The Distribution by Juniper Square

Topics:

(00:00:00) - Intro

(00:01:58) - Nancy’s background and career

(00:17:25) - Making the entrepreneurial leap

(00:19:34) - What does Park Madison look like today?

(00:23:59) - The challenge of raising capital in RE

(0:25:41) - What’s the process for filtering GPs?

(00:30:42) - What should firms be doing in their early days to be best positioned to raise institutional capital?

(00:33:45) - 2025 portfolio outlook

(00:38:11) - The biggest challenges in institutional real estate

(00:40:51) - Investment manager consolidation trends

(00:43:41) - Capital availability regarding recaps

(00:45:57) - Operating in an unpredictable environment

(00:52:38) - What are you most excited about?

Ep.55: Speed to Scale Through Concentrated Diversification - Troy March - Director of Real Estate - North Carolina Retirement System

Tue, 21 Jan 2025 06:00:00 -0000

Troy March is the Director of Real Estate for the North Carolina Retirement System, where he oversees strategy formulation and management of an $8.5B real estate portfolio. With over 23 years of Real Estate experience, he specializes in sourcing, underwriting, and monitoring investments while contributing to the oversight of a $128B pension plan. Prior to NCRS Troy worked at Highwoods Properties and KIMCO. Troy received his MBA from Indiana University and is a holder of the CCIM designation.

Links:

North Carolina Retirement System - https://www.nctreasurer.com/

Troy on LinkedIn - https://www.linkedin.com/in/troy-march-08566a3/

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

(00:01:31) - Troy’s background and career

(00:07:50) - The Co-mingled fund model vs. Separate accounts

(00:15:16) - Identifying strategies, managers, and building relationships

(00:25:59) - Allocation strategies

(00:33:29) - Manager relationships

(00:38:13) - Investor communications

(00:39:46) - Preferences on manager experience

(00:45:24) - Seeking out help and the role of consultants

(00:47:08) - Macro-trends driving North Carolina’s thesis

(00:51:16) - How do you spend your time outside of work?

(00:54:34) - Getting in touch with Troy

Ep.54: From Patience to Partnership: How Family Offices Navigate Private Markets - Todd S. Rich - Co-Founder and Head of Real Estate - Declaration Partners

Tue, 07 Jan 2025 06:00:00 -0000

Todd Rich is a Co-Founder and Partner of Declaration Partners and the Head of Real Estate, serving as chairman of Declaration’s Real Estate Investment Committee. Todd co-founded Declaration with two decades of multi-market real estate investing and operating experience including acquisitions, dispositions, development, leasing, and management of portfolios involving over $20 billion of institutional quality real estate.

Links:

Declaration Partners - https://declarationpartners.com/

Todd on LinkedIn - https://www.linkedin.com/in/todd-s-rich-6a091333/

The Declaration Partners Podcast - https://declarationpartners.com/podcast/

Green Street Reports - https://www.greenstreet.com/real-estate-reit-research

Juniper Square - https://www.junipersquare.com/

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Topics:

(00:00:00) - Intro

(00:01:49) - Todd’s career and background

(00:16:24) - Founding Declaration Partners

(00:22:13) - The Ethos of Declaration

(00:24:27) - The scale of Declaration Partners today

(00:27:37) - Family vs. Institutional capital

(00:31:42) - How are family offices thinking about Real Estate as part of their allocation strategy?

(00:36:00) - LP Learnings

(00:38:41) - Todd’s “Declaration”

(00:40:45) - Focusing on Multifamily, Industrial and Self-Storage

(00:43:08) - Declaration’s Partner-led model

(00:47:03) - What great partners look like

(00:51:18) - Duration strategies

(00:53:17) - Are there any new asset classes that interest you?

(00:54:25) - Closing non-sequiturs

Ep.53: Education as strategy: The Key to Adviser Buy-In - Joan Solotar - Global Head of Private Wealth Solutions - Blackstone

Tue, 17 Dec 2024 06:00:00 -0000

Joan Solotar is the Global Head of Private Wealth Solutions. She serves on the firm’s Management Committee. Blackstone’s Private Wealth Solutions’ mission is to bring institutional quality products across a broad spectrum of alternative asset classes to high-net-worth clients and their advisors. Ms. Solotar also serves on the board of directors of First Eagle Investment Management.

Before joining Blackstone in 2007, Ms. Solotar was Head of Equity Research at Bank of America Securities and a highly ranked Institutional Investor All-Star financial services analyst at Credit Suisse and Donaldson, Lufkin & Jenrette.

Links:

Joan on LinkedIn - https://www.linkedin.com/in/joan-solotar/

Blackstone - https://www.blackstone.com/

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

(00:04:31) - Inside Joan’s office

(00:05:52) - Joan’s background and career

(00:19:47) - What does Blackstone look like today?

(00:20:42) - How would you describe Private Wealth today?

(00:23:13) - What is important to advisors and their clients?

(00:25:46) - How do you think about scaling?

(00:27:32) - What makes a great member of the Sales or Advisory team at Blackstone?

(00:29:22) - Blackstone’s Private Wealth product suite

(00:35:49) - What challenges are you facing in this market?

(00:38:36) - Blackstone’s approach to social media

(00:41:15) - Leadership philosophies

(00:44:45) - Closing advice

Ep.52: From Deals to Durability: Building Exclusively for RIAs - Darren Fisk - Founder and CEO of Forum Investment Group

Tue, 03 Dec 2024 06:00:00 -0000

Darren Fisk is a multifamily expert with 20+ years of experience in real estate and finance. He established Forum in 2007 with a focus on multifamily development and acquisition investments and has since expanded the firm’s capabilities to include real estate debt and structured finance solutions for multifamily owners, operators, and developers across the U.S. In 2020, the firm rebranded as Forum Investment Group to reflect its fully integrated multifamily investment platform and today has evolved into an innovative asset management firm that provides access and expertise to multifamily investments up and down the capital stack and throughout economic cycles.

Darren is a graduate of the University of Colorado – Boulder, where he played football and received a Bachelor of Science in finance. He serves on the advisory board of ACE Scholarships and started the Fisk 5 Foundation with his wife, Blake, to shine a light on the significance of family in the development of tomorrow’s leaders.

Links:

Forum Investment Group - https://forumig.com/

Darren on LinkedIn - https://www.linkedin.com/in/dfiskforumre/

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

(00:01:46) - Darren’s background and career in real estate and the NFL

(00:15:46) - How did you decide to go into entrepreneurship?

(00:23:29) - What did day one at Forum look like?

(00:33:11) - What does Forum look like today?

(00:38:40) - What is the composition of investors in Forum?

(00:42:07) - What works when targeting wealth advisors?

(00:48:46) - How is multifamily perceived in this market?

Ep.51: One Vision, Three Pillars: How to Strategically Build a Vertically Integrated Firm: Larry Heard - CEO - Transwestern

Tue, 19 Nov 2024 06:00:00 -0000

Larry P. Heard is chief executive officer of the Transwestern family of companies, which together comprise a diversified real estate operating, investment management and development organization. The privately held, fully integrated enterprise leverages competencies in office, industrial, retail, multifamily, healthcare, life sciences, sports and entertainment to add value for investors, owners and occupiers of real estate.

