May 2020 – Page 3

Tenant Turner Wins Decision in Rently Patent Infringement Lawsuit

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In late March, the U.S. Court of Appeals for the Federal Circuit upheld the district court’s decision to dismiss the patent lawsuit between Consumer 2.0, Inc. (dba “Rently”) and Tenant Turner, Inc. “We not only defended ourselves from Rently’s misguided patent, but we also defended the property management industry’s freedom to choose the best leasing software provider from the marketplace as it deems fit,” said James Barrett, Tenant Turner’s CEO. “Rently attempted to preempt the entire concept of self-access viewings. This is a huge win for renters and property managers everywhere.” Rently filed suit against Tenant Turner July 3, 2018, in the U.S. District Court for the Eastern District of Virginia. The court dismissed Rently’s complaint later that year following oral arguments and again in April 2019. Rently appealed to the U.S. Court of Appeals for the Federal Circuit May 3, 2019. Oral arguments were presented before a three-judge panel of the Federal Circuit Court of Appeals March 5, 2020. The court unanimously affirmed the District’s dismissal March 9, 2020. The patent in question broadly described the concept of self-access viewings of properties for lease by property management firms. The court dismissed the case in favor of Tenant Turner and stated the disputed claim in the patent is an abstract idea not valid for patent protection.

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Real estate development executive Michael Johnson has launched Raamp REIT (Real estate Asset Acquisition Management Portfolio). Raamp REIT is Arizona’s first exclusively multifamily, real estate crowdfunding platform and asset management company. Raamp REIT is structured as a real estate investment trust (REIT). It has a minimum investment of $2,500, and the fund is open to nearly all investors, including casual investors. By investing in the REIT, investors gain access to a diversified pool of commercial real estate investments with a single investment. The fund intends to invest in commercial real estate with a specific eye on multifamily. All rents are guaranteed by the Housing Authority of Maricopa County. Through this program, Johnson has become the State of Arizona’s largest subsidy rental partner. In addition to providing for adequate and affordable housing for those who are less fortunate, this fund is also designed to have low fees for investors. By offering Raamp REIT exclusively on its platform, Raamp.io affords investors direct online access to the product with no sales commissions. Offering expenses are capped at 3%. Johnson’s real estate team takes a relatively conservative approach when selecting transactions to offer for investment, investing only in cash-flowing properties. This approach will carry through to Raamp.io. “Through our focused investment strategy, we can invest in both debt and equity in our specific property types and it will allow us to be very opportunistic,” said Johnson. “We have two objectives for the fund: one is providing investors with both consistent cash distributions and two, the opportunity to benefit from potential appreciation in property values.” The launch of Raamp.io and the new REIT add to the wave of opportunity to invest in real estate. Until recently, private investment markets have been off-limits to many retail investors. Legislation such as Regulation A+ and Title III of the JOBS Act has leveled the playing field by allowing non-accredited investors making less than $200,000 a year to access these investment opportunities through online crowdfunding. Through Reg A+, Raamp REIT gives nearly all investors a new entrance to curated and pre-vetted private real estate investing. In February 2020, Johnson announced that his firm had surpassed $8 million in crowdfunded real estate equity and debt transactions since its inception in 2016. By the end of February 2020, Johnson’s real estate investment portfolio consisted of 13 multifamily properties, a boutique hotel and The Bread & Honey House Restaurant.

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ATTOM Data Solutions has launched its Building Permit data solution containing more than 200 million residential and commercial building permits nationwide. ATTOM’s building permit data provides users with insight into the life of residential and commercial properties, allowing for predictive analytics and decision-making. The data is updated monthly and covers 94% of the nation’s top cities. “Building permits identify key events in a property’s history,” said Sean Mooney, vice president of product management at ATTOM Data Solutions. “Knowing the types of construction or remodeling projects that have occurred on a property—as well as the cost and completion dates of that work—really empowers anyone who is assessing risk or providing valuation services to make more informed decisions.” ATTOM’s Building Permit data includes more than 30 permit classifiers (e.g., solar installation, foundations, roofing), permit status, cost of job, description of job, contractor information and more.

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Land brokerage firm The Hoffman Company has hired Patrick Simons to lead the company’s expansion into the multifamily sector. Simons, a 25-year veteran in multifamily development, will join the firm as senior vice president and managing director of multifamily markets. “Although The Hoffman Company has occasionally assisted multifamily clients over the years, our core business has always been single-family lots for home-builders. We believe our firm has much to offer multifamily clients as well and are excited to have Patrick here to lead that effort,” said company president and co-owner Norm Scheel. Among the services Simons will offer are land acquisition tailored to the specific needs of multifamily clients as well as strategic disposition for owners of sites that either are or can be entitled for multifamily use. Simons has held executive positions with publicly traded and privately held apartment investment and development companies. He founded an international consulting practice advising both large institutional and small private clients on multifamily assets.