Insights on technology and real estate.

We're excited to share the audio from our Future of Cities panel, which took place during our Future of the Built World salon earlier this month. The panel takes a calculated look at smart cities, through the lens of those engineering them and covers everything from housing, energy and mobility to social services and shared public spaces. It was moderated by Axios' Future Editor Steve Levine and panelists included:

-Johanna Greenbaum, Director of Planning and Development, Sidewalk Labs
-Toby Sun, Co-founder and CEO, LimeBike
-Ben Marcus, Co-founder and Chairman, AirMap
-Sari Ladin-Sienne, Chief Data Officer, the City of Los Angeles
-Claire Woo, Co-founder, Blueprint Power

Fifth Wall launched last year with its top down investing model of raising capital from the largest buyers of real estate technology and bringing it to technology entrepreneurs in the Built World. Since launch, we have announced 20 investments with companies building revolutionary new businesses at the intersection of real estate and technology, structuring 36 transformational partnerships with our strategic LPs to dramatically accelerate the growth of the portfolio company and enable the incumbents to influence the innovation in their sector, rather than be disrupted by it. Fifth Wall will continue its rapid growth in the next year, and we are excited to announce some additions and updates to the team:

• Roelof Opperman and Vik Chawla have both been promoted to Principals on the Investment team. In his time at Fifth Wall, Roelof has emerged as an expert on the office, multifamily, and hospitality verticals, leading Fifth Wall’s investments in Industrious, LimeBike, and Hippo. Similarly, Vik has developed an unparalleled expertise in the areas of homebuilding technologies, real estate fintech, logistics, retail tech and blockchain, leading Fifth Wall’s deals with Opendoor, Blend, and others.

• KC Cleary is the newest partner at Fifth Wall, overseeing relationships between Fifth Wall’s strategic real estate LPs and portfolio companies, along with Natalie Bruss, who previously was announced as a Partner. KC was previously an Associate Partner at McKinsey & Company where he led transformations for consumer and retail clients and was a founding member of a new solution at McKinsey to deliver advanced analytics insights to real estate owners and their tenants.

• Adam Demuyakor will assume additional responsibility in terms of leading long-term engagements with companies that join the Fifth Wall portfolio (after successfully leading investments in Enertiv, Clutter and Urbint.)

• Kate Bassett also joins Fifth Wall as an Associate Strategist, focusing on strategic partnerships, as well as managing Fifth Wall’s content marketing efforts. Previously, Kate worked at WME | IMG in both the Television and Communications departments.

• Luke Williams (Fifth Wall’s first hire on the investment team beyond founders Brendan Wallace and Brad Greiwe), Michael New, and Katherine Miller have been promoted to Investment Professionals.

• Charlotte Keesler and Josh Schwartz also joined as investment professionals. Charlotte was previously an Investment Banking Analyst at Deutsche Bank in New York. Josh comes to us from San Francisco where he was an Investment Banking Analyst for Centerview Partners.

It’s been 11 months since real estate tech investment firm Fifth Wall Ventures announced its inaugural $212 million fund, trumpeting partnerships with industry heavy weights such as CBRE Group Inc. and Macerich Co.

The Venice-based outfit has more than doubled its employee count to 19 from nine since then, with several new hires and promotions coming this week for Fifth Wall.

The firm’s newest partner is KC Cleary, who joined Fifth Wall from McKinsey & Co. Clearly will help manage the firm’s partnerships with its anchor limited partners, who all committed at least $15 million last May to help fund the Fifth Wall venture.

The firm also promoted Roelof Opperman and Vik Chawla to firm principals. Fifth Wall co-founder and Managing Partner Brad Greiwe said the pair had been integral in putting deals together for the firm over the past year.

The firm has done 20 deals since it came online last May, and Greiwe said he and co-founder Brendan Wallace, also a managing partner, feel their thesis about Fifth Wall as both an investment and relationship building platform has been validated.

“We’ve proven that the model works,” Greiwe said. “Our anchor LPs are happy and an additional fund is definitely in the cards.”

Greiwe did not disclose whether the firm was working on a second fund, or whether Fifth Wall would take on additional institutional investors when it did.

“Whether we expand to other strategics is TBD,” he said.

The firm is working for now on maximizing its current relationships, both with its LPs and with the companies it is investing in. Partner Natalie Bruss, who was hired full time in September after consulting for Fifth Wall for almost a year prior, is spearheading these efforts.

