, according to a just released report.
"DART, and the projects around it, will sustain our continued growth," University of North Texas' Michael Carroll, who headed the research, said. "This very rapid increase in investment and development activity around DART stations reflects the improvement in our regional economy."
The researchers identified 11 developments in various stages near the 93-mile long commuter rail line.
The projects range from redevelopment of the more than century old Dallas High School at the Pearl Street station downtown to the $1.5 billion CityLine mixed-use development in Richardson.
More than two dozen developments were included in the totals for 2014 and 2015.
The potential for a new development at Mockingbird Station is just across the train tracks from Dallas' first transit oriented development.
Opened in 2001, the mixed-use project includes a popular cinema, restaurants, shopping and apartments.
"Now we look back and realize that Mockingbird Station is the crown jewel of transit oriented development in the system," Thomas said. "It's the grandfather of TODs in our region."
DART started looking at development options for its Mockingbird parking lots almost a decade ago.
A previous agreement with developers to build on the land never generated construction.
"We hit the downturn of the economy and the developer we was mired down with the economic challenges of the time," Thomas said. "We moved on to a second developer and they came to us with a couple of proposals.
"We really felt there was a higher potential than what we were being shown."
DART has hired commercial real estate firm Cushman & Wakefield to solicit and vet development proposals for the parking lots.
Constructing buildings on the land would require the developer replace more than 700 existing parking spots on the property. Also, the development rights would be under a long-term lease from DART.
The challenge of building parking garages and the land lease may make the project too complicated for some developers, said Bradley Miller, CEO of Dallas-based apartment builder Encore Multi-Family.
"All that to say, it is certainly a terrific location, so it will be interesting who throws their hat in the ring this time around," Miller said.
Zach Johnston with apartment builder Fairfield Residential said his firm has taken a look at the Mockingbird site. He said the property has a number of challenges.
"There will be more people likely that would look at this potential project," Johnston said. "That said, I think the added complexities encumbering this deal make it increasingly more difficult to capitalize; especially on the debt side.
"Someone is going to have to spend a lot of time working on this to bring a good project to fruition so the yield would need to be compelling enough to generate the interest."
With development land in Uptown topping $200 per square foot, builders are searching close-in locations for potential building sites.
 "There has been a very strong response already as far as interest in the opportunity," Thomas said. "We'd love to see a mixed-use facility built."
Written by Steve Brown - Dallas Morning News

Goldman Sachs shops downtown Dallas for move that could bring hundreds of workers

One of the country's largest financial firms is considering a move to Dallas.
Goldman Sachs & Co. is in talks with building owners to relocate hundreds of workers from an office in Irving to downtown, real estate brokers who are tracking the deal say.
The New York-based investment giant is planning to rent more than 100,000 square feet of prime downtown office space in what could be one of the largest recent deals in the area.
Goldman Sachs has zeroed in on the 50-story Trammell Crow Center on Ross Avenue as a location for the office.
The company already has an investment office in Uptown's landmark Crescent complex.
This new space would be for different operations, including Goldman Sachs' real estate investment division, leasing agents say.
Landing the high-profile tenant would be a big win for Trammell Crow Center. The landmark downtown skyscraper is about to undergo a major renovation that includes adding retail space and construction of additional parking across the street.
Goldman Sachs is currently the largest office tenant in a 6-story building at 6011 Connection Dr in Irving. That's the office considering the move.
Thirteen of Goldman Sachs operating divisions - including investment banking and securities - have staff working in the Irving office, company spokesman Michael DuVally said.
"One of the largest divisions there is realty management (formerly known as Archon but now known as the realty management division), which works with the investment banking, securities and investment management divisions on everything from real estate loans on commercial and residential property to sourcing deals in the hospitality sector," DuVally said in an email. "Other divisions which have large representation in Irving include operations, finance and technology."
He wasn't able to provide any information about a potential office move.
If the relocation happens it would also be one of the biggest such moves to downtown with the potential for more than 500 new jobs.
"That size lease would make an enormous difference downtown in perception and reality, particularly based on who the tenant is," said John Crawford with the economic development group Downtown Dallas Inc.
Written by Steve Brown - Dallas Morning News