Links:

Transwestern - https://transwestern.com/

Larry on LinkedIn - https://www.linkedin.com/in/larry-p-heard/

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

(00:01:13) - Larry’s career and background

(00:11:33) - The evolution of Transwestern

(00:18:42) - Where is Transwestern focusing its energy regarding development?

(00:21:37) - What sectors are you most engaged in on the services side?

(00:24:00) - What has surprised you about the services business?

(00:26:13) - What does the investment side of the business look like?

(00:33:02) - Leadership philosophies

(00:39:13) - How does this current cycle compare to past ones?

(00:45:26) - Where are you putting your energy at this stage of the market?

(00:52:47) - Giving back to the community

(00:56:31) - Career advice

Ep.50: GP-Aligned Investing...Multiple Ways to Win - Wes Whitman - Co-Founder & Co-Managing Partner at Whitman Peterson

Tue, 05 Nov 2024 06:00:00 -0000

Wes is a Co-Founder and Co-Managing Partner of Whitman Peterson. Since the firm’s inception in late 2010, Wes and his partners have overseen the firm’s investment in more than 200 transactions involving 300+ assets, representing more than $25 billion of total capitalization. They have sourced and structured highly strategic partnerships with some of nation’s prominent companies in their target sectors. Prior to the formation of Whitman Peterson, Wes was a Managing Director and Principal at Greystar, the largest multifamily investment, development and management company globally (with $90B+ of assets and more than 900,000+ apartments under management), where his responsibilities included acquisitions of assets and operating companies, asset management, land entitlements, and leading a 200+ member operating team on the West Coast. Wes graduated from Brigham Young University with a B.S. in Finance and received his MBA from Harvard Business School in 2005.

Links:

Whitman Peterson - https://www.whitmanpeterson.com/

Wes on LinkedIn - https://www.linkedin.com/in/wes-whitman-b57997/

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

(00:02:03) - Wes’ background and career

(00:19:00) - Making the decision to leave Greystar and forming Whitman-Peterson

(00:23:15) - What does the organization look like today?

(00:24:51) - What is a GP-aligned investment approach?

(00:34:39) - GP-capital vs. Op-Co capital

(00:37:08) - How do you think about your platform across different sectors and geographies?

(00:42:42) - What are you looking for in your partners?

(00:47:30) - How do you approach Scaling the organization

(00:52:33) - What sectors are you focusing on in this market environment?

(00:56:59) - The Sundance asset

(00:58:36) - Getting in touch with the team

Ep.49: Bridging East and West - Goodwin Gaw - Chairman & Managing Principal of Gaw Capital Partners

Tue, 29 Oct 2024 05:00:00 -0000

Goodwin Gaw is the Chairman, Managing Principal, and Co-Founder of Gaw Capital Partners, a real estate private equity fund management company focusing on markets in Greater China and other high-barrier-to-entry markets globally. Established in 2005, Gaw Capital Partners has raised equity in excess of USD$22 billion as of 2022 Q3 and currently manages assets of over US$35.2 billion as of Q2 2024, encompassing residential developments, retail centers, hotels, commercial, IDC, and logistic properties.

Links:

Gaw Capital Partners - https://www.gawcapital.com/

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

(00:01:18) - Goodwin’s background and career

(00:16:57) - Opportunities for cross-border capital when Asia opened up in the ‘90s

(00:20:00) - What were the most investable assets in China for US institutions?

(00:24:21) - What does Gaw capital look like today?

(00:27:08) - How do you think about entering new markets?

(00:29:48) - Where are you seeing opportunity when others run for the exits?

(00:34:18) - Thoughts on San Francisco

(00:37:27 - What’s the investor appetite for China

(00:41:23) - What other global markets are you in?

(00:42:06) - What is the big opportunity in Japan?

(00:45:15) - Where is the Outbound Asian capital going?

(00:48:28) - Where are you spending your time over the next 12-24 months?

(00:49:49) - Does private credit function similarly in Asian markets?

(00:53:34) - What advice would you give to folks aspiring to become entrepreneurs?

Ep.48: Opportunistic Real Estate: Navigating Dislocations and Market Cycles - Seth Singerman - Managing Principal & Founder of Singerman Real Estate

Tue, 15 Oct 2024 05:00:00 -0000

Seth Singerman is the Managing Principal and Founder of Singerman Real Estate, a value-driven real estate firm focused on executing opportunistic, cycle-resilient investments across all major asset classes.

Links:

Singerman Real Estate - https://www.singermanre.com/

Seth on LinkedIn - https://www.linkedin.com/in/seth-singerman-a6811ba/

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

(00:01:38) - Seth’s background and career

(00:10:59) - Making the leap to start Singerman

(00:13:16) - Singerman’s size and scale

(00:20:08) - Investing Strategies

(00:29:38) - What trends are you seeing in the market?

(00:33:48) - The hospitality thesis

(00:37:01) - The investment opportunity in public markets

(00:41:27) - Leadership lessons and philosophies

Ep.47: Building Value in Europe's Real Estate Markets Amidst Economic Shifts - Krysto Nikolic - Global Head of Real Estate - ICG

Tue, 01 Oct 2024 05:00:00 -0000

Krysto Nikolic is a Senior Managing Director and Global Head of Real Estate at ICG.

Before joining ICG, he was Head of European Real Estate at Starwood Capital Group, serving on its Global Investment and Operating Committees.

Previously, Krysto was a Partner at TPG and started his career at Goldman Sachs International.

Krysto has led over $14 billion of real estate acquisitions and served on the Board of Directors of multiple portfolio companies and real estate platforms.

Links:

ICG - https://icgam.com/

Krysto on LinkedIn - https://www.linkedin.com/in/krysto-nikolic/

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

(00:01:32) - Krysto’s background and career

(00:14:46) - 2012 market dynamics

(00:17:19) - The transformation of European platform investing

(00:19:26) - Experiences at TPG

(00:25:42) - Joining Starwood

(00:30:35) - Transitioning to ICG

(00:35:42) - ICG’s real estate platform

(00:48:42) - The state of the European markets

(00:56:57) - Undervalued asset classes & markets

Ep.46: What Makes an Exceptional CRE Investment Manager - Scott Davies - Managing Director & Co-Head of Real Estate at Hamilton Lane

Tue, 17 Sep 2024 05:00:00 -0000

Scott is a Managing Director and Co-Head of Real Estate on the Real Assets Investment team where he is responsible for the evaluation and due diligence of private real estate investment opportunities. He is a member of the Real Assets Investment Committee.

From 2011 until joining Hamilton Lane in 2017, Scott was a Senior Consultant with Real Asset Portfolio Management LLC focused primarily on the Firm’s real estate investment initiatives with secondary support on other asset classes. Previously, Scott worked in San Diego, California for two private investment firms where he focused on acquiring and trading commercial real estate whole loans and real estate as well as leading underwriting efforts for acquisition of commercial and residential real estate and debt opportunities.

Links:

Hamilton Lane - https://www.hamiltonlane.com/en-us

Scott on LinkedIn - https://www.linkedin.com/in/scott-davies-06ab503/

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

(00:01:05) - Scott’s background and career

(00:15:22) - What is Hamilton-Lane’s footprint today?

