Williams: “This is a huge milestone as real estate investing has historically been costly and opaque.”
NEW YORK CITY—Cadre—a technology-enabled investment platform that provides real estate investment opportunities—has just closed on one of the largest fully-realized commercial real estate transactions to date in the real estate technology space.
The company has completed the sale of its Astoria multifamily transaction, a portfolio comprising four multifamily apartment buildings in the Astoria section of Queens. The sale marks the first realization on Cadre’s platform, with a sale price of more than $70 million.
Acquired in January 2015, the portfolio benefited from a renovation plan and strong local market. The transaction represents. 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,” says Ryan Williams, CEO and co-founder of Cadre. “This is a huge milestone as real estate investing has historically been costly and opaque.”
He continues, “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 Cos. This transaction demonstrates the quality and promise of the transformational platform we’ve built.”