Greiwe said the relationship component – putting emerging companies in the real estate tech space together with established industry heavyweights – was where the firm differentiated itself.

“When you put an early stage company together with a large incumbent, you can do some really powerful things,” Greiwe said. “LPs adoption of (an emerging company’s) tech ultimately can determine if an early stage company lives or dies.”

The collaborative philosophy is almost antithetical to the typical tech world ethos of disruption, Greiwe added.

“This is not disruption,” he said. “It’s enablement and helping establish symbiotic relationships.”

For decades, the estimated $2.5 billion U.S. consumer lending industry has been prime for an innovative technological solution to streamline mortgage origination, brokerage, lending, and workflow processing.

The mortgage business of the future will facilitate a better experience for both lenders and borrowers. In a landmark deal, Fifth Wall and Lennar have joined an amazing team to back Blend, a best-in-class Software-as-a-Service (SaaS) tech-enabled mortgage business. Helping modern lenders delight modern borrowers, Blend changes the consumer mortgage lending landscape with its intuitive mobile design and data-powered intelligence that empowers lenders to originate loans more efficiently.

Fifth Wall and Lennar recognized the antiquated nature of the mortgage application process and sought a more streamlined, tech-forward solution. Lennar tasked Fifth Wall with connecting them to a top-tier company whose platform would fit into their homebuilding model. In contemplating an investment, Fifth Wall performed extensive market analysis and met with half a dozen companies in the mortgage origination and mortgage software spaces. After exhaustive due diligence, Fifth Wall identified Blend as the preeminent platform in the market and structured an investment plus commercial deal with Lennar that will see Blend’s software deployed across Lennar’s captive mortgage origination business, Eagle Home Mortgage. Eagle originations approximately $10 billion in mortgages annually.

Lennar Financial Services (collectively referring to Eagle Home Mortgage, Rialto, and Lennar) represents a promising new vertical for Blend in its journey to power a more frictionless, compliant, and accessible consumer lending ecosystem. As the largest home builder in the country with a pipeline of captive home buyers, Lennar will adopt Blend’s innovative digital platform for its mortgage origination business, Eagle Home Mortgage. This is a major strategic advantage for both Eagle Home Mortgage (the 13th largest national non-bank mortgage originator) and Lennar’s vast base of borrowers. Blend supercharges Eagle Home Mortgage’s ability to rapidly process a constant stream of loans at scale in an organized, efficient manner while cutting origination costs across the board.

Having raised $160 million to date, Blend represents one of those rare opportunities where the necessary pieces have come together to truly challenge the status quo. Fifth Wall is in good company supporting Blend, along with many other known Silicon Valley investors: Greylock Partners, Andreessen Horowitz, Founders Found, 8VC, Lightspeed Venture Partners, as well as angels Max Levchin, Peter Thiel, and SV Angel. Co-founders Nima Ghamsari, Erin Collard, and Eugene Marinelli have expertise gained from combined experience at Palantir, Clarium Capital Management, Armored Wolf Family Holdings, and the Peter Thiel network. The stars have aligned to truly change the consumer lending landscape with Blend’s groundbreaking approach.

How Blend Transforms Lennar’s Consumer Lending Capabilities
Under the hood, Blend is the engine powering faster, smoother, and more connected modern lending experiences for both lenders and borrowers. Built on a secure, scalable SaaS platform, Blend enables its customers — mortgage lenders like Eagle Home Mortgage — to easily collect and evaluate information in their mortgage underwriting processes. The connected, optimized experience allows lenders to safely navigate the industry’s changing rules and regulations as well as help borrowers make informed and secure decisions faster using verified data from trusted financial sources.

On the lending side, Lennar needed a sophisticated tech-outreach platform capable of connecting its borrowers to loan officers in an accessible, easily navigable workstream. Lennar has underwriting expertise and deep, on-the-ground market knowledge, that can be elevated and expanded using modern technology.

Pairing Blend and Lennar is a leading-edge solution. Although other mortgage technology companies exist, none offered Blend’s perfect balance outstanding team and scalable technology. Blend’s SaaS business model, perfected product, and experienced team are key differentiators from the competition.

