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RET Ventures Closes $165 Million Industry-Backed Fund to Back the Next Generation of Real Estate Technology Innovators

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PARK CITY, Utah – (BUSINESS WIRE) – RET Ventures, an industry-backed venture capital firm focused on technology for apartment buildings, single-family houses (SFR), residential construction and broader real estate investments, today announced the final closing of its second fund. The oversubscribed $ 165 million fund will complement RET’s $ 109 million initial fund raised in November 2018.

The fund far exceeded its original target of $ 130 million due to extremely strong investor interest. It is backed by RET’s growing base of strategic investors, including more than 40 leading multi-family and single-family real estate owners, operators and developers in North America who act as technology development partners and clients for the startups RET invests in.

Participants in RET Ventures Fund II include affiliates of large multi-family real estate investment trusts (REITs), including Essex Property Trust, Inc., Invitation Homes, Inc., Mid-America Apartment Communities, Inc. (MAA), and UDR, Inc. and as as well as private owners and managers such as BH Management, Bozzuto, Cortland, Edward Rose & Sons, Greystar Real Estate Group, Starlight Capital, Starwood Capital Group and Waterton. The group together owns or manages approximately 2.4 million rental units and includes 9 of the 20 largest multi-family owners and 9 of the top 20 managers as assessed by the National Multifamily Housing Council.

This growing group of strategic real estate investors, unique in their shared asset class focus, helps RET identify weaknesses perceived by institutional owners and operators that technology can solve. It also gives RET-backed companies and entrepreneurs the opportunity to have more direct access to the largest multi-family and single-family businesses in the United States, shortening their sales cycles, and dramatically increasing their adoption rates. Finally, the collaborative partnership helps these strategic investors work with innovative startups that can greatly benefit their businesses.

“Our mission at RET Ventures from the start has been to bring together entrepreneurs and institutional owners and operators who are powering the $ 7 trillion multi-family and SFR industries to innovate and create a better, more efficient, and more sustainable housing sector. Following the great success of our first fund, we are excited to more than double the size of our strategic investor base in this new fund, which will enable us to continue to shape the future of real estate technology for years to come, ”said John Helm, Founder and Partner at RET Ventures.

“Over 45 million US households live in rental real estate, and the industry is at a rapid pace as the pandemic, the rise in teleworking, rapid household formation, and changing consumer preferences continue to transform where and how Americans live. With this dynamic, technology will play a critical role in reshaping the home and helping the industry adapt to a rapidly changing world, ”added Christopher Yip, Partner at RET Ventures.

“We have long recognized the incredible power of technology to not only optimize and differentiate apartment buildings, but also to shape the future of the entire sector,” said Tom Toomey, Chairman and CEO of UDR Inc. “We started 2017 as one of the founding anchor investors invested in RET Ventures and have since gained tremendous benefits across our portfolio by utilizing cutting edge technologies aimed at achieving operational efficiency, better interaction with our tenants, and faster responsiveness. ”to the ever-changing Needs of our company and our customers. We are proud to be starting a new chapter in this relationship by investing in the latest RET funds, and look forward to our continued role in shaping Rent-Tech’s development in the years to come. ”

In addition to its deep investor base in the entire multi-family sector, RET has further expanded its reach in the real estate industry. The group of strategic investors now includes the two largest SFR operators – Invitation Homes, Inc. and Pretium (Progress Residential) – who together own / operate 135,000 units, nearly 50% of the institutional SFR units in the US

“The single-family home rental market is experiencing a period of significant growth, both from tenants who are less and less into dense urban centers and looking for more space, and from investors looking to capitalize on these emerging trends,” said Invitation Homes, Inc. President and CEO Dallas Tanner. “Technology will play a critical role in this market as it continues to grow as SFR operators will benefit greatly from tools that streamline management and maintenance, and provide tenants with a worry-free experience. We pride ourselves on supporting RET Ventures and their work as they continue to identify and promote the products that will drive the development of both the single family home rental and real estate industries in general. ”

Since launching its first fund in 2017, RET Ventures has supported many of the most successful products in the Rent-Tech ecosystem. As a result, RET Ventures Fund I has three completed / announced exits from portfolio companies to strategic and financial acquirers and is achieving prime fund returns in the decile. One of the best-known portfolio companies is SmartRent, a provider of enterprise smart home automation for property managers and tenants. RET led the company’s Seed and Series A funding rounds and was instrumental in subsequent rounds and remained the company’s largest shareholder. RET’s investments and SmartRent’s strategic leadership have helped drive the company’s growth from just 17 units in 2017 to more than 160,000 units in 2020. In April 2021, the company announced plans to go public via SPAC, with an initial valuation of $ 2.2 billion.

