America's biggest manager of single-family rental homes hopes to become the biggest one-stop shop for landlords big and small. Eden Prairie-based Renters Warehouse, which manages more than 22,000 homes in more than 40 U.S. metro areas, said it will acquire OwnAmerica Real Estate to create what it is calling the nation's first full-service, online real estate investment company. The deal is expected to close Jan. 1. Terms were not disclosed. Renters Warehouse President and CEO Kevin Ortner said the deal will enable the company's customers, which have hired Renters Warehouse to provide day-to-day operations of their rentals, to buy more real estate online. It'll also help the company serve bigger customers, which it refers to as investors, who want to own single-family houses without the hassles of managing them. The acquisition enables Renters Warehouse to provide detailed investment data, including stock-like analysis of their investment, and local market data that includes … [Read more...] about Home rental firm Renters Warehouse acquires OwnAmerica Real Estate
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Och-Ziff Capital Management Group LLC is seeking to raise its largest real estate fund ever after a period of change for the firm, including new leadership. Billionaire Dan Och’s hedge fund firm is targeting $2 billion for its fourth fund focused on opportunistic property investments as soon as the end of the year, according to people familiar with the matter. New York-based Och-Ziff has also raised about $750 million for a real estate debt strategy and is gathering a $150 million affordable-housing investment pool, which would be exempt from taxes, said the people, who asked not to be identified because the information is private. An Och-Ziff representative declined to comment. The real estate group, under the leadership of Steve Orbuch, has been a relative bright spot for Och-Ziff, which has been trying to renew investor confidence two years after the firm settled a bribery probe with regulators. The firm’s two most recent real estate funds produced net internal rates of … [Read more...] about Och-Ziff to seek $2 billion for its biggest real estate fund
A Las Vegas-based real estate company has an option to acquire Harrah’s New Orleans Casino — a potential transaction that was unknown to key state legislators who are considering major legislation sought by the casino’s owners and that also raises new questions about whether the state is getting the best deal possible.Vici Properties, a real estate investment trust, has the right to purchase the casino and its 450-room hotel and parking garage, according to an October agreement filed with the federal Securities and Exchange Commission.Under the complex deal, Vici would lease the casino complex back to Harrah’s owner, Caesars Entertainment, to operate it.Vici's five-year option to acquire the New Orleans casino began in October. The company is an independent, publicly traded firm created out of Caesars’ 2015 bankruptcy. It owns several casinos that Caesars operates.A Caesars spokesman downplayed the importance of the proposed acquisition for Louisiana … [Read more...] about Real estate company has option to buy Harrah’s New Orleans Casino
Mark Goldstein is of counsel for commercial real estate at Bailey Kennedy Attorneys at Law, which last year handled over $100 million in real estate cases. The firm combines real estate and litigation expertise. “We have learned that successful negotiation and drafting of contracts is not enough without the litigation skills to enforce agreements in court,” Goldstein said. What’s trending in the local CRE environment and how do you expect it to evolve in the next year or two? Large, national companies dominate the development of real estate in Clark County. We expect the dominance of national companies to accelerate in the coming years. At times, large national chains are unwilling to make concessions that favor local businesses. For example, office space measured per “usable” square foot by national companies may often be more expensive than Las Vegas tenants expect because national landlords may include space that Las Vegas tenants have considered to be … [Read more...] about Commercial real estate attorney: Without litigators, negotiations are vulnerable
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