Texas Scottish Rite Hospital unveils new Frisco

 40-acre campus

Texas Scottish Rite Hospital for Children began work on its new Frisco campus with a ceremonial groundbreaking on Wednesday, which will bring a new five-story, 345,000-square-foot ambulatory care facility to North Texas.
The new facility will be located within 10 acres of a 40-acre tract at the northeast corner of Lebanon Road and the Dallas North Tollway.
Scottish Rite Hospital President and CEO Robert L. Walker said the new facility would help fulfill a growing need for patient care in North Texas.
"We are excited to be coming to Frisco, where we will continue to give children back their childhood in this vibrant community," Walker said, in a statement.
About 25 percent of Scottish Rite Hospital patients come from cities north of Dallas and the new facility is expected to help ease the travel burden.
The campus will be anchored by the Center for Excellence in Sports Medicine, which is led by Dr. Philip Wilson. It will provide specialized treatment for sports-related orthopedic injuries and concussions.

Written by Candace Carlisle - BizJournals

Thursday, October 20, 2016

Developer's Oak Lawn Office Building Buy Gives It Control of Half a Block In Turtle Creek Area

Developers have purchased an Oak Lawn office building with plans to revamp the property.
The acquisition - which includes land for additional development - is the third property in the neighborhood to just change hands.
Abby Development & Construction purchased the 3333 Welborn Street building, which is located between Turtle Creek and Oak Lawn Avenue.
The building is in an area zoned for high-rise construction and it is surrounded by towers.
The 4-story, 48,000-square-foot office building and parking garage take up almost an entire half block at Hall and Welborn streets. And there is an undeveloped property at the west end of the block that came with the building.
Abby Development - which builds seniors housing and apartments - bought the building from previous occupant StructureTone, a general contracting company that relocated to another Oak Lawn building.
"It was built in 1966 and StructureTone bought it in the 1990s and totally rebuilt it," said B.D. Amend with Amend Group, which brokered the off-market building sale. "It never came on the market before we got the deal with Abby done."
The new owners have hired Dallas design firm Staffelbach to handle the building's reboot.
Plans call for renovating the building lobby areas, rebranding the property with new signage and upgrading the landscaping and outdoor areas to attract new tenants to the building, which is more than three-fourths vacant.
Abby Development plans to relocate its offices from near LBJ Freeway and the Dallas North Tollway to the building after the work is done.
"We started looking for buildings 12 months ago in the Turtle Creek area, Oak Lawn and Preston Center," said Abby vice president Mason Green. "To be able to control an entire half block in the Turtle Creek area is unique."
Amend said several potential tenants are shopping the vacant office space in the building.
"I've been surprised at the level of activity without the building even being marketed," he said. "The deals these guys have seen already are impressive."
The 3333 Welborn property is the third office building along the same street to sell within the last few weeks.
Chicago-based Origin Investments and Dallas-based Blackwatch Partners just purchased the 2-building Lee Park Tower I and II which is across the street.
The new owners plan to significantly upgrade the buildings which were built in the 1960s and 1970s and have almost 200,000 square feet of space.
"We believe that a comprehensive modernization program can breathe new life into these buildings and pave the way for a significantly increased occupancy rate," Matt Ozee, Origin Vice President of Acquisitions, said in a statement. "We see tremendous value potential in the land alone."
Written by Steve Brown - Dallas Morning News
Victory Park Asks City for 3.5 Million in Funding to Help with Retail Projects

