Diversification runs strong throughout the homebuilding and real estate market as 2020 gets underway. PulteGroup, Inc., has acquired Innovative Construction Group (ICG), a leading off-site solutions provider focused on single family and multifamily wood framed construction. CBH Homes has launched a new rental division known as CBH Rentals. Meanwhile, commercial real estate broker Cushman & Wakefield entered into a definitive agreement to acquire Pinnacle Property Management Services, LLC, the third-largest multifamily property management firm in the U.S.
Based in Jacksonville, Fla., ICG’s comprehensive framing solutions include design services, manufactured wall panels, roof trusses and floor systems, and on-site installation to provide a full frame shell construction process. ICG will remain a stand-alone operation and continue serving its existing customer base and builder clients. The acquisition of ICG builds on PulteGroup’s unique commonly managed plan platform and its long-term strategy to drive greater production efficiency and overall build quality. Off-site solutions can deliver high quality framing components with less waste and help address trade labor shortages that are a persistent problem for the construction industry. "We are extremely impressed with ICG’s management team and automated plant operations, and look forward to working with the company’s founders, who will continue to lead the organization," said Ryan Marshall, President and CEO of PulteGroup. "As we capitalize on ICG’s existing products and services, we expect to expand the factory’s production capabilities to provide additional products and services to ICG’s customers." "In acquiring ICG, we see the potential for our Jacksonville operations to benefit through faster cycle times, precision structural components and savings on lumber and other materials," added Marshall. "ICG can also serve as a model to intelligently integrate the use of off-site production with our existing trade partners." "Over the last decade, we have continuously developed and refined our fully integrated off-site model to service single family and multifamily customers," said Ryan Melin, co-Founder and President of ICG. "We are excited to partner with PulteGroup and leverage our shared passion for innovation to offer a broader range of services and capabilities to all of our customers." CBH Adds Rental Arm Corey Barton Homes got the rental concept off the ground quietly last fall, with the release of 11 newly-built homes made available as rentals. The Victory South development sits off Eagle Rd. in Meridian near Victory Rd. The company said the homes leased up within two weeks. Another batch of 11 homes will hit the market later this month. A second project -an apartment complex off Franklin Rd. near Linder Rd. in Meridian will start leasing up next month. That project, branded as 12 Oaks at Ten Mile, includes 106 apartment units. CBH included higher-end touches like granite, stainless steel appliances and vinyl plank flooring in the apartments. The first 32 units will come on the market in March. The company says it has three additional rental projects in the works, and will offer options in Meridian, Kuna, and Nampa. It currently looks to build out more than 2,300 rental units. “CBH wants to do what’s best for their customers no matter what stage in life or living situation they are (in), CBH Homes President Ronda Conger said. “Whether you are needing to rent or are ready to buy a new home. We are here for you and ready to make your dreams a reality.” CBH will also offer a “lease to buy” program, where a portion of monthly rent can go toward a down payment on a home purchase. Property Records show Open Door Rentals LLC owns the properties, a separate entity which lists CBH president Corey Barton as owner. CBH is one of Idaho's largest builders with 55 communities in the Treasure Valley with available homes. Cushman & Wakefield Buys into Multifamily Management The acquisition of Pinnacle will establish a foothold for Cushman & Wakefield across 20 key U.S. multifamily markets and will significantly enhance the firm’s ability to meet the ever-growing demand for fully integrated real estate services from multifamily investors. Pinnacle manages more than 169,000 units across 839 properties for a variety of top multifamily owners including institutional, private and foreign investors; financial institutions; pension funds; private partnerships; sole owners; and government housing groups. “The acquisition of Pinnacle will greatly enhance our ability to provide a full complement of services to the many investors active in the multifamily space,” said Carlo Barel di Sant’Albano, Chief Executive of Global Capital Markets & Investor Services for Cushman & Wakefield. “Pinnacle is a proven industry leader with the specialized expert knowledge to help us seamlessly execute our clients’ multifamily investment strategies through the entire investment life cycle.” “We are thrilled to soon join Cushman & Wakefield, one of the world’s most admired commercial real estate brands, which shares our client-centric focus and commitment to service excellence,” said Rick Graf, President & CEO of Pinnacle, who will lead the Americas Multifamily Property Management platform for Cushman & Wakefield. “Cushman & Wakefield’s scale, depth of resources and exceptional people will add tremendous value for our current and future clients.” With the acquisition, Cushman & Wakefield will manage a total of more than 869 million square feet for its investor clients across the Americas. “This acquisition is a monumental step for Cushman & Wakefield and our Asset Services platform as we expand our capabilities in an asset class that presents incredible future growth opportunities,” said Marla Maloney, President of Asset Services, Americas. “With a strong reputation for service and cultivating high-performing talent, we are confident that Rick and the Pinnacle team will continue that tradition of excellence as part of Cushman & Wakefield.”
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