Commercial/Multifamily Briefs, June 27, 2024

(Image courtesy of Markus Winkler via

Covius Launches Hybrid AVM for Commercial Properties Via Service 1st

Covius, Glendale, Colo., announced its Service 1st appraisal management company is offering an advanced hybrid automated valuation model for commercial properties.

It will have applications including valuation cascades, due diligence appraisals, full-appraisal quality reviews, loan origination and pre-qualifications, portfolio management and loan servicing.

The new product combines the property and comparable research from Service 1st’s panel of appraisals with an advanced market-derived algorithm from Vueterix.

It can be used on all types of commercial properties, including offices, hotels and multifamily buildings.

CBRE Plans to Combine Project Management Business With Turner & Townsend

CBRE, Dallas, announced it plans to combine its Project Management business with Turner & Townsend, its majority-owned subsidiary that provides program management, cost consultancy and project management services.

After the transaction closes, CBRE will own 70% of the combined business, and Turner & Townsend partners will hold the remaining 30%. CBRE acquired 60% ownership interest in Turner & Townsend in 2021.

The combined business will be led by Vincent Clancy, Turner & Townsend’s CEO, who will continue to report to a board controlled by CBRE and made up of senior executives from both companies.

Markerr Announces RealRent Comps for Multifamily/Single-Family Rentals

Markerr, New York, announced the launch of RealRent Comps, a new product to provide insight into rental markets for investors, owners, operators and property managers.

The new offering is integrated within the Markerr Data Studio and provides more coverage and other benefits to comps analysis.

The dataset includes information such as asking rental rates by floorplan, detailed property features, unit mix, concessions and availability.

The product is currently available to clients.