(00:18:48) - Bringing the best ideas to clients

(00:20:50) - Why haven’t people heard of HL?

(00:22:28) - What are the table stakes for an exceptional investment manager?

(00:28:49) - Does HL have its own discretionary investment vehicle?

(00:30:32) - What are you seeing in terms of investor appetite?

(00:31:50) - How do you work with investment managers?

(00:33:41) - How are you looking at the performance track records in the post-ZIRP era?

(00:38:10) - How do you think about operational due diligence?

(00:41:00) - What are you seeing in the market today?

(00:48:29) - Has the private wealth side of Hamilton Lane crossed over into real assets?

(00:50:03) - What do you want to see more in your flow?

Ep.45: Accessing the Individual Investor at Scale - Michael Episcope - Co-Founder and Co-CEO at Origin Investments

Tue, 03 Sep 2024 05:00:00 -0000

Michael Episcope co-founded Origin Investments in 2007. Michael is co-CEO, co-chairs the investment committee and oversees investor relations and capital raising.

Links:

Origin Investments - https://origininvestments.com/

Michael on LinkedIn - https://www.linkedin.com/in/michaelepiscope/

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

(00:01:34) - Origin Investments and Michael’s career

(0010:54) - Building Origin

(00:17:02) - How were you able to build your investor base?

(00:21:25) - How would you describe the typical Origin investor?

(00:24:57) - How do you approach investor relations?

(00:27:14) - What is your fund structure?

(0:30:24) - What are you seeing in terms of investor appetite?

(00:33:24) - How does it work structurally when you go outside your investment base to raise?

(00:39:43) - What is Origin’s AUM?

(00:41:39) - What are you seeing in the multifamily market these days?

(00:45:54) - AI

(00:51:37) - 2025 insights

(00:53:02) - How do you think about enterprise value?

(00:59:21) - What are you most excited about for the next 3-5 years?

Ep.44: Financing and the Four Waves of Opportunity for Non-Bank Lenders - Warren de Haan - Founder & CEO of ACORE Capital

Tue, 20 Aug 2024 05:00:00 -0000

Warren de Haan is a founder, Chief Executive Officer, and member of ACORE CAPITAL's Investment Committee.

Mr. de Haan has over 25 years of experience in commercial real estate finance and capital markets. Before co-founding ACORE CAPITAL, he was Chief Originations Officer at Starwood Property Trust, Inc. (NYSE: STWD), a public mortgage REIT, from 2010 to 2014, during which time the REIT grew from $780 million market cap to $5.5 billion market cap. Mr. de Haan was a founding partner and Head of Originations at Countrywide Commercial Real Estate Finance, overseeing the expansion of the division's footprint to 15 offices across the U.S. He also co-founded Coastal Capital, a firm focused on the acquisition of U.S. CRE loans post GFC. Mr. de Haan began his career as an originator in Nomura's New York City-based Large Commercial Real Estate Loan Group.

Links:

ACORE Capital

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

(00:01:15) - Warren’s background and career

(00:24:15) - ACORE Capital

(00:32:43) - How do you see the proliferation of sub-scale managers in the market?

(00:36:55) - How should folks think about asset managers in the context of a financing business?

(00:41:32) - What’s the state of the CRE Debt market?

(00:50:14) - How do you see fundamentals performing right now?

Disclaimer: Certain statements contained herein reflect the subjective views and opinions of ACORE Capital (“ACORE”) and may include our general view of the market and expectations of the market in the future. This presentation may contain forward-looking statements. Forward-looking statements are inherently uncertain and there is no guarantee that any projections or estimates about the future will materialize. Under no circumstances is this presentation to be used or considered as an offer to sell, or a solicitation of any offer to buy, any security. Any such offering may be made only by an offering memorandum that would be furnished to prospective investors who express an interest in an investment program of the type being considered, and that would describe the risks associated with an investment in the investment program. The information in this presentation is provided to you as of the dates indicated and ACORE does not intend to update the information after its distribution, even in the event that the information becomes materially inaccurate. The information contained herein may not be reproduced in whole or in part nor disclosed by the recipient to any other party without ACORE’s prior written consent.

Ep.43: The Future of Affordable Housing: Space, Mobility, and Aging in place - Daryl Carter, Founder & CEO of Avanath Capital Management

Tue, 06 Aug 2024 05:00:00 -0000

Daryl J. Carter, a 41-year veteran of the commercial real estate industry, is the Founder, Chairman, and CEO of Avanath Capital Management, LLC. Mr. Carter directs the overall strategy and operations of the Company, a California-based investment firm that acquires, renovates, and operates apartment properties, with an emphasis on affordable and workforce communities. Since its formation in 2008, Avanath has acquired $3.5 billion of properties across 14 states in the U.S., comprising 15,000 apartment units. Avanath is vertically integrated and is an SEC-registered investment advisor and institutional fund manager.

Links

Avanath Capital Management - https://www.avanath.com/

Daryl on LinkedIn - https://www.LinkedIn.com/DarylCarter

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

(00:00:55) - Daryl’s background and career

(00:06:15) - Did you know you wanted to be in Real estate?

(00:07:53) - What got you interested in architecture?

(00:09:24) - Starting Capri Capital

(00:18:28) - The myths of investing in affordable housing

(00:26:36) - How has the affordable housing industry changed over the past 15 years?

(00:32:06) - What do you hope will happen for housing affordability?

(00:37:09) - What is your unique advantage as a firm?

(00:41:08) - What attributes are requirements for communities you own?

(00:45:19) - Are 3-4br apartments going to be the norm in the future?

(00:47:50) - How is the industry doing in bringing a more diverse workforce together?

(00:54:07) - What do you think are markers of great leadership?

Ep. 42: Demystifying the Office Market - Owen Thomas - Chairman & CEO of BXP

Tue, 16 Jul 2024 05:00:00 -0000

Owen Thomas is the Chairman and CEO of BXP. He served as the first Chairman at Lehman from 2012 until 2013 when he joined BXP. Before Lehman, Mr. Thomas was with Morgan Stanley for 24 years serving in several different roles, business units, and locations, including Chief Executive Officer of Morgan Stanley Asia and Chairman of Mitsubishi UFJ Morgan Stanley Securities, while living in Hong Kong from 2008 until 2011. He also held the roles of President of Morgan Stanley Investment Management and head of Morgan Stanley Real Estate and served on Morgan Stanley’s Management Committee from 2005 until 2011.

Links:

BXP - https://www.bxp.com/

Owen on LinkedIn - https://www.linkedin.com/in/owen-thomas-4012a640/

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

(00:01:31) - Owen’s background and career

(00:24:00) - Where are we today in the office market?

(00:29:52) - What do WFH/WFO policy talks look like with tenants?

(00:37:05) - What makes something a “premiere” asset?

(00:43:43) - What is your role in the economic health of a city?

(00:48:01) - What’s your involvement with affordable housing?

(00:50:17) - What’s your take on the overall health of the innovation sector as it rebounds?

(00:53:39) - How do you think about sustainability in the office environment?

