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Denver real estate boom can benefit first-time homebuyers

Even with soaring home prices, Denver’s real estate boom is providing opportunities for first time homeowners and families looking to plan for the future.

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Posted: May 13, 2021 / 10:45 PM MDT / Updated: May 13, 2021 / 10:45 PM MDT

DENVER (KDVR) — Even with soaring home prices, Denver’s real estate boom is providing opportunities for first time homeowners and families looking to plan for the future.

After working hard and saving enough money to move out of subsidized housing, the Saenz-Perez family purchased the home of their dreams.

“Just to have a tiny little piece on this big old earth to call yours,” said Bonnie Saenz-Perez.

The loving family of seven gathered around their new dining room table, laughing, sharing, doing homework and most of all, appreciating a home that has room for everyone to enjoy.

Josephine Saenz-Perez tearfully tells the FOX31 Problem Solvers, “I feel very blessed and thankful because I just never thought I’d live in a house this big.”

Thanks to Denver’s real estate boom, the family’s home is now valued at nearly $200,000 more than they paid for it three years ago, something father Cesar says will help secure the children’s future.

“It provides something you couldn’t provide before, you’re actually paying for their future, with the equity that we have in this house, if I was renting I couldn’t use that to pay for somebody’s college,” he said.

Realtor Kathy Casey of Coldwell Banker Realty sold the Saenz-Perez family their dream home. She tells the Problem Solvers, she can relate to the family’s joy and excitement, for a very good reason.

“I grew up in the projects,” she said.

Casey is one of the metro area’s most successful realtors, selling million dollar properties in the Cherry Creek area. She also supports organizations that help families work to transition from subsidized housing to homeownership.

“That just means a lot to me because this is the first step for you to change the trajectory to change your family’s financial future,” she said.

Casey emphasizes that even with Denver’s soaring home values and prices, low interest rates and first-time home buyer programs allow affordable mortgage payments and there are properties on the market listed for under $200,000.

“Whenever I can open the door to somebody, especially somebody who didn’t think they could qualify or they could own a home it just makes everything worthwhile,” Casey said.

Bonnie Saenz-Perez tells FOX31 she and her husband were fortunate to find the right home at the right price.

“I believe it was God sent and saved for us,” she said.

The family had one dream home must-have – to finally have enough space for a dining room table.

“Somewhere where we could sit and have dinner together as a family, as one,” Bonnie said.

Cesar adds that at the end of the day, it is important for families to gather in one place.

“You want to know as a father what they’re doing at school, when it comes to dinner we all sit together at the table. We put the phones away, sometimes,” he said with a chuckle.

Daughter Josephine reflects on living in a small home when the family rented while her parents saved money and planned to buy a residence.

“Seeing my dad work so hard for all of us, to provide for us and trying so hard I know they wish they had a home for us, to finally be there, it’s just amazing,” she said.

If you need housing or are interested in homeownership Denver Housing Authority and first-time homebuyer organizations can help.

Josephine Saenz-Perez tearfully tells the FOX31 Problem Solvers, “I feel very blessed and thankful because I just never thought I’d live in a house this big.”

Source: https://kdvr.com/news/problem-solvers/denver-real-estate-boom-can-benefit-first-time-homebuyers/

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A partnership between “PGIM” and “Aventos” to acquire the industrial real estate in Germany|News

PGIM” Real Estate Company entered into a partnership with “Aventos” Real Estate Development Company to acquire the industrial real estate across Germany.

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According to “IPE Real Assets magazine”, “PGIM” Real Estate Company entered into a partnership with “Aventos” Real Estate Development Company to acquire the industrial real estate across Germany.

Under this partnership, “PGIM” announced that the cooperation will be by durable investments or basic development with about EUR 10-14 million investments, while the project targets the largest seven cities in Germany as well as Nuremberg, Hanover, Potsdam and Kassel.

In addition, “PGIM” expects to achieve a million euros financial portfolio over the next two years, noting that “Aventos” Company will be responsible for real estate management.

“Logistic services and light industrial real estates have retained their role and provided attractive investment opportunitiesduring “Covid-19” pandemic “, said Dominic Brambring, President of “PGIM” Company in the Netherlands and Germany, confirming that due to the increase in online demand on the retail sector, his company will continue to support the logistic services sector

He explained that “thanks to “Aventos” Company’s experience and knowledge in logistic services and light industries, the portfolio will provide investors with access to high-quality locations.”

In a related context, KarimRushdi, managing partner and founder of “Aventos” Company indicated that they are connected to the market and constantly realize the attractive properties, pointing out that,in the future, they will be able to work more effectively in the market, thanks to the capital strength of “PGIM” Real Estate Company.

