Tag: Hubs

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Realty investor grabs Milpitas apartments near tech hubs

MILPITAS — A veteran real estate investor with a national reach has bought a big apartment complex in Milpitas, a deal that points to ongoing strong buyer interest in the Silicon Valley housing market.

Victorian Square, an apartment complex in Milpitas, has been bought by an affiliate of Klingbeil Capital Management, a real estate firm with a San Francisco office and roots in Ohio, according to public property and business records.

The 96-unit Victorian Square, located at 2021 N. Milpitas Blvd. in Milpitas, was bought for $36.3 million, property records filed with Santa Clara County officials on Oct. 2. show.

Located near the tech hubs in San Jose, Milpitas, and Fremont, the apartment complex appears to be in strong demand from renters.

The apartments.com website states that none of the units in the complex are available for rent.

The new owner of the Victorian Square apartment complex states that it owns a wide range of properties, according to the buyer’s website.

“Klingbeil Capital Management is a multi-faceted national real estate company with holdings throughout the United States,” the company said.

Described as a family business, Klingbeil Capital’s site says the company was founded in 1959 in Columbus, Ohio.

“In over 50 years of business, the company has expanded nationally into many real estate sectors including multifamily, single-family, student housing, land-development, condominiums, self-storage, commercial and medical office buildings,” Klingbeil Capital stated.

The buyer says it has bought commercial properties collectively worth hundreds of millions of dollars during the last two decades.

“Klingbeil Capital Management specializes in real estate investment for its own account and on behalf of institutional investors, with close to $2 billion of apartment acquisitions in the last 20 years,” the company said.



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The World’s Largest Climate Tech Hubs

20201002_Climate_Tech_IBT VC funding raised by climate tech startups headquartered in the following cities from 2013-2019 Photo: Statista/IBT

With heatwaves, droughts, and other extreme weather events becoming more frequent and wildfires wreaking havoc across the globe, the consequences of climate change are becoming more and more visible. And while the calls for more sustainable solutions to many aspects of our everyday lives are growing louder, large established companies often struggle to make bold, radical changes, paving the way for startups to innovate and re-think the way things are done in a given industry. Tesla is possibly the best example of a fast-moving upstart beating industry heavyweights at a game it shouldn’t be winning, considering the goliaths it is up against.

According to a recent report from PwC, venture capital investment in “climate tech” startups, including companies from a broad range of sectors tackling the challenge of decarbonizing the global economy, has risen sharply over the past decade. PwC finds that climate tech startups attracted more than $16 billion in VC funding last year, up from less than $500 million in 2013. In total, $59.5 billion of venture capital flowed into startups contributing to the reduction of global carbon emissions, be it in the mobility sector or elsewhere.

As the following chart shows, the San Francisco Bay Area is by far the largest climate tech hub, with companies based there attracting $11.7 billion in funding since 2013. With five cities in the top 10, China also plays a leading role in the climate tech startup scene, while Berlin and Bengaluru are the only non-U.S. or Chinese cities in the top 10.

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