Ep.41: Institutionalizing Niche Sectors - Randy Rowe - Chairman & Founder of Green Courte Partners

Tue, 02 Jul 2024 05:00:00 -0000

Randy is the Chairman of Green Courte and The Parking Spot, Green Courte’s near-airport parking portfolio operating company.

Randy is also a co-founder and former Chairman of Transwestern Investment Company, LLC, and former Chairman and Director of Transwestern Commercial Services, LLC. Randy was also Chairman and Chief Executive Officer of Hometown America, LLC, a large owner of manufactured housing communities.

Links:

Green Courte Partners - https://greencourtepartners.com/

Randy on LinkedIn - https://www.linkedin.com/in/randy-rowe-4822b812/

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

(00:01:14) - Randy’s background and career

(00:10:17) - What was it like working for Sam Zell?

(00:13:42) - How do you think about the evolution of the market over the course of your career?

(00:24:13) - What led you to make the jump to Transwestern?

(00:27:29) - Why didn’t the Rockefeller Center deal not work out?

(00:29:56) - Building Transwestern

(00:34:00) - Starting Green Courte Partners

(00:41:28) - What is a covered land play?

(00:42:51) - How do you think about transforming capital allocations from niche sectors into alternatives?

(00:49:26) - What’s the size of your organization today?

(00:52:02) - What trends are you tracking right now?

(00:58:16) - Closing advice

Ep.40: Beyond the Asset: The Power of Platform Investing - Matt Kaplan - Managing Partner of Almanac Realty Investors

Tue, 18 Jun 2024 05:00:00 -0000

Matt Kaplan is the Managing Partner of Almanac Realty Investors, an investment company providing growth capital to real estate companies in North America. He is responsible for overseeing the activities of the firm as well as the portfolio management of the ARS Funds. Prior to joining Almanac in 1990, Kaplan served in the Corporate Finance Department of Rothschild Inc, one of the world’s largest independent financial advisory groups today.

Links:

Almanac Realty Investors

Matt on LinkedIn

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

(00:01:37) - Matt’s background and career

(00:09:36) - What were some early lessons learned that informed your career?

(00:11:18) - What was your original thesis for Almanac?

(00:16:43) - What does the organization look like today?

(00:21:13) - How do you differentiate the GP stakes side of the business and the RE investing side?

(00:24:23) - Where are we in the market today?

(00:27:45 - How do you think about the difference between platform and asset investing?

(00:32:45) - What do you look for in partners and GPs?

(00:38:48) - What advice would you give to GPs wanting to be ‘ready’ to partner with a firm like yours?

(00:42:36) - How do you think about governance?

(00:46:21) - Do you see boards of directors created post-investment?

(00:50:00) - Where do you see the industry over the next 20 years?

(00:51:35) - How does the rise of private wealth impact the industry?

(00:53:34) - How would you describe your approach to technology?

Ep.39: Trust, Talent, and Technology at Altimeter and TPG - Meghan Reynolds, Partner, Head of Capital Formation & Talent at Altimeter

Tue, 11 Jun 2024 05:00:00 -0000

Meghan Reynolds is a Partner and Head of Capital Formation at Altimeter Capital Management. She brings over two decades of experience in finance and private equity to her role. Prior to joining Altimeter, Meghan was a Managing Partner at TPG, where she was global co-head of Capital Formation for 10 years.

Links:

Meghan on X

Altimeter

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

(00:01:18) - Meghan’s career and background

(00:15:54) - Leaving Goldman Sachs for TPG

(00:20:45) - The decision to join Altimeter

(00:22:31) - What is your role with Altimeter?

(00:30:35) - How do you know when you’re deviating from the goal of Essentialism?

(00:33:09) - What do investors want these days from folks like Altimeter?

(00:38:40) - Do you see investors putting capital in both private and public markets?

(00:42:56) - What are your big ideas right now in regard to technology investing?

(00:47:10) - What role does X/Twitter play in your career?

(00:51:38) - What advice would you give to women looking to get into your field?

Ep.38: Beyond the Metropolis: Unlocking Opportunities in Smaller Markets - Ryan Swehla - Co-CEO of Graceada Partners

Tue, 04 Jun 2024 05:00:00 -0000

Ryan is Co-CEO and Co-Founder and provides strategic direction and oversees capital sourcing for Graceada Partners’ portfolio. He serves on Graceada Partners’ investment committee and focuses on strategic capital relationships, leading Graceada Partners’ sponsorship of three real estate funds and prior syndications.

Links:

Graceada Partners - https://www.graceadapartners.com/

Ryan on LinkedIn - https://www.linkedin.com/in/ryan-swehla/

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

(00:01:18) - Ryan’s career and background

(00:11:20) - Starting a business amid the GFC

(00:16:11) - What does your business look like today?

(00:20:02) - What is your strategy?

(00:23:36) - Why wouldn’t any institutional manager be able to follow your strategy?

(00:26:34) - What does the infrastructure of your business look like?

(00:28:10) - What’s been most surprising about these markets you operate in?

(00:31:57) - Following the In-N-Out Strategy

(00:34:53) - What does your addressable market look like?

(00:37:23) - What are the economics your teams are seeing in the markets you operate in?

(00:39:25) - What’s the secret behind being a first-mover in these markets?

(00:43:52) - What have you learned as an emerging manager in institutional investment management?

(00:46:52) - What are your top business priorities going forward?

Ep. 37: Crafting compelling stories to differentiate in a crowded market - Deborah Smith - CEO of The CenterCap Group

Tue, 21 May 2024 05:00:00 -0000

Deborah Smith is Co-Founder and CEO of The CenterCap Group, LLC and heads the firm's Strategic Capital and M&A and Execution efforts. Prior to forming The CenterCap Group, LLC, Ms. Smith was Co-Head of M&A and a Senior Managing Director with CB Richard Ellis Investors (CB Richard Ellis's $40 billion AUM investment management business).

Links:

The CenterCap Group, LLC

Deobroah on LinkedIn

OpenAI's Sora Announcement

Topics:

(00:00:00) - Intro

(00:00:51) - Deborah’s background and career

(00:05:18) - Deborah’s experience with CBRE

(00:07:57) - What was the thesis behind starting your own boutique investment bank?

(00:11:14) - How has real estate as an institutional asset class changed over your career?

(00:13:51) - What was driving REIT activity pre-GFC?

(00:16:36) - What are you seeing in the markets today?

(00:18:40) - What does CenterCap do today?

(00:23:06) - What does it mean to have a ‘good story’ to stand on?

(00:28:25) - What are some important principles for GPs to think about when looking for capital partners?

(00:33:31) - What are you getting in return for capital?

(00:36:51) - What are you seeing that is driving the buy-side of the acquisitions you’re involved with?

(00:39:59) - Where are other capital providers coming from?

(00:41:55) - What’s driving RIA’s wanting to have captive GPs?

(00:47:38) - How do you think about drivers of enterprise value?

Ep. 36: Scaling Greystar from the largest apartment owner in the US to a global investment manager with Wes Fuller, CIO

Tue, 07 May 2024 05:00:00 -0000

Wes Fuller is the Chief Investment Officer at Greystar and leads the company’s Investment Management business, including Fund Management, Portfolio and Asset Management, and the Greystar Investor Relations team. Wes serves as a member of the Greystar Investment Committee and Executive Committee.

