Cadre Delivers Outperformance on Salt Lake City, Utah Multifamily Property Sale
NEW YORK--(BUSINESS WIRE)--Jan 14, 2020--
Cadre, a technology-driven real estate investment platform, today announced the sale of Avida Apartments, a 400-unit multifamily project located in the Salt Lake City, Utah metro area. Cadre sold the Avida property at a significant premium to its cost and targets achieving a greater than 16% Net IRR following final distributions, representing outperformance relative to underwriting. The Avida sale was Cadre’s third successful exit in 2019 and fourth overall, further validating Cadre’s institutional investment standards and data-driven investing approach. Cadre executed its business plan of improving the asset’s operating performance and profile in order to position the asset for an institutional exit. The asset also benefited from Salt Lake City’s relative affordability which has driven significant population and job growth, a key trend identified by Cadre’s investment team in partnership with its data engineering team. The sale highlights the further realization of Cadre’s mission to provide more individuals with access to institutional-grade real estate that delivers compelling returns.
“2019 was an exceptional year for Cadre, and we are pleased that we were able to complete the sale of Avida Apartments and deliver outperformance for our investors. The sale extends our track record and highlights the growing opportunity to couple investing experience with data analytics in order to drive alpha for investors,” said Ryan Williams, CEO and Co-Founder of Cadre. “We built Cadre with the goal of creating a more transparent and liquid real estate investing model so more people can benefit from access to institutional-grade real estate investments. We are grateful to our investors for their support and look forward to building on our strong momentum in this new year.”
Cadre is a technology-enabled real estate investment platform that provides qualified individuals and institutions access to fully vetted commercial real estate opportunities. Cadre has also built a secondary market for commercial real estate enabling investors to have the potential to seek liquidity. Cadre combines its institutional experience with differentiated technology to empower investors through direct access, lower fees, and greater transparency. For more information, please visit cadre.com.
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CONTACT: David Meadvin
KEYWORD: UNITED STATES NORTH AMERICA UTAH NEW YORK
INDUSTRY KEYWORD: COMMERCIAL BUILDING & REAL ESTATE TECHNOLOGY CONSTRUCTION & PROPERTY FINANCE REIT PROFESSIONAL SERVICES NETWORKS DATA MANAGEMENT RESIDENTIAL BUILDING & REAL ESTATE
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