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.
Acquired in January 2015, the portfolio benefited from a successful renovation plan 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 purchase 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.
Source: Cadre / #Apartments #Multifamily