Wes maintains management oversight of the company’s Investment Management business, which focuses on investments in rental housing in the United States, Europe, Asia-Pacific, and South America regions through a series of investment vehicles with institutional clients. Under Wes’s leadership, the company began investing in international markets in 2013, including significant investments in the United Kingdom, the Netherlands, Spain, Germany, Austria, France, Ireland, Mexico, Chile, Brazil, Australia, China, and Japan. The company’s robust institutional investment management platform has a global presence in 146 strategic markets.

We discuss:

Wes' career arc with Greystar
Learnings from Bob Faith
Defining Greystar's "Living" approach to assets
Trends in multifamily, office and other asset classes

Links:

Topics:

(00:00:00) - Intro

(00:01:10) - Wes’ background and career with Greystar

(00:14:08) - Learnings from Bob Faith

(00:16:48) - How did you define your identity as an investment manager?

(00:19:07) - Why were international investors so interested in housing and multifamily after the GFC?

(00:23:27) - What does Greystar’s business look like today?

(00:27:48) - How do you differentiate between multifamily and ‘living’?

(00:33:34) - Greystar’s logistics program

(00:35:22) - What are some big trends you’re seeing right now?

(00:45:53) - What were the most noticeable trends you saw during COVID-19 and what are you anticipating for urbanization?

Ep. 35: Five lessons from the world’s fifth-largest owner of CRE - Carly Tripp, CIO of Nuveen

Tue, 16 Apr 2024 05:00:00 -0000

Carly is Global Chief Investment Officer and Head of Investments for Nuveen Real Estate. Nuveen Real Estate is one of the world’s leading investment managers with over $150 billion in assets under management. Globally, she leads a team of 350+ investment professionals responsible for all transactional and asset management functions. Carly is also a member of the Global Executive Leadership team.

On this episode, we discuss:

Problems in the market today
Nuveen's pre-covid pivot away from office
Core drivers in Nuveen's markets
Affordable housing, Industrial, and Retail assets

Links:

Nuveen

Carly on LinkedIn

Topics:

(00:00:00) - Intro

(00:00:37) - Carly’s background and career

(00:07:35) - How would you describe your role?

(00:09:58) - Are there any experiences that were formative in becoming a Global CIO?

(00:12:54) - What are some problems that are top of mind when looking at the markets?

(00:16:09) - Pivoting from office into housing and industrial pre-covid

(00:18:35) - Nuveen’s asset allocation

(00:24:47) - Have you changed your approach to recruiting talent?

(00:28:14) - What are some core drivers in the regions where you have assets?

(00:31:45) - What sectors of the US are you leaning into?

(00:35:04) - Affordable housing & mixed use

(00:41:38) - How is ecommerce impacting physical retail?

(00:45:18) - Thoughts on industrial

(00:49:10) - How to get in touch

Ep. 34: Scaling via Building Enterprise Value - Peter Braffman - Managing Director, Real Estate Investments, GCM Grosvenor

Fri, 05 Apr 2024 17:36:00 -0000

Mr. Braffman is a member of the Infrastructure Advantage Investment Committee and the Real Assets Investment Committee. He leads the firm’s real estate practice and is responsible for managing investment activities, product development, and growth.

On this episode, Peter and Brandon discuss:

GCM Grosvenor and Investing strategies
Defining the emerging manager
Stakes investing
Creating enterprise value

Links:

GCM Grosvenor

Topics:

(00:00:00) - Intro

(00:00:36) - Peter’s background and career

(00:08:00) - The Resolution Trust Corporation

(00:12:58) - GCM Grosvenor

(00:19:52) - Investing Strategies

(00:27:58) - Defining an emerging manager

(00:29:32) - How important is the type of capital to your investing thesis?

(00:32:20) - Stakes investing

(00:37:37) - Creating enterprise value

(00:40:54) - GCM’s investing strategy

(00:48:30) - Advice for investors

(00:54:45) - How are you thinking about niche asset classes today?

(01:00:30) - Getting in touch with Peter

The views presented in the podcast are my own and may not represent the views of GCM Grosvenor or others. Also, any specific names are provided only as example. Further, past performance is not indicative of future results.

Ep. 33: Building a Scaleable Investment Strategy with Greg Friedman, Managing Partner & CEO of Peachtree Group

Tue, 19 Mar 2024 05:00:00 -0000

Since co-founding Peachtree Group in 2007, Greg has successfully overseen investments of approximately $10.0 billion in commercial real estate and various other enterprises.

With over 24 years of experience, he brings extensive credit and equity investing expertise, particularly in hotels and other commercial real estate assets. Greg was formerly senior vice president of business development for Specialty Finance Group, originating more than $2.0 billion of credit transactions. Previously, he was vice president of business development for GMAC Commercial Mortgage Asset-Backed Lending Division. During his six-year tenure, he originated, closed, and funded more than 300 hospitality FF&E financing transactions with an aggregate capital structure exceeding $10.0 billion.

Links:

Peachtree Group

Topics:

(00:00:00) - Intro

(00:00:36) - Greg’s upbringing and early career

(00:07:55) - Experiencing real estate as a kid

(00:10:05) - Building Peachtree

(00:17:46) - Bringing asset management in-house during the GFC

(00:19:45) - Who was making up your investor base during that time?

(00:20:58) - The early evolutions of Peachtree

(00:25:32) - What does Peachtree look like today?

(00:29:20) - What does the investment team look like and how do you capitalize deals?

(00:33:30) - CPACE

(00:38:45) - Where are you focused in hospitality right now?

(00:47:29) - What questions should investors be asking to have a better knowledge base on hospitality?

(00:50:07) - What are your thoughts on the macro environment?

(00:55:08) - Are there any assets you’re avoiding?

(00:56:19) - What’s driving the American consumer right now?

Ep. 32: What it Takes to Become a Top 25 Multifamily Investment Manager - Bob Hart - President & CEO of TruAmerica

Tue, 05 Mar 2024 06:00:00 -0000

As Founder, CEO and President of TruAmerica Multifamily, Bob Hart oversees acquisitions, asset management, rehabilitation, renovation, and dispositions of multifamily residential investments in the Western United States. Throughout his career, Bob has overseen the acquisition and disposition of more than $7.9 billion in assets within the United States and Japan.

On this episode, Brandon and Bob discuss:

Bob's career in real estate
Building TruAmerica
Creating desirable places to live
Thoughts on the market

Links:

- TruAmerica Multifamily

- Bob on LinkedIn

- Brandon on LinkedIn

- Juniper Square

Topics:

(00:00:00) - Intro

(00:00:30) - Bob’s extensive career in real estate

(00:11:39) - What was the impetus for starting TruAmerica?

(00:12:42) - What did the institutional multifamily landscape look like in 2013?

(00:16:21) - What does the scope of the business look like today?

(00:17:25) - Why did you choose to enter Washington D.C.?

(00:18:04) - Are you vertically integrated?

(00:19:56) - How do you think about the supply/demand issue in housing?

(00:22:16) - Thoughts on workforce & affordable housing

(00:28:25) - What is your philosophy around creating desirable living places for tenants and cities?