Beyond being a win for Lennar, Eagle Home Mortgage, and Rialto, Blend sees tons of potential in its work with Lennar and other homebuilders. Eagle Home Mortgage has considerable financial distribution amongst its existing retail network, and processing mortgage originations represents a pipeline of $10 billion in annual loan originations from both Lennar homebuyers and others.
Together, Blend and Lennar will offer a truly intuitive and transparent mortgage application process allowing Eagle Home Mortgage to process more applications with a faster turnaround time on approval (eight days faster, on average).

Changing the Consumer Lending Landscape
Fifth Wall believes Blend’s product is the first-in-class offering for the consumer lending industry and the ideal mortgage technology partner for Lennar. With both an established customer base (including US Bank, Wells Fargo, First Republic Bank, and Movement Mortgage) and backed by Silicon Valley’s elite investors, Blend is poised to continue leading the market against both new entrants and incumbents thanks to its experienced executive team, significant product differentiation, and capitalization.

Blend, Lennar, and Fifth Wall’s partnership is a first-of-its kind deal that will fundamentally transform the consumer lending landscape. By lassoing the previous mortgage origination process and pulling it into the 21st century, Blend’s mobile-optimized, cloud-based mortgage software platform gives both lenders and consumers a streamlined and simplified (but no less thorough and powerful) application process. When used across Lennar’s impressive origination pipeline, both companies will usher in profound shifts to modernize the consumer lending industry.

Seismic shifts in the retail industry have necessitated a new era of retail anchored in seamless experiences following consumers from real-world brick-and-mortar shopping to e-commerce purchases. Among retail categories, the convenience store market is uniquely primed for disruption. The largest company in the $300 billion market owns less than 5% of share, and innovation has been nonexistent until now. Foxtrot is challenging the status quo by building the next generation corner store — blending the best of new retail and e-commerce. The result is an elevated brand customers love, with an operating model developed to scale nationally. Multichannel integration for consumers, termed omnichannel, is the future of retail, and Fifth Wall is thrilled to lead Foxtrot’s $6 million series A and bring this incredible opportunity to our strategic network of landlords.

Other participants in the round alongside Fifth Wall include: Lerer Hippeau, Revolution’s Rise of the Rest Seed Fund, Collaborative VC, BoxGroup, Maveron, M3 Ventures, and The University of Chicago.

What a Next Generation Corner Store Looks Like
The future of retail is on-demand, curated products and experiences, and Foxtrot has built a loyal customer base eager for service and personalization from both mobile interfaces and physical locations across Chicago. The company, led by co-founders Michael LaVitola (CEO) and Taylor Bloom (CTO), has served over 10,000 online customers. With Foxtrot, e-commerce synergizes perfectly with an in-store experience curated with highly selective products.

A pillar of Foxtrot’s success is the underlying convenience built into every aspect of the business. With the proliferation of emerging brands, decreasing noise is key; 30% of Foxtrot’s inventory is heavily curated from, and tailored to, the local market. In Chicago, these include local favorites like Monteverde pasta, a James Beard award winning pasta, Bang Bang Pie and Do-Rite doughnuts. Shop online, through the app, or in the store for craft beer, wine, spirits, fresh food, gifts, and everyday essentials. The online and offline component adds a deeper layer of convenience — anyone within four miles of a store qualifies for front-door delivery in under an hour.

Additionally, this compelling multichannel approach uses brick-and-mortar locations as the marketing vehicle to deliver unparallelled customer lifetime value as a percentage of marketing spend. Foxtrot is seeing an equal sales lift in both online and offline revenue for each store opening; repeat purchase behaviors from a mobile device drives the lifetime value of the consumer.

Foxtrot and Real Estate Landlords
Foxtrot’s innovative next generation corner store solution is a clear win for Fifth Wall anchor LPs across a variety of verticals including retail, residential, hotels/hospitality and commercial. The concept works as a floor-level retail amenity, offering an elevated coffee shop and corner store for retail, office, and mixed-use developments. Commercial offices will be able to offer a coffee bar in grab-and-go format for employees (even literally delivering to their desk), lessening disruptions in their daily workflow. Furthermore, Foxtrot serves as a business to business amenity for a landlords’ tenants. As one example, an on-site corner store allows tenants to quickly restock in-office bars and kitchens in minutes, negating the need to carry any inventory themselves. Foxtrot could also allow hotels to provide custom/white label minibar goods for all rooms, as well as VIP amenity programs.