Other market-leading companies in RET’s portfolio are:

  • CheckpointID, which uses technology that validates government-issued IDs to reduce rental fraud; CheckpointID was recently acquired by MRI Software

  • Falkbuilt, a construction technology company that is streamlining interior design with its unique digital building element technology

  • Funnel, the leading provider of marketing and leasing software for multi-family owners and managers

  • GiGstreem, which recently closed a $ 50 million financing round to provide building-wide WiFi in apartment buildings

  • Kasa, a flexible accommodation company that works with rental properties to increase their income streams

  • SightPlan, the leading provider of maintenance and resident service software in the multi-family industry

RET Ventures is headquartered in Park City, Utah.

About RET Ventures

As a leading real estate technology investment company, RET Ventures is the first industry-backed early-stage venture fund to strategically focus on building the latest rent-tech technologies for multi-family and single-family rental properties. RET’s base of strategic investors includes some of the largest REITs as well as private property owners and managers who control approximately 2.4 million rental units. Through its extensive expertise and its connections within the industry, RET has created a unique ecosystem for real estate innovations that offers the companies it supports significant added value and gives them access to thought leaders, development partners and ongoing advice. Further information can be found at www.ret.vc.

Investor Quotes

Cortland

“Today, the multi-family investment and property management sectors are more competitive than ever and technology is a critical differentiator for companies like ours,” said Cortland Founder and CEO Steven DeFrancis. “RET has excelled as a leader in identifying and promoting the products that make a real difference to our operations and the lives of our employees and residents, and we are delighted to be able to provide first-hand guidance on many of their products in the portfolio companies’ development. We are very excited to contribute to their latest fund and look forward to leveraging their expertise as we continue to grow and improve our business. ”

Essex Property Trust

“As part of our longstanding commitment to shaping the future of the multi-family industry through technology, we partnered with several other leading REITs to create RET Ventures as an anchor investor in 2017,” said Michael J. Schall, President and CEO of Essex Property Trust, Inc. “Since then, we have had tremendous returns on this commitment and have found significant value in testing many of the products of RET portfolio companies on our properties and providing them with firsthand guidance to address our pain points. With a growing group of multi-family and single-family players participating in this latest fund, we are more confident than ever that RET is able to take the sector to greater heights. ”

COUNTRY

“The pandemic, the increase in teleworking and other social changes have placed the home increasingly at the center of everyday life for millions of people. These changes have underscored the primacy of the residential asset class, ”said Eric Bolton, CEO of Mid-America Apartment Communities, Inc. (MAA). “As the multi-family industry is developing faster than ever before, we are delighted to continue to be an anchor investor in RET Ventures and to play a vital role together in shaping the future of the industry.”

Waterton

“We are proud to invest in RET’s latest fund that will drive further innovation in the industry and improve multi-family operations in general,” said David Schwartz, chairman, CEO and co-founder of Waterton and chairman of the National Multifamily Housing Council (NMHC .). ). “RET has a long history of identifying and promoting products that uniquely address the needs of apartment buildings. We look forward to continuing our relationship for the months and years to come and supporting the transformative impact of technology on the rental housing industry. ”

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Crow Holdings Announces Closing of Ninth U.S. Diversified Value-Add Real Estate Fund with Approximately $2.6 Billion of Investable Capital

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DALLAS – (BUSINESS WIRE) – Crow Holdings, a leading national real estate investment and development firm, today announced the definitive closing of Crow Holdings Realty Partners IX, LP (“Fund IX” or the “Fund”). Managed by Crow Holdings Capital, Crow Holdings’ investment management company, the fund invests in value-adding real estate investments in the United States, primarily in industrial and multi-family homes and specialty sector opportunities.

Fund IX was oversubscribed with approximately $ 2.3 billion in commitments, above its original ceiling of $ 2.0 billion, and received strong support from existing investors and significant participation from new investors, including global banks and Insurance companies, pension plans, family offices and high net worth individuals. The fund has also co-invested a total of $ 265 million in equity, resulting in total investable equity of approximately $ 2.6 billion for the strategy. Fund IX marks the company’s largest fundraiser to date and is a significant increase over the $ 1.3 billion pledges raised for the previous fund.