(00:30:58) - Are you seeing shifts in what the customer wants from their housing?

(00:32:11) - Do you see Build to Rent as a long-term trend?

(00:33:36) - What’s your take on the macro-environment for housing?

(00:37:17) - How do you create value in assets in this economic environment?

(00:38:50) - Why are rates going up?

(00:41:03) - Sustainability practices

(00:42:20) - What advice do you have for folks in real estate who have not experienced a true down market?

(00:44:20) - Are you seeing distressed deals come your way?

(00:45:36) - What interests you over the next 12-18 months?

(00:46:23) - Are there markets you’ll either leave or enter?

(00:47:14) - Is there anything that keeps you up at night?

(00:48:07) - Where will interest rates be in 2025?

(00:50:15) - Bob’s philanthropic efforts

Ep. 31: The Evolution of Institutional Real Estate - Geoffrey Dohrmann - Founder, Chairman & CEO of IREI

Tue, 20 Feb 2024 06:00:00 -0000

Geoffrey Dohrmann, CRE, is the founder, chairman, and CEO, and also serves as a director, of Institutional Real Estate, Inc., a San Ramon, Calif.–based publishing and consulting company focused on meeting the information needs of the institutional real estate, infrastructure, and private wealth advisory investment communities.

In this episode, Geoffrey and Brandon discuss:

The History of ERISA Funds
Defined Benefits and Defined Contributions
The potential Pension Fund crisis
The state of institutional real estate markets

Links:

Topics:

(00:00:00) - Intro

(00:01:02) - Geoffrey’s background and career

(00:11:43) - ERISA Funds

(00:17:42) - Defined Benefits and Defined Contributions

(00:22:41) - The potential Pension Fund crisis

(00:29:26) - What are you observing in public pension funds allocating to institutional real estate?

(00:32:06) - What is your take on the current state of institutional real estate markets?

(00:36:13) - Geoff’s perspective on valuations

(00:39:11) - The evolution of technology in institutional real estate

(00:42:01) - How does transparency factor into expectations for investment managers?

(00:46:19) - What advice do you have for client services professionals?

(00:50:24) - What do you think institutional real estate looks like in 40 years in the financial market’s eyes?

(00:52:35) - What are your plans for IREI over the next decade?

Ep. 30: Asymmetric Returns in Hospitality and Multifamily - Roman Pedan - Founder & CEO of Kasa

Tue, 06 Feb 2024 06:00:00 -0000

Roman Pedan is the Chief Executive Officer of Kasa Living, Inc., a flexible accommodations brand he founded in 2016.

Roman has over a decade of experience in real estate investing and technology entrepreneurship. He was an early team member at KKR's Real Estate Private Equity group where he worked on hotel transactions totaling $1.2 billion across the U.S. and was involved in every hotel transaction that KKR closed during his tenure. Roman was also an early team member at Juniper Square, a market-leading investment management platform, and was the founder of a startup called book.ly, a profitable, vertical e-commerce website that sold more than $15mm of textbooks.

In this episode, Brandon and Roman discuss:

Bridging Computer Science and real estate
Building Kasa Living
Trends in hospitality

Links:

Roman@Kasa.com

LaSalle Investment Management

Topics:

(00:00:00) - Intro

(00:01:12) - Introducing Roman and Kasa

(00:04:02) - Roman’s career

(00:08:02) - Bridging computer science and real estate

(00:11:27) - Building Kasa

(00:23:09) - Kasa’s metrics today

(00:26:48) - How do you optimize for success between Kasa and the owner/landlord?

(00:30:28) - How do your management contracts work with owners?

(00:32:19) - Why does Kasa work in a hotel?

(00:36:34) - What trends have you seen in hospitality over the lifetime of the business?

(00:40:57) - Do you face any regulatory challenges?

(00:44:54) - Do your properties operate as both multifamily and hospitality?

(00:46:39) - Where does Kasa fit in the OpCo/PropCo model?

(00:51:23) - What are you looking forward to most over the next 12 months?

Ep. 29: Understanding Risk, Culture, and Complexity - Mark Gabbay - Global CEO of LaSalle

Tue, 16 Jan 2024 06:00:00 -0000

Mark Gabbay is Global CEO of LaSalle, a position he assumed in January 2021. He is responsible for strategic leadership of LaSalle’s 850+ employees and oversight of the firm’s $89 billion of assets, including investment strategy and operational activities across North America, Asia Pacific, and Europe.

Mark joined LaSalle in 2010 as Chief Investment Officer for Asia Pacific. In 2015, he became CEO of the region, in addition to his CIO oversight, and maintained overall responsibility for formulating and implementing LaSalle’s investment strategy across Asia Pacific, sourcing opportunities and overseeing the investment process.

In this episode, Brandon and Mark discuss:

Mark's experience in Asia and the influence on his career
Leadership philosophies
Scaled vs. non-scaled products
What investors want to know today

Links:

Topics:

(00:00:00) - Intro

(00:01:37) - Mark’s background and career

(00:19:23) - LaSalle Investment Management

(00:20:50) - How did your time in Asia impact your approach to your career?

(00:25:31) - Is it common to have employees investing in the GP?

(00:25:57) - How have you developed your leadership style?

(00:30:19) - What surprised you since taking on the role of Global CEO?

(00:32:49) - Scaled vs. non-scaled products

(00:32:04) - How does the current cycle compare to previous ones you’ve experienced?

(00:40:19) - What are you seeing in terms of non-institutional appetite for private real estate?

(00:42:39) - What do investors want to know today?

(00:47:36) - Where are the real estate bright spots geographically right now?

(00:50:53) - What do you tell team members who haven’t experienced a downturn?

(00:53:56) - What’s top of mind for you right now in this environment?

(00:55:40) - What’s something most folks don’t know about you?

Ep. 28: Building the Bridges Between Fintech and Financial Institutions - David Haber - General Partner at Andreessen Horowitz

Tue, 02 Jan 2024 06:00:00 -0000

On this episode of The Distribution, Brandon Sedloff sits down with David Haber, a General Partner at Andreessen Horowitz where he focuses on technology investments in financial services.

David was previously a senior executive in Firmwide Strategy at Goldman Sachs where he helped lead partnerships, new ventures and M&A. Before joining the firm, David was the Founder and CEO of Bond Street, which aimed to transform small business lending through technology, data, and design. Bond Street was acquired by Goldman Sachs in October 2017 as part of the firm’s digital finance business. Previously, David was a venture investor at Spark Capital and a founding associate of Locus Analytics, a start-up asset management firm.

Links:

a16z.com

Topics:

(00:00:00) - Intro

(00:01:29) - David’s background and career

(00:12:38) - Moving from entrepreneurship to a large organization

(00:17:14) - What was the thinking behind making the jump from Goldman Sachs to a16z?

(00:20:52) - The intersection of entrepreneurship and enterprise value company building

(00:27:56) - David’s experience as a venture investor

(00:29:42) - Defining Fintech

(00:33:01) - How are you adding value to partners?

(00:36:21) - What areas of Fintech are you most excited about?

(00:38:56) - Thoughts on generative AI

(00:41:47) - How are you gauging risk when underwriting an AI investment?

