News Updates

New Guide Shows Renters How to Protect Against Scams

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Since the start of the pandemic, the number of fraudulent listings posted on the internet has been on the rise. Local authorities, Better Business Bureau’s local offices, and real estate companies warn renters looking for apartments to be extra diligent in their search and educate themselves on how to protect against rental scams. To this end, apartment search website RENTCafe.com came up with a helpful tool for renters that combines descriptions with practical advice and resources for reporting scams, as well as insight from experts. Renters navigating the internet for apartment listings often come across hijacked ads; requests to wire money up-front and without signing a contract; payment for a credit check; and the absence of any type of screening process. To avoid these scams, renters should look for verified listings, which come directly from property managers or owners. Additionally, when coming across suspicious listings, renters can do a reverse Google search by image and check other websites where that apartment is listed to find the original source. “As an apartment search website with 100% verified listings directly from property managers, we know the importance of a safe and worry-free experience for finding a home,” said Esther Bonardi, vice president of marketing at Yardi.

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As part of its strategy to advance its Real Estate Solutions Center and future business plans, real estate tech innovator Offerpad, based in Phoenix, Arizona, announced the expansion of its Executive Team. David Connelly, previously with Citigroup, joins Offerpad as the company’s new Chief Growth Officer, and from Taylor Morrison Home Corporation, Ben Aronovitch has been hired as its new Chief Legal Officer. “With the addition of David and Ben, we’ve made the best real estate team in the world even better,” said Offerpad Founder and CEO Brian Bair. “Their extensive expertise and past experience will help move Offerpad through the next exciting phase of our growth and development. Connelly now runs growth initiatives for the flourishing real estate tech company. His responsibilities include launching new revenue channels, assisting with capital markets opportunities, and helping to lead strategic partnerships for the company. As Offerpad’s new CLO, Aronovitch will lead the company’s legal, compliance and risk management functions. “Offerpad is a strategy-driven and forward-thinking company. I’m pleased to be coming on board at such a pivotal moment in the company’s development,” said Aronovitch.

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American Homes 4 Rent and Etowah Land Partners announced today that AH4R recently acquired 55 acres of undeveloped land at Etowah Shoals Village, a mixed-use, multi-generational development in Canton, Ga. AH4R has commenced land development on the site and will invest approximately $50 million in developing River Ridge, a 198 single-family rental home community that will include a neighborhood amenity center, pool and fitness facility. River Ridge will be located adjacent to River Pointe Parkway and I-575 at Exit 20. “Cherokee County is the fastest growing county in metropolitan Atlanta and we have accomplished our goal to provide well-priced housing in a ‘LIVE, WORK, PLAY’ community with the sale to American Homes 4 Rent,” says Jeff Johnson, Managing Partner of Etowah Land Partners. “We anticipate the Phase II commercial corridor to provide mixed-use service, retail and office to serve the new budding community.” “American Home 4 Rent’s new home development program invests in local communities in key markets across the country,” said Jack Corrigan, Chief Investment Officer for AH4R. “We are pleased to bring our innovative River Ridge community to the vibrant Etowah Shoals Village as we expand our presence in the Atlanta area.”

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GROUNDFLOOR, the award-winning wealthtech platform that allows everyone to build wealth through real estate, is rolling out a series of initiatives to meet the growing demand for residential real estate investment capital and opportunities to supply it. The new lending initiatives from GROUNDFLOOR include: The Loan 100 Program. Available only to the most experienced borrowers in GROUNDFLOOR’s network, the Loan 100 product provides financing for up to 100% of total project costs, including purchase and renovation. Reduced Origination Fees and Interest Rates. The reduced fees include a decrease of 1% across the board and of up to 1.5% off origination fees for qualifying borrowers. This ability to reduce fees is a direct result of GROUNDFLOOR’s increased capacity to finance larger-balance loans and by leveraging proprietary technology to streamline loan processing capacity. Full Lending Operations to 30 States. The wealthtech platform has now expanded to resume its lending programs with deferred payment options and zero interest reserves across 30 states. New Construction Loans in NC and GA. GROUNDFLOOR is offering highly flexible new construction loans with non-recourse financing and attractive interest on disbursement terms for qualified builders.