Developers of Dallas' Victory Park project are asking for $3.5 million in city bonds to help pay for additional retail space.
Victory Park's owners plan to begin construction in February on the project, which will involve 40,000 to 45,000 square feet of new retail space in the project located near the northwest corner of downtown.
The money - from the Victory Park tax increment finance district - will pay for new retail space and parking, renovation of currently vacant space and renovation of existing space.
The total project is expected to cost $17.8 million.
Dallas economic development committee is approved the project on Monday and the city council is scheduled to consider the TIF funding on Nov. 9.
The construction must be completed by the end of 2018 to qualify for the city grant.
The money is coming from almost $10 million in TIF funds the city council earmarked for Victory Park in 2012, said Lance Fair, chief operating officer of Estein & Associates and vice president of Victory Park.
"We've just asked for a portion of that," Fair said. "The two primary uses are for rehabbing some spaces for a new use.
"And also tenants get tenant improvement allowances," he said. "As we get deals done it will help offset some of those costs."
In May Victory Park announced it has formed a venture with Dallas restaurateur Tristan Simon to create the new Victory Park retail and restaurant venues.
Simon's company - Rebees -plans to develop and operate a 4,000-square-foot retail emporium in Victory Park
and operate a 6,000-square-foot restaurant in the project.
Rebees also will have 14,000-square-foot Victory Park co-working office center that will include a 3,500-square-foot café.
"Tristan Simon's announcement was very big and has given us momentum in the marketplace," Fair said. "We are halfway or more on the retail tenanting and the progress we wanted to make."
Victory Park's owners have been working for the last few years to revamp traffic flow through the 75-acre development, reposition retail space and add additional parking.
Currently almost a half billion dollars in new development is underway or has recently been completed at Victory Park.
More than 1,500 apartments are under construction in five Victory Park projects.
A 700-seat Cinepolis movie theater is also under construction in Victory Park. And the developers are seeking a grocer.
Written by Steve Brown - Dallas Morning News
Despite Neighbors' Worries, University Park Signs Off on Controversial Plan for Vacant Building

Mayor Olin Lane (right) spoke as he and the University Park City Council considered a proposed plan for what to do with a vacant Chase Bank building on Tuesday at City Hall. They voted to allow developer James Strode to move ahead with plans for a mixed-use development, with some modifications.Ashley Landis/Staff Photographer

UNIVERSITY PARK — City Council members on Tuesday signed off on a controversial plan to redevelop the vacant Chase Bank building, despite many residents' concerns about the valuable property near Snider Plaza.
The plan, deemed the Park Plaza project, calls for the demolition of the building  and the creation of a mixed-use development, featuring office space, retail shops and restaurants, at Hillcrest and Daniel avenues.
A variety of plans for the building, which has been vacant since 2012, have been submitted to the City Council for more than a decade, all of which were struck down in the face of intense opposition from residents.
"It has been a long and arduous walk down this path," Mayor Olin Lane said after Tuesday' 4-1 vote. "We've heard several hours of public testimony. We've had work sessions. Each of the council members have spent several hours of their own time speaking with members of the community."
The lone dissenter, Mayor Pro Tempore Dawn Moore, said she was voting against the proposal only because she wanted more time to speak with stakeholders in the plan.
"In the long run, I think we'll all be pleased with the result," said council member Taylor Armstrong. "I know that a lot of people think this is a zero-sum game and that there will be winners and losers, but I don't agree. I think the city as a whole will be a winner."
But residents say the Park Plaza project violates city zoning code and sets a bad precedent for future project proposals.
"If 20 years from now there's a canyon effect down Hillcrest, this would've been the beginning of it," said Rick Tubb, a University Park lawyer who represented the city in a lawsuit against the previous owner of the propertyabout a plan for an above-ground parking lot.
The approved plan is smaller than previous versions submitted by owner Strode Property Co.
The proposal caps the new development at 119,000 square feet, down from the previously proposed 128,000 square feet. The plan calls for an 86-foot-tall building with six stories, reduced from seven stories and 95 feet.
Tubb said the approved plan  doesn't address residents' primary concern about traffic in the area, which many say is already far too congested. Increased traffic poses a threat to pedestrians and schoolchildren, some residents say.
"This is a residential neighborhood with a small commercial area along Hillcrest Avenue and Snider Plaza," said Peter Moir, a 58-year-old lawyer who has lived in University Park for more than 20 years. "We don't want to be a big commercial area."
A study by Kimley Horn, a third-party traffic consulting firm, says the project would have minimal impact on the surrounding neighborhood.
The analysis expects only one-quarter of the visitors will drive to Park Plaza through the neighborhood streets, and most of those drivers will be residents going to eat at the plaza. The impact of the project would not be an "observable" issue, the analysis says.
Opponents say they aren't against redeveloping the building and have been expecting as much for years. But they want it developed in a way that adheres to city code and matches the aesthetic of Snider Plaza or Southern Methodist University.
The Park Plaza project was approved by the city's Planning and Zoning Commission in July. Even before Tuesday's vote, residents were so upset about the perceived neglect by city officials to public sentiment that they started a petition to amend the University Park charter to allow residents to recall elected officials.
"They seem more concerned about the developer's well-being than community's well-being," Moir said.
The residents' organization, UP Residents for Neighborhood Friendly Development, also started two online petitions against the Park Plaza project that each garnered more than 650 signatures.
Jane Rejebian, a Highland Park resident who owns a building in Snider Plaza, said she's concerned about potential glare that may bounce off the new building and affect her tenants. 
"It's going to be horrendous," she said as she walked out of Tuesday's meeting.
Written by Steve Brown - Dallas Morning News
Dallas Investor Buys North Central Expressway Office Building