(00:45:20) - Developing an investment thesis

(00:47:36) - What are you excited about over the next 12 months?

The views expressed here are those of the individual personnel quoted and are not the views of a16z or its affiliates. This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors and may not under any circumstances be relied upon when making a decision to invest in any a16z funds. PLEASE SEE MORE HERE: https://a16z.com/disclosures/

Ep. 27 : The Changing Dynamic of the Housing Market - John Burns - Founder & CEO of JBREC

Tue, 19 Dec 2023 06:00:00 -0000

On this episode of The Distribution, Brandon Sedloff sits down with John Burns, founder and CEO of John Burns Research and Consulting, an independent research and consulting firm serving the U.S. housing industry. Few people know as much about the residential market as John and his team do. During the conversation, he discussed how the single-family rental housing market has evolved since 2012, which data points his team uses to monitor supply and demand and the volatility in the mortgage market.

Links:

Topics:

(00:00:00) - Intro

(00:01:27) - John’s career and an inside look at the structure of JBREC

(00:06:19) - The story of housing in the US over the past 40 years

(00:07:39) - When did the institutionalization of housing take place?

(00:10:55) - What’s happened in SFR over the past decade?

(00:12:03) - How is institutionalization impacting the industry?

(00:15:16) - Demographics in renting vs. owning homes

(00:16:14) - SFR vs. Build to Rent

(00:17:44) - The state of the new-home market

(00:20:36) - What’s consumer demand looking like?

(00:23:23) - Is there any risk of accelerated institutionalization?

(00:24:28) - Leading indicators for the housing market

(00:28:47) - Thoughts on an impending recession

(00:30:11) - What’s your take on the rising interest rates?

(00:33:27) - How can we truly achieve affordability in housing?

(00:38:41) - What do you predict for the housing market over the next 12 months?

(00:40:49) - How would you advise folks interested in the housing market?

(00:42:25) - John’s Fear and Greed Survey

(00:45:25) - What’s the best way to contact your firm?

Ep. 26: Learning the Lessons of Each Cycle - Jeff Giller - Head of Real Estate at StepStone Group

Tue, 05 Dec 2023 06:00:00 -0000

In this episode of The Distribution by Juniper Square, Brandon Sedloff sits down with Jeff Giller, Partner and Head of StepStone Real Estate, where he leads the global real estate investment and advisory activities and chairs the real estate investment committees.

During their conversation, the two discuss:

What real estate professionals learn if they start their career in a downturn
The co-mingling of advisory business and investment management
The potential market for LP secondaries

Listen to their full conversation now.

Links:

Topics:

(00:00:00) - Intro

(00:01:39) - Jeff’s career and background

(00:13:21) - How to interact with managers who have not experienced a downturn

(00:18:47) - StepStone’s consulting arm

(00:22:52) - Co-mingling the advising and investment management sides of the business

(00:29:32) - The GP-led secondary space

(00:33:18) - What trends are you seeing from LPs in the market?

(00:42:28) - What advice would you have for folks looking to get the attention of a StepStone?

(00:44:49) - How do you think about forming your thesis?

(00:48:36) - What changes do you anticipate over the next 18 months?

(00:51:01) - What do you predict for the Office?

(00:54:09) - How can people get in touch?

Ep. 25: A Dutch Investor's Perspective on the Case for North America Real Estate - Bert van den Hoek - Senior Portfolio Manager: North American Investments at Bouwinvest

Tue, 21 Nov 2023 06:00:00 -0000

On today’s episode, I sit down with Bert van den Hoek, Senior Portfolio Manager of North America for Bouwinvest Real Estate Investors, whose New York office he opened in 2020. Bouwinvest specializes in managing real estate portfolios for institutional investors and currently manages €15.1 billion in assets across Europe, North America, and Asia-Pacific.

During our conversation, Bert and I discussed:

Why life sciences and data centers were some of the first investments Bouwinvest North America made
Why real estate is still a relationship business
How Bouwinvest hopes to influence other U.S. managers to move towards a more sustainable investing model that balances societal and financial returns.

Links:

Bouwinvest

CBRE Investment Management

Topics:

(00:00:00) - Intro

(00:02:08) - Bert’s background and career

(00:09:30) - Bert’s investment philosophy

(00:12:20) - The scale of Bouwinvest

(00:17:00) - Approaching programmatic JVs

(00:18:29) - Profiling a manager to invest with

(00:20:59) - What investment strategies are you focused on today?

(00:23:18) - Investments in Europe, Asia and Australia

(00:26:50) - How did you develop your investment thesis?

(00:29:19) - Do you use consultants in your work?

(00:30:58) - Bert’s acquisition process

(00:33:32) - How to find great managers

(00:35:39) - Expectations of managers

(00:45:24) - What are your predictions for the market over the next 24 months?

(00:49:38) - What advice would you have for investors and managers?

(00:51:48) - How can people contact you?

Ep. 24: Survive to '25: An Economist's View of the CRE Industry - Sabina Reeves - Chief Economist at CBRE

Tue, 07 Nov 2023 06:00:00 -0000

Sabina Reeves is Chief Economist & Head of Insights & Intelligence for CBRE Investment Management. She is responsible for the firm’s 30-member real assets research team and has a specific role in selecting the economic scenarios and macro risk assessments that power the firm’s proprietary real assets forecasts. In addition, Sabina has executive responsibility for the firm’s 20-member Analytics and Risk Measurement team.

Links:

Sabina on LinkedIn

Sabina on X

Topics:

(00:00:00) - Intro

(00:01:49) - Sabina’s career and background

(00:04:36) - Insights and intelligence at CBRE

(00:06:31) - How AI is impacting their work

(00:08:59) - What are the main themes you’re hearing from clients as it relates to markets?

(00:11:11) - Geopolitical issues having a downstream impact on CRE

(00:15:45) - Demographic shift impacts on CRE

(00:18:57) - The macroeconomic environment in Europe & the United States

(00:27:17) - Predictions for the future

(00:29:15) - Looking back on the real estate environment of previous cycles

(00:32:24) - The impact of GDP growth in the USA

(00:35:55) - Thoughts on US consumer debt

(00:39:50) - Other issues investors and operators should be thinking about

(00:43:43) - Office market fundamentals

(00:51:15) - Trends in US asset classes

(00:56:55) - Thoughts on infrastructure

(01:02:42) - Technology trends for CRE and infrastructure

(01:05:39) - What people need to be asking about right now

(01:07:13) - Where to reach Sabina

Ep. 23: Delivering meaningful digital solutions at scale - Ilene Goldfine, Chief Digital Strategy Officer @ Hines

Tue, 17 Oct 2023 05:00:00 -0000

In this episode of The Distribution by Juniper Square, Brandon Sedloff spoke with Ilene Goldfine, Chief Digital Strategy Officer at Hines, one of the largest privately held real estate investors and managers in the world. In her role, Ilene is responsible for new digital strategy initiatives throughout the company, using technology and data to empower employees, engage clients and partners, optimize operations and transform their products and services.