As key partnerships develop between Foxtrot and hard asset owners, we’re hopeful Foxtrot’s stores will become anchor retail locations loved by the local community (as they have in Chicago). The Foxtrot team prioritizes products and integrations tailored to customers of each specific location. A few key local brand partnerships have already included:

• *Residential redevelopment partnership: *Foxtrot is the retail anchor, coffee shop, and main building amenity at a residential redevelopment project in Chicago executed alongside Cedar Street Companies.
• Ice-cream shop hybrid corner store: By partnering with beloved artisanal brand Jeni’s Ice Cream, Foxtrot created a truly unique pop up promotion within an existing space.
• *Highly localized gifts: *Foxtrot and FEW Spirits & CH Distillery (a local Chicago distillery) created a localized, unique gift delivered on-demand to Chicago-based Foxtrot retailers, while a similar partnership with Soho House Chicago created exclusive custom cocktail kits crafted by in-house bartenders, available for in-store purchase or delivery.

To scale across the U.S., Foxtrot needs both capital as well as access to real estate partnerships. With a strategic network of the nation’s largest landlords as LPs across hotels, office, and commercial, there is no better partner than Fifth Wall. With the company’s highest density delivery zones located directly next to retail locations, each additional store drives e-commerce revenue while simultaneously enhancing livability. Improved neighborhood livability decreases tenant churn for landlords and increases both value and demand for their buildings. Fifth Wall connects the world’s largest real estate owners and operators with innovative solutions redefining Built World technology. With additional capital, Foxtrot will aggressively expand its physical footprint. With omnichannel undoubtedly being the future of retail, Fifth Wall is excited to support Foxtrot’s execution of this homerun opportunity with access to our real estate operators and operational expertise.

Brendan interviews Jamie Hodari, CEO and Co-Founder of Industrious. They discuss how the capital from their Series C raise will be used and what sets Industrious apart from WeWork and other players in the space, including their partnership mentality with landlords and structuring leases that align both parties incentives. For more information visit: https://www.industriousoffice.com

Large corporation’s desire for increased flexibility in their real estate portfolios and the intense talent war they are waged in are leading to a massive sea change in the commercial real estate landscape. In a CBRE survey of senior corporate real estate executives, 51% of respondents hoped to implement a shared-workplace model substantially or moderately across their portfolio by 2020.¹ A boon for coworking providers, this shift represents both a threat and an opportunity for commercial landlords. Total office rents in the U.S. represent $600 billion annually. While coworking accounts for only 1% of rents currently, that figure is expected to climb to 15–20% by 2025 (representing a $80-$120 billion addressable market).²

Most coworking providers are focused on startups and freelancers, and unable to meet the unique workplace needs of corporate clients. Even the most sizable providers purporting to serve enterprise tenants come up short. Their focus on quantity of locations over quality has led to poor customer experiences and a subpar workplace product. Moreover, coworking providers approach to landlords has been one of animosity, treating property owners as merely a provider of physical space and tenants as wholly theirs.

That presents an untapped opportunity for a premium coworking provider to meet and exceed the needs of Fortune 500 tenants while acting as a great partner for landlords. That company is Industrious, a provider truly redefining coworking into a workplace-as-a-service (“WaaS”) platform taking a partnership approach with landlords. The company focuses on outfitting Class A buildings with both stunning offices and inviting hospitality geared towards large corporate tenants’ demanding standards. With a belief that optimal tenant experience is only achieved working with the property owner, the results speak for themselves: a Net Promoter Score (NPS) score in the 70s (major competitors’ NPS is in the low 30s) and a Fortune 500 customer list including GM, Freddie Mac, and Pfizer. Survey every major Class A landlord their top choice of workplace partner and the answer is unanimously Industrious (Fifth Wall knows because we did exactly that).

Fifth Wall believes WaaS platforms will be an integral part of every commercial building in the future while simultaneously acting as the ultimate amenity for its tenants. Fifth Wall’s strategic real estate LPs and partners include the largest commercial landlords in the country, and we are thrilled to announce our investment in Industrious. Not only will our landlords help Industrious grow supply, but Industrious will help them retain and attract large corporate tenants by meeting their evolving workplace needs.

