Metrospaces, Inc. Acquires $3.85 Million Houston Office Building
August 18, 2021 at 11:10 am EDT
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Metrospaces, Inc. has acquired a 50.6% equity stake in a 60,295 square-foot Houston, Texas, office building as a component in the company’s plans to revolutionize tokenized real estate opportunities through its new blockchain-fueled platform. Located in a burgeoning area of Houston adjacent to Spring at 3303 FM 1960, the Brazos Atrium building is a Class-B space with a current occupancy rate of approximately 99%, made up predominantly of small businesses and nonprofits. The building was acquired at a 12% capitalization rate and represents significant potential upside due to the possibility to adjust rentroll to market-level rates. Additionally, the acquisition will turn Metrospaces EBITDA-positive. The acquisition is a part of Metrospaces’ strategic plan to secure assets with high liquidity positions in high growth markets such as Texas and Florida. In addition to the tokenization case-study, Metrospaces plans to utilize this and other hard assets to explore further PropTech initiatives, including IoT improvements including building management tools, security system and blockchain integration. The building is positioned to take advantage of solar tax credits and create value from electricity generation.
Metrospaces, Inc. is a property technology company. The Company is focused on increasing efficiencies in the real estate and real estate market by applying cutting-edge information technology (IT) solutions. The Company offers two services MetroHouse and MetroCrowd. Its MetroHouse, LLC is a property management company. MetroHouse, LLC is focused on developing co-living spaces in secondary cities and digital nomad destinations. MetroHouse, LLCâs service includes furnished units with private rooms, including amenities, such as lockable storage and desks; artificial intelligence (AI)-based tenant vetting and shared spaces for tenant socialization. MetroCrowd is engaged in real estate markets through the use of blockchain and AI technology. The Companyâs subsidiaries include Metro Houston Partners 1, LLC, Metro House, Inc., Metro House, LLC and Metro Spaces LLC.