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GI Partners, a leading private investment firm, announced that it has acquired Valet Living, the largest nationally recognized, full-service amenities provider to the multifamily housing industry. GI Partners acquired Valet Living from a fund managed by the Private Equity Group of Ares Management Corporation and Harvest Partners, LP. Valet Living pioneered the doorstep waste and recycling industry and has broadened its service offering to include turns, maintenance, pet solutions, fitness, and other app-enabled resident services. Founded in 1995 and based in Tampa, Florida, Valet Living has achieved double-digit organic growth every year since its inception and currently performs more than 415 million service events annually across 1.6 million apartment homes in 40 states. GI Partners’ investment will support Valet Living’s continued innovation and nationwide expansion. “I would like to thank the Ares Private Equity team and Harvest Partners for their invaluable support and guidance over the last five years as we grew Valet Living from a doorstep waste management company to a full-service solutions provider that serves communities across the country. We are also excited to work with GI Partners to accelerate growth at Valet Living and continue to deliver exceptional living experiences to the residents of multifamily communities across the U.S.,” said Shawn Handrahan, CEO of Valet Living. “We have known the GI Partners team for many years, and through that relationship they have a deep understanding of our business and untapped growth potential. We believe strongly that their team’s experience helping to build both organically and inorganically fast-growing services businesses, will help us enhance our engagement with Valet Living’s residents, property managers, and employees.” Hoon Cho, Managing Director and Co-Head of Private Equity at GI Partners said, “We are delighted to partner with Shawn after spending many years watching him and his team build an incredible resident services platform in Valet Living. They have led the creation and growth of an entire industry focused on delivering a better resident, owner, and property manager experience, and we look forward to working with the entire Valet Living team to continue to grow the company’s gold-standard suite of products and services.” Jeff Sheu, Managing Director at GI Partners, added, “We look forward to expanding Valet Living’s leading national footprint both organically and through acquisitions of best-in-class local operators. The company’s significant investments in proprietary technology offerings that enhance the resident experience, including Valet Living Home and Interactive Doorstep, further strengthen its prominent position as the industry leader.”

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Fintech company Obligo announced a $15.5 million Series A funding round from investors including 83North, 10D, Entrée Capital, Viola Credit, and other strategic real estate investors. The funding will enable Obligo to roll out its deposit-free technology to millions of homes across the U.S. Obligo enables tenants to rent an apartment without a security deposit. Instead of paying a deposit or buying deposit insurance, renters submit a payment method for pre-authorization, similar to a hotel check-in process. If the landlord submits a charge at the end of the lease, Obligo pays out first, while the renter can repay either in full or in installments. Before applicants are approved to join Obligo, they must connect their bank account to the platform using Open Banking technology and pass a financial screening powered by Obligo’s AI-based underwriting engine. “With the economic impact of the COVID-19 crisis, deposit-free renting has never been more relevant,” said Roey Dor, CEO of Obligo. “We can help families avoid the burden of paying a security deposit at move-in, or return their deposits in the middle of their lease. Landlords that utilize our technology enjoy reduced operational costs and are able to promote their properties as deposit-free communities, providing a powerful incentive that drives both move-ins and renewals.” “Deposit-free renting has received unprecedented validation in the last year with regulatory tailwinds and increased demand from landlords seeking to gain a competitive edge,” said Yahal Zilka, co-founder and Managing Partner of 10D. “Within the deposit-free space, Obligo has a clear technology lead with powerful underwriting, collection and integration capabilities. We’re thrilled to join Obligo’s visionary team on this exciting journey.” Founded in 2018 by brothers Roey Dor and Omri Dor, Obligo has established partnerships with leading property managers such as Beam Living (StuyTown), Aimco, Common Living, Olshan Properties, AJ Clarke, Time Equities, Hunter Lafayette, Landmark Communities, and others. “After extensive evaluation, Common decided to roll out Obligo across our national portfolio earlier this year. During such a turbulent time, allowing Common renters to have more cash on hand through Obligo has been a game-changer,” said Brad Hargreaves, founder and CEO of Common. “Their team’s mission is fully aligned with ours: to create a stress-free rental experience, while boosting bottom lines for our real estate partners. Plus, Obligo is embedded right into our own branded software experience, which makes both our residents and leasing team happy.” About Obligo: Obligo rids both landlords and renters of the burden of security deposits, lowering costs, increasing cash flow, and simplifying the move-in process. Owners and managers use Obligo to streamline their operations, comply with changing regulations, make their listings more appealing to renters, and incentivize renewals. As the only non-insurance deposit alternative, Obligo’s credit-based solution keeps landlords secure and renters accountable by combining Open Banking technology with AI-based underwriting and collection capabilities. Since launching its fintech solution in 2018, Obligo has established partnerships with leading property managers across the US.