The fund focuses on diversified value-add investment and development opportunities in multiple property types in major US markets. Today these possibilities exist mainly in industrial and multi-family houses as well as in special sectors such as prefabricated houses, comfort and gas, self-storage and student dormitories. The fund was fully launched during the Covid-19 pandemic and began investing during this challenging time as well. To date, more than 63% of the fund’s capital has been invested in 62 investments, primarily in the high-growth regions of the Southwest, Southeast and Mountains of the United States

“We appreciate the trust our investment partners have in the continued ability of our team to deliver results to them,” said Michael Levy, CEO of Crow Holdings. “This successful degree shows recognition for our company’s long-standing track record, real estate expertise and, in particular, for our early recognition of the considerable tailwind behind the demand for logistics and e-commerce, the changing population demographics and changing housing preferences as an integral part of our differentiated investment strategy . ”

“With more than 63% of the capital employed in Fund IX, we are already achieving strong investment results, including the repatriation of capital at the beginning of the fund’s life cycle through rapid realizations. This achievement is recognition of the team who have worked hard during this unprecedented and challenging time to continue fulfilling our commitment to all partners, ”said Bob McClain, CEO of Crow Holdings Capital. “We believe that our pipeline – particularly in the industrial, multi-family and specialty sectors – will continue to offer attractive opportunities to grow results throughout the life of the fund.”

Hodes Weill Securities, LLC acted as placement agent for Fund IX.

About Crow Holdings

Crow Holdings is a leading national real estate investment and development company with 70 years of operations and $ 21 billion in assets under management. With a strong track record across property types and market cycles, Crow Holdings pursues unique investment opportunities through a range of strategies and risk-return profiles, creating value for its investors, partners and communities. Operating out of 17 offices in the United States, Crow Holdings has extensive industry reach with expertise in multi-family, industrial, office and specialty sectors and has developed or acquired more than 225 million square feet. Our core principles of partnership, collaboration and reconciliation of interests remain central to Crow Holdings today. More information is available at www.crowholdings.com.

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Black real estate developer breaks ground on new housing project in his Southcrest neighborhood

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Developer DaSean Cunningham broke ground for his first residential project in the neighborhood he grew up in. Seven new houses are to be built in Newton Gardens.

SAN DIEGO – Real estate developer DaSean Cunningham is thrilled to have broken ground for the Newton Gardens residential project in the Southcrest neighborhood where he grew up.

“Yes, we’re African-American men, but we do it. I’m good at real estate because I’ve seen someone who looks like me,” said Cunningham of Paradigm Commercial Group.

The search for a builder led to a chance meeting of Joseph Lewis with Cunningham’s mother.

“I met her at Home Depot when she asked my opinion on a color and I gave her a card and she said, ‘I think you could help my son,'” said Lewis, owner of Llewellyn Group, LLC . a real estate development company.

Lewis will oversee the entire construction of Newton Gardens at 4066 Newton Avenue.

Black property developer DaSean Cunningham from Paradigm Commercial Group is excited to break ground for a new 7-unit residential project in the neighborhood where he grew up in Southcrest #SanDiego Congrats @ CBS8 @DeskEight 🏡https: //t.co/gwfvMtrazO pic .twitter.com / 8bfQ88Oa58

– Heather HOPE (@ HopeNEWS8) September 22, 2021

“I have this equipment behind me, so tomorrow I’ll flatten this land and then we’ll dig the foundations the next day,” said Lewis.

Lewis led six other projects in the same southeastern area of ​​San Diego’s 9th Ward, and said getting from the planning stage to getting funding and construction can often be a struggle.

“I had never built a house before 2017, but I had to figure out how to make plans, how to get the money, and how to get around town because that is really a trip around town. I can’t be the only one going through this drama and then DaSean came into my life and I’m determined to get him through this project ahead of time, ”said Lewis.

The all-African American group takes to the ground while breaking barriers. The residential project plans consist of seven units including three bedroom / three bathroom villas. Cunningham invested $ 200,000 of his own money, received a $ 400,000 loan for construction, and has to pay for city fees, water and sewer permits, and school and architecture fees totaling about $ 800,000.

“The main source of wealth in the United States is real estate. He’s black like me and we need to support each other in this area as we represent 0.25% of the industry, ”said Demetre Booker Jr., managing partner for Elevate Commercial, a minority owned commercial real estate company.

Booker Jr. said Cunningham’s project stands out in a community where black real estate owners are severely underrepresented.

“This is already a success for him. The average net worth of African Americans is $ 17,000, compared with Hispanics at $ 23,000 and Caucasians at $ 170,000. The majority of affordable housing developers don’t look like they live in the communities where they help or where they do business.

Newton Gardens is just a filthy place now, but Cunningham said the project embodies a lot more.

“I love what that symbolizes. Like these African American men in San Diego who are driving developments and models for what is possible in the communities they live in, ”said Cunningham.

The Newton Gardens development is expected to be completed by autumn 2022.

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Brad Pitt and Angelina Jolie vie for $ 164 million French real estate

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Angelina Jolie and Brad Pitt’s divorce ended in 2019, but the former couple are still fighting over luxury real estate in France, according to Fox News court records. Increase.

