NEW YORK–(BUSINESS WIRE)–Cadre, the leading technology-enabled real estate investment platform, today announced an acquisition together with BlackRock Impact Opportunities Fund. The Harvest at Marmalade Apartments, a 252-unit multi-family building Cadre has acquired in downtown Salt Lake City, Utah, represents the company’s latest commitment to supporting multi-ownership managers focused on create and maintain affordable apartment buildings across the country.
The acquisition is consistent with Cadre and BlackRock’s shared focus on promoting greater diversity and inclusion across the real estate industry, as Cadre – an African-American founded, owned and managed platform – and BlackRock have partnered with Ethos Real Estate, to close the object. Ethos Real Estate, a minority-owned company, was founded with a mission to create and maintain affordable housing in densely populated urban areas.
Cadre’s commitment to partnering with minority-led banks, operators and investors is a core tenet of its broader mission to expand access to institutional quality real estate for more individuals. Ryan Williams, Cadre’s Founder and Chief Executive Officer, has been an outspoken advocate for improving diversity in the industry, describing the positive impact minority-owned businesses have had on his own career and the driving force behind the creation of Cadre itself.
“We are very proud to have completed a compelling multifamily investment alongside the BlackRock team with an investment that will provide capital to underrepresented minority operators, banks and institutions. We are grateful to the BlackRock team for their partnership,” said Williams.
“Our collaboration with Ethos Real Estate has given us the opportunity to work with a diverse operator to acquire a property in a growing market. I know firsthand how homogenous the real estate ecosystem is and that capital hasn’t reached as many promising groups. We’re doing our part to level investment terms for all participants in the real estate ecosystem,” Williams said. “And we are grateful to be supported by and to work with the BlackRock Impact Opportunities Fund to advance this mission.”
“We are pleased to partner with Cadre and Ethos Real Estate and invest in this high-quality real estate asset on behalf of our clients,” said Pam Chan, Chief Investment Officer and Global Head of Alternative Solutions Group at BlackRock. “It is another example of the work we can do with like-minded, diversity-led institutions that share our commitment to diversity, equity and inclusion at the core of their investment process.”
“We are very grateful for the partnership with Cadre and BlackRock and appreciate their encouragement of our mission-driven investment thesis,” said Jennifer McElyea, Managing Partner at Ethos Real Estate.
This investment is also consistent with and part of Cadre’s Direct Access Fund investment portfolio strategy announced last year, which aims to serve the communities in which it invests through partnerships with local, under-represented, minority-owned operating partners across the portfolio strengthen.
Cadre is a pioneering commercial real estate investment platform. Since its inception, Cadre has completed more than $4.7 billion in real estate transactions in 24 US markets. Visit www.cadre.com for more information.
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