NEW YORK--(BUSINESS WIRE)--Cadre, the leading technology-enabled real estate investment platform, today announced an acquisition together with the BlackRock Impact Opportunities Fund. The Harvest at Marmalade apartments, a 252-unit multifamily asset Cadre acquired in downtown Salt Lake City, Utah, represents the firm’s latest commitment to supporting diverse-owned and led managers focused on creating and preserving affordable multifamily housing across the country.
The acquisition aligns with Cadre and BlackRock’s mutual focus on promoting greater diversity and inclusion across the real estate industry, as Cadre—an African-American founded, owned, and led platform—and BlackRock have partnered with Ethos Real Estate to close the asset. A minority-led firm, Ethos Real Estate was founded with a mission of creating and preserving affordable housing in highly 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 for more individuals to institutional-quality real estate. Ryan Williams, Founder and Chief Executive Officer of Cadre, has been an outspoken advocate for improving diversity in the industry, detailing the positive impact minority-led firms have had on his own career and a driver of the founding of Cadre itself.
“We are extremely proud to have closed on a compelling multifamily investment alongside the BlackRock team with an investment that will deliver 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 provided us the opportunity to partner with a diverse operator to acquire an asset in a growing market. I know firsthand how homogeneous the real estate ecosystem is and how capital has not reached so many promising groups. We are doing our part to level the investment playing field for all participants in the real estate ecosystem,” said Williams. “And we are grateful to be supported by and partner with the BlackRock Impact Opportunities Fund to further 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 the Alternative Solutions Group at BlackRock. “It is another example of the work we can do with like-minded, diverse-led institutions that share our commitment to diversity, equity and inclusion as core to their investment process.”
“We are extremely grateful to be partnering with Cadre and BlackRock and appreciate their encouragement of our mission-oriented investment thesis,” said Jennifer McElyea, Managing Partner with Ethos Real Estate.
This investment is also consistent with and a part of Cadre’s Direct Access Fund’s investment portfolio strategy announced last year which seeks to strengthen the communities it invests in by partnering with local underrepresented minority-owned operating partners across its portfolio.
Cadre is a groundbreaking commercial real estate investment platform. Since inception, Cadre has closed more than $4.7 billion in real estate transactions across 24 U.S. markets. For additional information, please visit www.cadre.com.
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