iREITS – 23 June
iREITs is revolutionizing commercial real estate investing one market at a time through Index REITs (Real Estate Investment Trusts), ‘iREITs’. iREITs aims to be the most investor-friendly, tech-enabled real estate investment management platform.
iREITs are building market specific real estate investment vehicles to allow both individual and institutional investors to access real estate in an investor-friendly format that they have grown accustomed to with traditional assets (targeted, low fee, liquid, and transparent). This would include everything from an Austin Office, a Salt Lake City Apartment, or a Reno Industrial specific Public REIT. iREITs uses cutting-edge data and analytics tools, combined with modern portfolio management theory to help investors create optimized portfolios.
iREITs have strong advantages over their identified competitors. When compared to large private equity funds, iREITs have much lower fees and offer investors plans that provide liquidity options. Compared to other funds, like public REITs and open-ended core funds, iREITs are building market and product specific vehicles that give investors the exact exposure they are looking for. Stacked up against crowdfunding sites, iREITs can acquire much higher quality investments by primarily focusing on institutional investors.
Despite the disruption of the COVID-19 pandemic, iREITs has been gathering traction. They have successfully secured their first Capital Partner, a family office that has committed $100m to a Silicon Valley downtown office iREIT strategy.
The team has also been busy adding additional members and advisors, going from three to seven team members since Q1 2020. They have also launched their version two of their data and analytics platform, as well as had their first feature in the Real Estate Alert newsletter.
The biggest challenge facing the iREITs team right now is putting investor capital to work in quality deals. The impact of COVID-19 on the economy, and particularly real estate, has limited the transactions available and greater a significant bid-ask gap between buyers and sellers. This being said, the team has made significant progress on the technology solution and new client development, and is positioned for success.
Thomas Foley, CEO – Prior Real Estate Capital Markets at HFF and JLL, and Entrepreneur at multiple fintech ventures
Fred Canney, CFO – Prior Finance & Operations Executive at Newmont Goldcorp
Adam Blankman, Head of Product – Prior BlackRock iShares and NY Life Product Development
David Anderson, MD, Real Estate Investments – Prior Real Estate at Cadre, Abu Dhabi Investment Authority, Green Street Advisors
iREITs is currently topping off the remaining $1-1.5m of their Seed round from early investor clients. They raised a majority of their Seed Round from top fintech angels and real estate investors in Q1 2020.
The goal is to continue to enhance the team, which includes adding additional real estate investment professionals, a real estate funding lead, and data scientists. As the team develops new iREITs in new markets, they will also grow their real estate team with local experts.
Similar to an index mutual fund, iREITs take a small fee on assets under management, which enables them to grow assets, build out the team, and develop and scale new real estate investment vehicles.
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