He explained that “thanks to “Aventos” Company’s experience and knowledge in logistic services and light industries, the portfolio will provide investors with access to high-quality locations.”

Source: https://en-us.albursa.com/news/53-a-partnership-between-pgim-and-aventos-to-acquire-the-industrial-real-estate-in-germany

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Blue Owl Capital Announces Agreement to Acquire Oak Street Real Estate Capital

/PRNewswire/ — Blue Owl Capital Inc. (“Blue Owl”) (NYSE: OWL) announced today it has entered into a definitive merger agreement to acquire Oak Street Real…

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NEW YORK and CHICAGO, Oct. 18, 2021 /PRNewswire/ — Blue Owl Capital Inc. (“Blue Owl”) (NYSE: OWL) announced today it has entered into a definitive merger agreement to acquire Oak Street Real Estate Capital, LLC (“Oak Street”) and its investment advisory business. The transaction is expected to close in the fourth quarter of 2021 and is subject to customary closing conditions.

The closing purchase price of $950 million will be funded through a combination of cash and Blue Owl common units (up to an aggregate of approximately 39 million Blue Owl common units issuable at closing). In addition, upon the achievement of certain performance thresholds, Oak Street equity holders will be entitled to earnouts up to a total of approximately $650 million, payable in cash at future dates or in Blue Owl common units (up to an aggregate of approximately 39 million Blue Owl common units subject to vesting). The transaction is anticipated to be approximately 5- 7% accretive to Distributable Earnings per Share starting in 2022.

Oak Street is a Chicago-based firm, founded in 2009 with over 35 employees and with $10.8 billion of assets under management as of June 30, 2021. The firm focuses on two primary strategies: structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital.

Oak Street has built the industry’s preeminent net lease platform with meaningful capital, scale and the expertise necessary to enter into large, complex sale-leaseback transactions with major, creditworthy corporations. The net lease funds provide corporate tenants with the ability to optimize their balance sheets, delivering immediate liquidity, tax benefits, and operational flexibility. Oak Street’s active net lease funds primarily focus on single tenant properties, net leased to investment grade and creditworthy tenants, under long duration leases, providing for predictable income. The firm is a market leader in providing unique and flexible real estate solutions to a variety of organizations including corporations, healthcare systems, universities, and government entities.

The Seeding and Strategic Capital business focuses on investing in early-stage real estate managers across various industry sectors. The platform provides strategic institutional capital to managers typically enhanced by attractive general partnership economics and an active governance role. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities.

Doug Ostrover, Co-Founder and CEO of Blue Owl, said: “We are very excited about this strategic transaction and believe that Oak Street’s experienced team and strong franchise will both contribute to and benefit from the scale and positive network effects of the Blue Owl platform.”

Marc Lipschultz, Co-Founder and Co-President of Blue Owl, said: “Oak Street has created a market-leading platform in the net lease sector, leveraging the expertise and disciplined underwriting of its investment team to generate very strong returns for its investors. We believe their focus on flexible real estate related financing solutions will be very complementary to our existing Direct Lending and GP solutions capabilities.”

Michael Rees, Co-Founder and Co-President of Blue Owl, added: “One of the many key synergies with Oak Street is that the firm provides leading products to the high-net-worth and retail channels, a critical part of Blue Owl’s business strategy.”

Marc Zahr, Co-Founder and CEO of Oak Street, said: “There is a strong fit between Blue Owl and Oak Street, highlighted by our mutual drive to be market leaders in what we do, our shared deep appreciation for the value of long-duration capital, and our focus on downside protection and robust income generation for our investors. My team and I look forward to partnering with the Blue Owl team to bring Oak Street’s differentiated product offerings to a new base of investors and to collaborate to bring additional investment opportunities to investors in Oak Street’s funds down the line.”

Upon closing of the transaction, key members of the Oak Street leadership team will remain in place leading the Oak Street business, and Oak Street’s Chicago office will become an additional office for Blue Owl. In addition, Marc Zahr will join Blue Owl’s Board of Directors and Executive Committee.

A supplemental investor presentation on the transaction is available on the Investor Resources section of Blue Owl’s website at www.blueowl.com.

Kirkland & Ellis LLP acted as legal counsel to Blue Owl. Berkshire Global Advisors served as financial advisor and Willkie Farr & Gallagher LLP acted as legal counsel to Oak Street.