A Dallas family investor has purchased a North Central Expressway office building.
Embrey Interests acquired the 4228 North Central building near U.S. Highway 75 and Fitzhugh Avenue.
The four-story, 52,727-square-foot building was constructed in 2000 and recently renovated.
The building is 90 percent occupied by a dozen tenants.
"As a long-term holder, the stability of the 4228 North Central rent roll fits perfectly with the buyer's investment strategy, " Beth Lambert, Cushman & Wakefield executive managing director, said in a statement.
Lambert and Cushman & Wakefield colleague Diego Arroyave brokered the sale.
Written by Steve Brown - Dallas Morning News

Tower Goes From Underperforming To Upgraded

Magnolia Medical Tower

DALLAS—Built in 1985, Magnolia Medical Tower is adjacent to Baylor All Saints Medical Center. This location offers access to Cook Children’s Medical Center, Texas Health Harris Methodist Hospital Fort Worth and Plaza Medical Center of Fort Worth, as well as medical offices in the surrounding downtown medical district.
Velocis, a private equity real estate manager, purchased the property in 2012, and invested $1.5 million in property renovations, with substantial upgrades made to all six floors of the building and the parking garage. Renovations included modernizing the building’s elevators and upgrading common areas, applying new corridor finishes, upgraded lobby areas and reconstructing restrooms, as well as signage, mechanical and lighting updates to improve energy performance.
“Velocis recognized that it was in need of substantial capital improvements and professional management,” said Jim Yoder, Velocis principal. “The significant upgrades we implemented took the building from class-C-minus to B-plus and helped increase the leasing velocity at the property.”
Velocis recently sold the 89,991-square-foot medical office building located in the heart of the Fort Worth Medical District. Ridgeline Magnolia MOB LP purchased the property for an undisclosed price. Ridgeline will build off the upgrades made by the prior owner and plans to make minor improvements. 
CBRE’s Lee Asher and Chris Bodnar of the US Healthcare Capital Markets Group partnered with Austin Barrettin the Dallas/Fort Worth market to broker the sale on behalf of Velocis.  The buyer was unrepresented.
Written by Lisa Brown - Globe St.

Upscale Dallas apartment community lands

 $43 million in debt

An upscale apartment community in Dallas' Oak Lawn neighborhood has landed $43 million in debt as part of a $71 million acquisition by a Canadian real estate investment trust.
It will be re-branded from the Alexan Fairmount to the Avenue on Fairmount.

The five-story, 368-unit luxury apartment mid-rise apartment community at 4210 Fairmount St. was sold to Vancouver-based Pure Multi-Family REIT LP, which placed a 12-year fixed-rate loan with Cigna Investments.

The loan proceeds were used to acquire the property. HFF helps secure the financing on behalf of the buyer.

The apartment community sits one block east of the Dallas North Tollway adjacent to the Maple Avenue restaurant row, which includes 18th and Vine and Sprezza.

