NEW YORK--(BUSINESS WIRE)--Cadre, a leading technology-driven real estate investment platform, announced the appointment of software engineering veteran Skand Gupta as Head of Engineering. Gupta will report to and work directly with Founder and CEO Ryan Williams, assuming management of Cadre’s Engineering team and data initiatives as the firm continues its efforts to modernize the commercial real estate investment lifecycle and expand its product to reach an even wider range of individuals and advisors.
Gupta joins Cadre from Better.com, where he most recently served as Senior Engineering Leader, building out technologies and teams to scale and automate real estate mortgage and loan underwriting. Prior to Better.com, Gupta built systems responsible for compliant storage and retrieval of financial data for Bloomberg and served as Engineering Manager for Dropbox, leading the creation and launch of products such as Previews, Transfer, and Dropbox Showcase. In all, Gupta brings more than 20 years of engineering and leadership experience at leading fintech companies.
Gupta will lead and continue to build out Cadre’s technology team known for its industry-leading platform designed to help make private real estate more accessible, transparent and affordable to a greater number of individual investors. Cadre’s innovative technology has created efficiencies that lower the costs of investing into premium real estate investment opportunities and improve liquidity through its groundbreaking secondary marketplace. As Head of Engineering, Skand will expand the platform’s capabilities for greater scale than ever before, tailoring it to the emerging needs of modern investors and advisors, and ensuring that more individuals and operators can participate in Cadre’s marketplace.
“I am thrilled to welcome Skand to Cadre as we continue to add top talent to our leadership team. Skand is joining Cadre following our strongest quarter to date since I founded the company, and at a time in which our platform is reaching more individuals and operators than ever before,” said Williams. “As we launch new investment products to expand our industry-leading capabilities and target reaching an even wider range of individuals, Skand’s tech-forward leadership will be an incredible asset to our team and will help propel our next phase of growth.”
“Cadre has an extremely talented technology team that has created a novel marketplace for CRE and I couldn’t be more excited about joining them as the company quickly scales with their contributions. Alongside Ryan and our team, I look forward to accelerating on our mission to expand access to quality commercial real estate investments for more individuals than ever before through technology that streamlines the end-to-end investing experience,” added Gupta.
Founded in 2014 by Ryan Williams, Cadre is a groundbreaking technology-driven real estate investment platform that offers both institutional and individual investors the opportunity to access expertly curated real estate assets with lower minimums, low fees, and unprecedented potential for liquidity. Via its data-driven and transparent approach, Cadre opens participation in a historically opaque and illiquid asset class. Along with its traditional investment offerings, Cadre also provides investors with the ability to pursue highly vetted commercial real estate opportunities and the opportunity to seek liquidity through its proprietary secondary market, a unique offering within the industry.
Since Cadre’s founding, Cadre has closed more than $4 billion in real estate transactions across 22 U.S. markets and delivered a 18+% net average IRR across all completed property sales,1 resulting in the return of more than $300 million of capital to Cadre investors to date. For additional information, please visit www.cadre.com.
1 IRR calculation represents an equity-weighted average annualized internal rate of return (IRR) for realized real estate investments of offerings by Cadre since the formation of our Investment Committee through to the date of calculation, after deduction of fees and expenses. Equity multiple represents the investment multiple on equity, which is calculated by dividing the aggregate realized proceeds for the applicable investment after deduction of fees and expenses. For recently realized investments, an estimate of proceeds to vehicles managed by Cadre may be used. The use of a different methodology may result in a materially different return metric. Our realized investments consist of: (1) Astoria Portfolio, a 143-unit multifamily asset in Queens, NYC, acquired January 2015, with a realized net IRR of 15.1% and a net equity multiple of 1.4x, (2) Sugarloaf trails, a 268-unit multifamily asset in Suburban Atlanta, acquired April 2017, realized net IRR of 27.4% and net equity multiple of 1.8x, (3) Skyridge Apartments, a 364-unit multifamily asset in suburban Chicago, acquired November 2016, with a realized net IRR of 15.0% and net equity multiple of 1.4x, (4) Avida, 421-unit multifamily project, located in Salt Lake City UT, acquired August 2017, realized net IRR of 16.8% and realized net equity multiple of 1.4x, (5) Crestleigh Apartments, a 389-unit multifamily asset in Laurel, MD, acquired September 2016, with an updated target net IRR of 10.2% and a net equity multiple of 1.6x, (6) Trails Portfolio, two multifamily properties totaling 810 units in Houston, TX, acquired January 2018, with an updated target net IRR of 22.4% and a net equity multiple of 2.0x, (7) Solis at Winter Park, a 596-unit multifamily asset Winter Park, FL, acquired, September 2018, with an updated target net IRR of 18.1% and a net equity multiple of 1.7x, (8) Lodge at Copperfield, a 330-unit multifamily asset in Houston, TX, acquired November 2018, with a updated target net IRR of 11.0% and a net equity multiple of 1.8x and (9) Lincoln Place, a multifamily asset in Sacramento, CA, acquired July 2018, with a updated target net IRR of 11.1% and a net equity multiple of 1.8x.