About Blue Owl
Blue Owl is an alternative asset manager that provides investors access to Direct Lending and GP Capital Solutions strategies through a variety of products. The firm’s breadth of offerings and permanent capital base enables it to offer a differentiated, holistic platform of capital solutions to participants throughout the private market ecosystem, including alternative asset managers and private middle market corporations. The firm had approximately $62.4 billion of assets under management as of June 30, 2021. Blue Owl’s management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. Blue Owl has approximately 250 employees across its Direct Lending and GP Capital Solutions divisions and has six offices globally. For more information, please visit us at www.blueowl.com.

About Oak Street

Oak Street Real Estate Capital is a diversified real estate investment firm. The firm was founded in 2009 and headquartered in Chicago, Illinois. Oak Street offers a unique platform combining direct and indirect real estate strategies across two lines of business, its Net Lease platform and its Seeding and Strategic Capital platform. The Net Lease platform is focused on acquiring properties net-leased to investment grade and creditworthy tenants. Oak Street specializes in providing flexible capital solutions to a variety of organizations including corporations, healthcare systems, universities and government entities.

The Seeding and Strategic Capital platform was founded with the focus of investing in early-stage real estate managers. The firm provides strategic institutional capital to managers enhanced by attractive general partnership economics and an active governance role. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities.

Forward-Looking Statements
Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “would,” “should,” “future,” “propose,” “target,” “goal,” “objective,” “outlook” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Blue Owl’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Any such forward-looking statements are made pursuant to the safe harbor provisions available under applicable securities laws and speak only as of the date of this presentation. Blue Owl assumes no obligation to update or revise any such forward-looking statements except as required by law.

Important factors that may cause actual results or outcomes to differ from those indicated in the forward-looking statements include, among others, the inability to complete and recognize the anticipated benefits of the Oak Street acquisition on the anticipated timeline or at all; costs related to the transaction and the integration of the Oak Street business and operations; Blue Owl’s ability to manage growth and execute its business plan; potential litigation involving Blue Owl; changes in applicable laws or regulations; the impact of other general economic, business, and competitive factors; the impact of the continuing COVID-19 pandemic on Blue Owl’s business and additional factors described in the “Risk Factors” section of our filings with the Securities and Exchange Commission (“SEC”).

This press release includes certain non-GAAP financial measures, including Distributable Earnings per Share, that are not prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and that may be different from non-GAAP financial measures used by other companies. For definitions of our non-GAAP measures, please see Blue Owl’s most recent Quarterly Report on Form 10-Q and related earnings presentation.

Investor Contact
Ann Dai
Head of Investor Relations
[email protected]

Media Contact
Prosek Partners
David Wells / Nick Theccanat
[email protected]

SOURCE Blue Owl Capital

Related Links

https://www.blueowl.com

Source: https://www.prnewswire.com/news-releases/blue-owl-capital-announces-agreement-to-acquire-oak-street-real-estate-capital-301402113.html

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Black family and real estate broker file lawsuit after police handcuffed them during house tour

Officials say officers acted ‘appropriately’ after previous break-in at property

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A Black family and their Black real estate agent have sued a Michigan city after police handcuffed them during a house tour.

Realtor Eric Brown was showing the home in the city of Wyoming to Rod Thorne and his 15-year-old son Samuel in August.

Police responded to a 911 call from a neighbour and demanded that the three men leave the property with their hands in the air, before handcuffing them.

All three were released shortly after being detained.

The federal lawsuit, filed in US District Court for the Western District of Michigan, seeks unspecified damages on five counts.

It alleges that six police officers violated the plaintiffs’ civil rights, including unlawful detainment and excessive force, as well as violations of equal protection.

Other counts include assault and battery, false imprisonment and intentional infliction of emotional distress.

The city of Wyoming, the six officers involved, and the police chief are all named as defendants.

“The City of Wyoming does not comment on pending litigation,” the city said in response to the lawsuit.

The police department says it responded because the neighbour reported that a suspect arrested at the property a week earlier for unlawful entry had returned.

The Wyoming Department of Public Safety said that after an August internal review of the incident it concluded that “race played no role in our officers’ treatment of the individuals, and our officers responded appropriately”.

Officers are heard in dash cam video footage explaining that the house had been broken into the week before, and acknowledge that there had been an “misunderstanding”.

The lawsuit claims that the plaintiffs were treated in a specific way because of their race.

“Had the Plaintiffs not been African American men, they would not have been held at gun point, would not have been detained, and would not have been handcuffed,” the lawsuit states.

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The federal lawsuit, filed in US District Court for the Western District of Michigan, seeks unspecified damages on five counts.

Source: https://news.yahoo.com/black-family-real-estate-broker-172954576.html

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