The property was developed in Sept. 2015 and was ranked as one of the largest apartment communities completed last year.

Written by Candace Carlisle - Dallas Business Journal

Thursday, October 13, 2016

How Technology Is Revolutionizing CRE Investing

Commercial real estate investing is a growing industry where personal relationships are pivotal—and these relationships are commonly built via face-to-face meetings and document-heavy correspondence. Sponsors and investors have typically exchanged information through low-tech and high-touch channels, without a great reliance upon technology.
As a result, the traditional commercial real estate investment process ends up being long and drawn-out, and because of regulatory restrictions, a sponsor’s network of investors has been limited to the people he or she already knows—friends, family members and business colleagues in particular.
Recently, however, some restrictions have been lifted, and momentum is building toward a tech-driven revolution that promises to provide a much-needed dose of modernization to commercial real estate investing. 

A new era

Thanks to the JOBS Act, sponsors are now allowed to market investment opportunities more broadly through general solicitation of accredited investors. This means they can post properties online, thus opening up an immense new audience of potential partners. In fact, according to the SEC, more than 12 million U.S. households qualify as accredited investors.
With access to so many more potential investors, it only makes sense for real estate sponsors to embrace modern technology to reach these individuals, remain organized, boost efficiency and maximize this key opportunity.
As we’re beginning to see, tech is turning commercial real estate investing into a scalable, transparent industry of long-term relationships. Think along the lines of social media: investors can be “linked” with sponsors and monitor investment opportunities—all from the comfort of their smartphones or computers.
Everything is readily available at the click of a mouse. Relationships can be formed online in a matter of minutes, and information that used to take weeks to compile and digest can now be created and consumed within days.
A process like this has never really existed in private real estate investing, and countless investors and sponsors are beginning to reap big rewards from it.
These benefits include:

Demystifying commercial real estate

When it comes to investing in the stock market, you can click around the internet and get a pretty good idea of whether you’re making a smart decision. But when it comes to investing in properties, the only information that is readily available to the average person is much more generalized. Any deep analysis costs money to access, and even that information may not help you make an informed decision.
Tech-driven investment platforms, on the other hand, serve as easy-to-use news hubs for investors, making data, insights and trends highly accessible to all. Over time, sponsors can amass robust profiles of information that help build understanding around commercial real estate, boost transparency to unprecedented levels and empower investors to make smart decisions.
As a direct result of this demystification, we are seeing a drastic increase in tech-enabled commercial real estate investing. In fact, according to Massolution’s 2015CF Crowdfunding Industry Report, more than $2.5 billion was invested globally via online avenues in 2015, and that number is expected to grow to $3.5 billion this year.

Deeper details

Armed with the right technology, sponsors can now easily create and distribute digital information packets regarding each and every investment opportunity they’re offering. They can use templates and input in-depth information regarding a property’s history, location, tenants and surrounding market. Then, they can digitally send them to interested investors or make them publicly available via web-based platforms.
Beyond that, online platforms provide sponsors with better ways to tell their personal stories and explain their investment philosophies. They can clearly express their value proposition, highlight their trustworthiness and describe their approach to running a property.
Deeper details about both sponsors and buildings result in less risk and fewer surprises, as investors fully understand the past, present and future of the properties in which they are interested.

Ongoing reports

The latest investor relations technologies provide sponsors with the means to regularly report to their investors. Today’s investors demand ready access to information about their investments across every asset class; now, commercial real estate can meet these demands with efficient online reporting.
These technologies have created a new type of progress report—one that allows sponsors to provide on-demand information to investors from reporting templates that are updated on an as-needed basis when developments or changes occur.
It’s paramount for the commercial real estate industry to respond to the demands of up-and-coming investors—and the transparent, real-time nature of tech-enabled investment and reporting platforms is doing just that. In fact, one study cites that Millennials are 10 times more likely to use online investing platforms than baby boomers.
In a world that has evolved to meet modern investor expectations—where unlimited real-time information has become the norm—tech-driven investment platforms are ushering commercial real estate into the future.
Written by A.J. Chivetta - National Real Estate Investor