A complaint filed in Luxembourg on Tuesday did not allow the “Maleficent” star (46) to capture a 50% stake (57) of the 1,000 hectare, $ 164 million Chateau Miraval in Corin, France. He accuses him of trying to dump. The first option to buy them.

The huge property is owned by separate limited liability companies managed by both parties, according to court documents stating that Mirabal was owned by Kimikam-Pitt, originally 60% owned by his company Mondobongo. I owned a share. Jolly now held 40% through her company Nouvel.

“Nouvelle has been worth mentioning for four years. [Jolie’s company] Due to the systematic delay in the approval of the annual financial statements and the appointment of new executives, we have not acted in the best interests of Quimicum, ”it said in the proceedings.

Angelina Jolie says she did not divorce Brad Pitt “lightly”: “There is not much I can say.”

An aerial photo taken in Leval, southeastern France on May 31, 2008, shows Chateau Miraval, a vineyard mansion owned by Brad Pitt and Angelina Jolie.
(Michel Gangne ​​/ AFP via Getty Images)

“I understand the real purpose of Nouvel and its shareholders behind this systematic obstruction. [Jolie] The shares of Château Miraval SA were sold by circumventing Mondobongo’s first veto (as described in the Kimikam Authorization Article), which resulted in capital gains thanks to Mondobongo’s investment and no Nouvelle contribution. “

Pitt and Jolly married in a luxury apartment in 2014 in a top-secret ritual that only had six children in attendance. According to the document, three years before they rolled the ball in a long divorce lawsuit, Pitt transferred 10% of his stake in Jolly, making both 50/50 co-owners with nine-figure landmarks. Bottom.

Court disqualifies Angelina Jolie’s judge, Brad Pitt’s divorce case

According to sources reporting Fox News Tuesday, Jolly had allegedly been involved in real estate when the actress tried to move the goal post and evade her duty to box. They wanted to get out of business.

Meanwhile, Jolly’s camp points to Pitt, who allegedly used his celebrity to sympathize with the ongoing Exe custody battle.

Brad Pitt filed a lawsuit in court alleging Angelina Jolie attempted to sell her stake in Château Miraval’s estate without giving her the first option to buy it in full.
(Michel Gangne ​​/ AFP via Getty Images)

“This type of gamemanship is the final attempt by a prominent party seeking special treatment, not the purpose of the court’s limited review resources,” Jolly’s attorney told Page Six on Tuesday. ..

“There is nothing to see or to evaluate here. It’s okay to meet this court’s strict standards for review or review, ”she added.

Brad Pitt requests review of Angelina Jolie’s custody battle after private judge’s disqualification

Jolly filed for divorce in August 2016 because of “irreconcilable differences” in five of her six children (Pax 17 years old, Zahara 16 years old, Shiro 15 years old, twins Vivienne and Knox 13 years old). Custody requested. ..

Earlier this month, Pitt moved to re-examine her custody battle after Jolly won the disqualification of the private judge overseeing her case.

Angelina Jolie and Brad Pitt were married for two years before the actress filed for divorce.

Angelina Jolie and Brad Pitt were married for two years before the actress filed for divorce.
(Getty)

In a statement to Fox News, Pitt’s attorney Theodore J. Boutros Jr said: After lengthy trials by multiple witnesses and experts, he was disqualified after presenting detailed fact-based custody decisions.

“The judgment of the inferior court rewards the party who loses the custody case and allows them to await possible instructions on the case before moving to petition for the disqualification of the judge, their gambling art. Enables this type of strategy to be used. The “wait and see” objection to disqualification is involved in this case by unnecessarily prolonging the settlement of these disputes in an already overloaded judicial system. It does irreparable harm to both the child and the family, and in other cases, other families. The strategy will take away irreplaceable time with their children for parents as judges who allow such wise action will be disqualified for minor reasons during the trial.

Brad Pitt receives joint custody of children in Angelina Jolie’s divorce case

“The lower court ruling is bad for children and for California’s obese judicial system,” said Boutrous Jr. of Gibson, Dunn & Clutcher LLP. Closed.

Jolly’s attorney did not immediately respond to Fox News’ request for comment, but in a statement at the time, actress Robert A. Olson’s attorney told Entertainment Tonight: When the judge heard the question of imprisonment, he overturned the order of the Richter correctly.

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“Mr. Pitt’s attorney’s petition to the California Supreme Court reveals their hold on to this private judge who has shown prejudice and denied legally necessary evidence. In a financial relationship, Mr. Pitt’s attorney attempted to revive a private judge.

“Jolly wants Pitt to be with her instead of focusing on the children’s needs, voice, and healing,” the statement concludes.

Jolie representatives did not immediately respond to Fox News’ requests for comment.

Melissa Roberto of Fox News contributed to this report.

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