Industrious’ Workplace-as-a-Service Platform
Quality is a cornerstone of every Industrious workspace. Elegant design, high-end furnishings, and attention to detail sets Industrious spaces apart from the competition while giving tenants an advantage in recruiting and retaining top human capital. Industrious has succeeded in creating workspaces where established professionals are as comfortable as Millennials. Members at most coworking providers are embarrassed to host meetings with clients and partners, while Industrious members are ecstatic to show off their workplace.
Engineered to operate less like office spaces and more in line with world class hotels, Industrious’ quality standards extend beyond space to hospitality and service. Every space includes community managers who prioritize best in class hospitality. Providing members peace of mind to focus on work instead of office logistics by stocking snacks, setting up new workspaces, and going above-and-beyond the call of duty to take care of the tenants’ workforce. Stories of community managers helping customers with citizenship tests and picking up craft beers for an executive whose colleague quit are common occurrences. Industrious understands creating workspaces where talented people love working is as much about making people feel welcome, cared for, and looked after as it is about serving local artisan coffee (though Industrious spaces do that as well).

A key differentiator for Industrious is its relentless focus on enterprise tenants with demanding and far-reaching workplace needs. Enterprises, particularly the Fortune 500, require flexibility a real estate portfolio made up solely of long term leases cannot provide; short term leases are a huge benefit for tenants. Designing and deploying custom suites, such as McKinsey & Company’s deployment in New York City, is one example of going the extra mile to exceed enterprise requirements. Corporates increasingly demand a national platform to satisfy their growing need for satellite offices, which few WaaS providers can offer. It’s clear the enterprise trusts Industrious already: McKinsey & Company, Hyatt, and Chipotle, as well as tech titans Pandora, Instacard, and Lyft, call Industrious home.
Founded in 2013, the team is led by co-founders, Jamie Hodari (CEO) and Justin Stewart (President). The executive team has decades of experience at top hospitality brands including The Ritz Carlton, Waldorf-Astoria, Nordstrom, Intercontinental Hotels & Resorts, and Starwood. The result of the customer experience being shaped by a team with broad and deep experience in hospitality is the highest customer satisfaction in the industry.

The Fortune 500 and Commercial Real Estate Landlords
With a strategic network of the nation’s largest landlords including Hines and CBRE as LPs, Fifth Wall constantly seeks partner solutions to increase property owners ability to serve tenants. While it is clear Industrious’ WaaS platform is a win for Fortune 500 tenants, it also benefits commercial landlords in numerous ways. First, Industrious is the ultimate amenity, allowing tenants to scale their real estate needs up or down on demand. Gone are the days of an important customer leaving your building due to a lack of short term real estate expansion capability. Second, WaaS space is the best place to test any new technology, amenities, or furnishings, prior to a building wide deployment. Third, with the significant short term rates spread, Industrious’ unique experience in and use of management agreements allow landlords to share in the upside of the business. Fourth, white label options provide landlords the opportunity to come out of the shadows and custom build high end branded workspace deployments for enterprise customers. Fifth, Industrious’ enables landlords to tap a myriad of revenue opportunities through tenant services currently being lost to other parties.

WaaS will create and destroy more value in office real estate than any other phenomenon over the next decade. Large enterprises are embracing flexibility for real estate optionality and because of the realization workplaces are the ultimate tool to retain and attract talent. Industrious has emerged as the best in class WaaS solution and partnerships with our strategic landlords will increase Industrious’ supply while gaining national platform effects. As an investor, Fifth Wall is excited to help catapult Industrious to a position of category leader in one of the fastest growing sectors in built world tech today.

¹ CBRE Americas Occupier Survey Report 2017: https://www.cbre.com/research-and-reports/americas-occupier-survey-report-2017
² Growth rate from Small Business Labs Coworking Forecast: http://www.smallbizlabs.com/2016/08/coworking-forecast-44-million-members-in-2020.html

Short-term rentals have grown at an astounding rate over the last decade. The rise of short-term rental marketplaces offer consumers unique accommodation experiences better connected to the cities they inhabit. With those marketplaces come a level of illegitimacy, illegality, and inconsistency in quality. As Airbnb and other short-term rental marketplaces have faced growth constraints due to a nearly fully penetrated vacation and leisure travel market, combating these inefficiencies to fully embrace the larger corporate traveller segment has become paramount. Business travelers demand quality and consistency and the professionalization of the short-term rental category is the only way to deliver on these expectations.

