WASHINGTON, DC – NeighborWorks America announced that in 2016, members of the NeighborWorks network leveraged more than $3.1 billion of investment in rural communities, serving a diverse cross-section of residents including current service members and veterans, and seniors. At the same time, the organization said that a paper it commissioned calls on the philanthropic, business, nonprofit and government sectors to establish new partnerships and investments to increase jobs and set the foundation for broad-based economic growth and larger investments in rural America to fight persistent poverty.

The paper, “Turning the Tide on Persistent Rural Poverty,” uses analysis and observations from four rural regions of the United States (Colonias, Appalachia, Indian country and the Delta) and will be released on April 18 in Memphis, Tenn., at the first-ever national meeting on rural poverty and economic development organized by NeighborWorks America.

The paper specifically calls on business, government and philanthropy to increase the supply of: Consumer banking services and partnerships with Community Development Financial Institutions in rural markets, 21st century broadband connections, training and equipment more deeply into rural communities, and commercial lending to grow small businesses and encourage local entrepreneurship.

More than 150 senior leaders from the business, nonprofit, philanthropic and government sectors are expected to participate in the three-day meeting.

“We are excited by the economic impact the NeighborWorks network is having in rural communities across the country, but we know that more is needed and can be done” said Paul Weech, president and CEO of NeighborWorks America. “This new paper contains straight-forward recommendations that will contribute to significant economic and community improvement.”

Although national economic growth has been positive for several years, according to data from the U.S. Department of Agriculture, employment in non-metro (rural) areas of the country was still below 2007 levels at the middle of 2016. Conversely, metro (urban) employment was nearly five percentage points higher than the level in 2007.

The paper was developed with input from NeighborWorks network members and other community-based nonprofit organizations that work every day with residents to improve the economic conditions in rural communities. The organizations identified resident engagement as a necessary condition for any economic development strategy to foster lasting economic opportunity.

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NEW YORK, NY – Cadre announced it has closed on the sale of its Astoria multifamily transaction, a portfolio comprising four multifamily apartment buildings in Astoria, Queens. The sale marks the first realization on Cadre’s platform, with a sale price exceeding $70 Million.  

Bought in January 2015, the portfolio benefited from a successful renovation plot and strong local market. The transaction represents one of the largest fully-realized commercial real estate transactions to date in the real estate technology space.

Over the two year hold, large-scale renovations and lease-up were completed across the portfolio. Renovations entailed common area and unit improvements, including the addition of bedrooms and bathrooms to certain units.

“We are very excited to announce the first asset realization on our platform,” said Ryan Williams, CEO and Co-Founder of Cadre. “This is a huge milestone as real estate investing has historically been costly and opaque. Consistent with Cadre’s approach, the team’s experience, strong network, and data-analytics allowed us to identify this compelling market opportunity and unlock the value of the portfolio alongside a valued operating partner, Kushner Companies.  This transaction demonstrates the quality and promise of the transformational platform we’ve built.”

Cadre is a technology-enabled investment platform that connects qualified individuals and institutions to fully vetted, compelling real estate investment opportunities. Founded by Ryan Williams in 2014, Cadre enables investors to buy assets in a significantly more efficient, transparent and economical manner.

Since its founding in 2014, Cadre has raised $70mm in capital from investors such as Goldman Sachs, Ford Foundation, Founder’s Fund, General Catalyst, Khosla Ventures and Thrive Capital.

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TAMPA, FL – Campus Advantage, a leader in student housing, providing property management, consulting, acquisitions, and development services, announced it has closed on the sale of On50, a 444 bed student housing property located near the University of South Florida campus, through its investment partnership with a large state pension fund.

Campus Advantage has a well-established track record of making value by turning around, stabilizing, and optimizing struggling assets, building equity for its investment partners. With On50, Campus Advantage successfully executed on its value-add investment strategy, infusing capital to cure deferred maintenance. That, combined with an integrated marketing approach brought by industry specialist Catalyst and the company’s proven operations expertise, enhanced the property’s overall appeal in the market. Since its acquisition 36 months ago, Campus Advantage has increased NOI by approximately 17.2%, or 5.2% annually compounded.

“When you partner with us, you get a fantastic return on investment,” said Michael Orsak, Senior Vice President of Investments for Campus Advantage. “Because of our solid investment strategy, Students First™ residence life programming, and involvement in conducting renovations to On50’s units, property exterior, clubhouse and amenities, we were able to significantly increase the property and community value, making the asset more profitable.”

Since 2007, Campus Advantage has bought more than $1.25B in student housing assets through its partnerships, with round trips on more than $350M. This has resulted in Campus Advantage’s brilliant investment return performance, which since the Company’s inception has exceeded both NCREIF Property Index (NPI) and PREA | IPD U.S. Property Fund Indexes.

“By maintaining and operating each property to the highest standard, we make an environment that our residents like, resulting in maximum occupancy, rental rate growth and returning resident ratios,” said Mike Peter, President and CEO of Campus Advantage. “We look forward to continuing to leverage our proven, value-add expertise to the benefit of future clients and partners.”

Campus Advantage bought On50 in 2014 and is recycling investment capital gains to support opportunities in tier one markets.

Campus Advantage is an Austin-based real estate firm fostering financially prosperous higher education student housing communities through its management, development, acquisition, and consulting services.

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