Latest news with #BritishColumbia-based
Yahoo
2 days ago
- Business
- Yahoo
Alfred, RKW Residential, Quarterra Living combine forces
This story was originally published on Multifamily Dive. To receive daily news and insights, subscribe to our free daily Multifamily Dive newsletter. New York City-based software provider Alfred and its property management firm, Charlotte-based RKW Residential, are merging with Quarterra Living, the apartment operational arm of Irving, Texas-based developer Quarterra Multifamily, according to a Thursday press release shared with Multifamily Dive. Quarterra is providing roughly 30,000 units to the venture. The new combined platform will operate approximately 52,000 residences, representing over $20 billion of assets, which would have placed it at No. 35 on the most recent National Multifamily Housing Council's Top 50 managers list. 'We're really combining the three companies into one,' Jessica Beck, CEO and co-founder of Alfred, who will lead the combined entity, told Multifamily Dive. 'Alfred is contributing technology and the service-hospitality mindset. RKW is contributing its boutique, service-oriented feel. Quarterra is contributing its national scale and operational excellence.' Quarterra's property management leadership team will continue in their roles, and Brad Greiwe, CEO of the company, will join Alfred's board of directors. The newly merged firm plans to introduce an updated name and platform advancements. 'In the next year, you'll see the refreshed brand, and we will release new tech capabilities,' Beck said. 'We'll continue to refine the operating model.' The firm's technology platform, which unifies resident experience and property operations into a single system, will be rolled out across the entire portfolio. 'We really genuinely believe there is an opportunity to build a different, better management platform, and the combination of the three capabilities under one platform creates that,' Beck said. The newly merged company will maintain operations in all current markets while actively exploring strategic expansion opportunities. 'We have a very strong position in the Sun Belt,' Beck said. 'The platform is national. We're in 22 states, coast to coast, and that allows us to support our clients in any market that they want to go into.' Before Quarterra — a subsidiary of Miami-based home builder Lennar — merged its management business with Alfred and RKW, it had been scaling down its portfolio of owned properties. On Lennar Corp's December 2023 earnings call, Executive Chairman and co-CEO Stuart Miller said the firm was exploring the sale of its roughly 11,000-unit apartment portfolio. In a deal that closed last June, New York City-based global investment firm KKR purchased 5,200 units from Quarterra for about $2.1 billion. In September, it sold another 1,400 apartments to QuadReal Property Group, a Vancouver, British Columbia-based global real estate investment, operating and development company. As Quarterra has been scaling back, Alfred has been building. In March 2022, Alfred raised $50 million in private equity funding and purchased RKW Residential. At the time, the firm had a war chest of $75 million for future acquisitions. Now with Quarterra Living, Beck thinks the newly merged company can help modernize the fragmented property management industry. 'We are going to continue to grow, but we're going to do it thoughtfully, and we're looking for operators who want to be partners with us and create that new management platform,' Beck said. Click here to sign up to receive multifamily and apartment news like this article in your inbox every weekday. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
Lululemon: Fiscal Q1 Earnings Snapshot
VANCOUVER, British Columbia (AP) — VANCOUVER, British Columbia (AP) — Lululemon Athletica Inc. (LULU) on Thursday reported fiscal first-quarter profit of $314.6 million. On a per-share basis, the Vancouver, British Columbia-based company said it had net income of $2.60. The results surpassed Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of $2.59 per share. The athletic apparel maker posted revenue of $2.37 billion in the period, which also topped Street forecasts. Eleven analysts surveyed by Zacks expected $2.36 billion. For the current quarter ending in July, Lululemon said it expects revenue in the range of $2.54 billion to $2.56 billion. The company expects full-year earnings to be $14.58 to $14.78 per share, with revenue ranging from $11.15 billion to $11.3 billion. _____ This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on LULU at
San Francisco Chronicle
23-05-2025
- Business
- San Francisco Chronicle
Verisante: Q1 Earnings Snapshot
VANCOUVER, British Columbia (AP) — VANCOUVER, British Columbia (AP) — Verisante Technology Inc. (VRSEF) on Friday reported a loss of $18,000 in its first quarter. The Vancouver, British Columbia-based company said it had a loss of less than 1 cent on a per-share basis. _____
Yahoo
23-05-2025
- Business
- Yahoo
Theodore Roosevelt's $400M mass timber library rises in North Dakota
This story was originally published on Construction Dive. To receive daily news and insights, subscribe to our free daily Construction Dive newsletter. Vancouver, British Columbia-based Mercer Mass Timber has completed the first phase of construction on the Theodore Roosevelt Presidential Library in Medora, North Dakota, according to a May 20 news release. The project's construction costs total $400 million, per a funding breakdown by the library. Phase one of construction on the 93,000-square-foot structure began last year, and is centered on the museum building and its roof, according to the news release. Kansas City, Missouri-based JE Dunn is the general contractor on the project, according to Mercer Mass Timber's project page. The roof is designed to echo the rolling topography of the North Dakota Badlands, and requires precisely engineered connections and joints supported by steel wrapped in wood to maintain a seamless timber look. Mercer Mass Timber, a subsidiary of wood pulp producer Mercer International, is supplying 1,800 cubic meters of cross-laminated timber and glulam for the structure, which includes custom glulam connections to support the curved roof, according to the release. The final mass timber delivery date will be on June 1, which coincides with the start date of the second phase of construction. During that phase, Mercer Mass Timber will contribute canopies designed to support photovoltaic panels. Mercer Mass Timber debuted a construction services division last year, amid growing demand for mass timber in building. "This project is a testament to what visionary design combined with advanced mass timber engineering can create," said Ricardo Brites, director of engineering & VDC at Mercer Mass Timber, in the news release. Although Roosevelt's home state was New York, he took refuge in North Dakota after his wife and mother died on the same day in 1884. He said without having spent time there, he never would have become president. The library is set to open on July 4, 2026. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
23-05-2025
- Business
- Yahoo
Verisante: Q1 Earnings Snapshot
VANCOUVER, British Columbia (AP) — VANCOUVER, British Columbia (AP) — Verisante Technology Inc. (VRSEF) on Friday reported a loss of $18,000 in its first quarter. The Vancouver, British Columbia-based company said it had a loss of less than 1 cent on a per-share basis. _____ This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on VRSEF at Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