The main short-term rental management players have not adequately filled the gap. They play the role as disruptor by taking the anti-landlord approach, which creates a mess for landlords, tenants, and guests. These companies often ignore local regulations and operate illegally without the knowledge of the property owner. With a focus on growth in unit count and the bottom line over the guest experience and brand, unsurprisingly, the guest experience is often extremely poor.

Enter Lyric (formerly Parallel), a company filling the gaps left by its peers and quickly becoming the W Hotels of the Airbnb / short-term rental ecosystem. The company is the first vertically-integrated professional short-term rental operator, built on top of a data and software stack. Fifth Wall is thrilled to announce we’ve invested in Lyric’s Series A round along with NEA, Barry Sternlicht (Starwood founder and the creator of the “W” brand of hotels), the founders of Casper, as well as existing investors AXA Strategic Capital and NFX Guild.

A partner to landlords from day one, Lyric has made it incredibly easy for Fifth Wall to create integrations with our strategic real estate LPs and network. Lyric has an incredibly strong regulatory analytics engine and team, only operating in jurisdictions that are 100% legal. Confirmed by our diligence, Lyric is unique in the legality aspect as all of the company’s main competitors are running illegal units somewhere in their portfolio. A no shortcuts approach, with a focus on quality over quantity, has lead to a 4.88 (out of 5.0) customer rating and an 80% occupancy level in the portfolio (average for most US hotels is 65%) and the beginnings of a strong brand within the nascent industry.

Lyric’s Offering
Lyric is a home away from home for discerning executive travelers. Each unit is carefully crafted by a local design professional and features high-end touches and welcoming furnishings at the level of a luxury boutique hotel. Additionally, units are equipped with best-in-class amenities such as a fully-stocked kitchen, in-unit washer and dryer, high-speed internet, and even Netflix. Lyric has a professionally trained hospitality staff available 24–7 to resolve all guest questions and needs prior to check-in, all the way through check-out.

Lyric is capitalizing on the need for unique distributed inventory, managed like 4–5 star hotels with premium design and décor, adding impeccably designed spaces driving value to both building owners and residents. Units are rented through Airbnb and other major travel OTA’s, unlocking a new kind of inventory where unique experiences and hotel-grade amenities go hand-in-hand. Guest patterns for Lyric-operated units are markedly different from a traditional hotel stay. Guests, which include business and leisure travelers, stay for between 2 and 200 nights or more. The mix of short and long term stays are a powerful dynamic. Lyric has also invested heavily in safely and security processes to ensure high quality residents; a premium service, priced and designed accordingly.

Lyric operates units in multiple markets, including Houston, Dallas, Austin, Pittsburgh, Washington D.C., and Orlando, with aggressive expansion plans for 2018.

Importance to Real Estate Owners and Operators
Lyric is the only operator at scale that allows multi-family landlords to participate in the short-term rental market legally and with a partner having a quality standard consistent with their own. It is no wonder the company is the sole player setting up significant national partnerships with major property owners. Since our investment, we have set up 6 transformative national partnerships, including with Fifth Wall LPs Hines and LMC.

Partnering with Lyric benefits landlords in a number of significant ways. Firstly, Lyric units serve as a desirable amenity for residents by offering professionally managed short-term rentals for tenants’ guests, which increases real estate assets appeal and value. Residents’ guests can stay a floor away in the building, in a higher quality room with a lower price than a traditional hotel. Second, Lyric enables real estate developers to monetize new real estate units from day one compared to the previous scenario of them sitting empty during the full lease-up or sales cycle (which often can take up to a year). Additionally, Lyric operates as a permanent fixture in buildings as a long-term anchor tenant, either through a multi-year master lease or a management agreement (for landlords looking for additional profit opportunities provided by the short-term rental ecosystem). Of incredible value is landlords have access to Lyric’s team of technology experts utilizing the latest innovations in home automation and optimization to almost fully-automate the entire guest booking, check-in and check-out process. Once in a property, Lyric units can be utilized to test and tweek new technologies before full deployment to the rest of the building.

Lyric delivers the optimal solution to deliver legitimacy, legality, and quality to the Airbnb and broader short-term rental market and is alone in its ability to scale. Innovative and forward thinking multi-family landlords are able to participate in this new, large, and fast growing market through partnerships with the company, benefiting both their bottom line and their residents. Fifth Wall is excited to support Lyric as the best in class operator at the nexus of hospitality and residential real estate.