During their conversation, the two discussed:

How technology is evolving to solve more meaningful problems
The four pillars of Hines’ data strategy
How data warehousing can change the real estate industry

Links:

Ilene on LinkedIn

Hines

Topics:

(00:00:00) Intro

(00:01:44) Ilene’s background and role at Hines

(00:09:26) What does the organization look like today?

(00:10:46) Who is the primary client you build for?

(00:13:41) What makes Hines such a special place?

(00:19:22) Defining Proptech

(00:24:28) What pain points are you trying to solve for the end user?

(00:29:53) What does the infrastructure of a data organization look like?

(00:42:06) How do you think about change management?

(00:49:02) Diversity of Thought

(00:54:42) What are your thoughts on the market?

Ep. 22: The Building of a PropTech Venture Fund - Dave Eisenberg, Founding Partner at Zigg Capital

Tue, 03 Oct 2023 05:00:00 -0000

After 12 years as an operator (Bonobos, TellApart, Floored, CBRE), Dave is now a full-time investor with Zigg, a global investment organization with a singular mission: to accelerate the combination of real estate and technology, improving our collective quality of life, work, and community.

On this episode, Brandon and Dave discuss:

How Zigg sources deals
The innovation of Real Estate Technology
How Zigg approaches portfolio construction
What needs to change in order for the industry to mass-adopt technological advancements

Links:

Zigg Capital

Dave on LinkedIn & Twitter

Hello@Ziggcap.com

Connect with Brandon on LinkedIn

Topics:

(00:00:00) Intro

(00:01:27) Dave’s background and Zigg Capital

(00:04:26) - What are some of the big differentiators of the different chapters of your career?

(00:08:30) What was your experience transitioning into entrepreneurship and becoming an operator?

(00:12:17) Zigg Capital

(00:18:22) How do you source deals?

(00:20:05) Where do you think we are in the innovation of real estate technology?

(00:23:03) Where are you seeing the highest level of technology adoption?

(00:24:50) Are there niches where you hope the flywheel will start picking up?

(00:27:42) How would you describe your approach to portfolio construction?

(00:38:14) Where do you think capital will come from for those investing in real estate?

(00:41:18) Why would a company select Zigg for capital?

(00:47:42) What’s your take on AI and where we will be in the next decade from an innovation perspective?

(00:51:32) What must change in order for the industry to achieve the Cambrian explosion?

Ep. 21: Investing with a Strong Point of View - Taylor Mammen, CEO of RCLCO Fund Advisors

Tue, 19 Sep 2023 05:00:00 -0000

On today’s episode, I sit down with Taylor Mammen, CEO of RCLCO Fund Advisors (RFA). RCLCO Fund Advisors (RFA) is a real estate advisory service for institutional investors on all aspects of their complex real estate investment portfolios, from strategy development to underwriting and asset management. Taylor helped pioneer this business beginning in the aftermath of the Global Financial Crisis, when several prominent pension funds turned to RFA with the goal of constructing better performing and more resilient real estate portfolios, and has grown it to become a highly respected institutional real estate advisor, working with some of the largest and most dynamic institutional investors in the world.…

On today’s podcast, we have a wide-ranging discussion covering how RFA operates as a consultant, the macroeconomy, the role real estate plays, and the importance of operational leverage going forward.

RFA is a data-driven consultant and I enjoyed hearing Taylor’s perspective on investors changing appetite and need for alpha, what to look for in a partner who has a strategic approach to investing along with the importance of communication in managing LP and LP advisor relationships.

Let’s get into it.

Links:

Connect with Taylor

RCLCO Fund Advisors

Topics:

(00:01:50) Taylor’s background and RCLCO Fund Advisors

(00:04:00) The role ROLCO plays on behalf of LPs

(00:07:28) How do you compare and contrast your firm with the traditional consulting model?

(00:10:24) What’s the general appetite for US real estate in this economic state?

(00:21:51) What is the RFA view on a potential recession?

(00:25:31) How are you thinking about the future of closed-end fund investing?

(00:34:05) How are you thinking about the performance of niche sectors and their role in portfolio creation for a typical institutional investor?

(00:38:55) What’s your process for Manager selection?

(00:44:00) What can folks do to be different when they meet with consultants or LPs?

(00:48:41) What is important to you once an investment has been made in terms of building relationships with investors?

(00:52:20) Parting advice

Ep. 20: The Past, Present and Future of Office - Lisa Picard - Former CEO of EQ Office and Advisor to Sway Ventures

Tue, 05 Sep 2023 05:00:00 -0000

Lisa Picard is the former CEO of EQ Office and currently serves as an advisor to Sway Ventures.

Lisa’s 25-year career spans nearly every area in real estate, having developed $8+ billion in complex ground-up projects. Most recently, she was the CEO of Blackstone’s office investment platform, EQ Office, leading the 200-person organization and strategy for a portfolio valued at over $27 billion.

Lisa has a track record for innovative, high-quality projects that push the market in areas of customer experience and sustainability. Lisa holds two master's degrees from MIT and continues to lecture on topics including design thinking and mindful leadership, as well as driving innovation and understanding risk. Prior to Blackstone, she opened the West Coast office for Skanska Commercial Development, launching four development deals in five years valued at over $3 billion (with successful exits to institutional investors).

Lisa has also held leadership positions at Canyon Ranch Resorts and Hines and spent several years developing investment strategies for three different institutional funds on new and existing multifamily and industrial assets.

Links:

The National Rental Home Council

Topics:

(00:02:25) Lisa’s background and career

(00:14:00) What was your experience at Blackstone and moving into PE from development?

(00:21:49) Leadership Lessons from the Pandemic

(00:24:46) What are you hoping to unlock in real estate through technology?

(00:33:21) What should founders know about the RE technology sector?

(00:37:20) What are you predicting for the future of Office?

(00:46:33) What is your thesis on the fundamental health of gateway cities?

(00:50:13) What happens to some of these obsolescent assets?

(00:52:57) What advice would you give to operators?

Ep. 19: The Rise of Purpose Built Single Family Rental Housing - David Howard - CEO of the National Rental Home Council

Tue, 15 Aug 2023 05:00:00 -0000

In this episode of The Distribution by Juniper Square, Brandon Sedloff sat down with David Howard, CEO of the National Rental Home Council (NRHC). Founded in 2014, NRHC is a non-partisan organization dedicated to advocating on behalf of the single-family rental (SFR) industry. As CEO, David is responsible for managing all aspects of NRHC’s operating priorities and directing the organization’s legislative and public policy objectives.

During their conversation, the two discussed:

How SFR compares to traditional multifamily properties
Trends in the SFR market, including the difference between scattered sites and build-to-rent
The affordability crisis and other trends driving demand for single-family rentals

Links:

David on LinkedIn

Buildforrenthomes.com

Dhoward@rentalhomecouncil.org

Topics:

(00:01:18) David’s career and background

(00:09:31) What is rental housing and how do you differentiate SFR and build to rent?

(00:20:44) What are you seeing in supply vs. demand for rental housing?

(00:29:52) Is there a new category of renters-for-life?

(00:35:14) Do you see any Multifamily firms merging into SFR?

(00:40:02) What is some advice for folks in multifamily looking to get into residential?

(00:46:23) Why has rental housing become politicized?

Ep. 18: When Regional Markets Don't Match the National Narrative - Sean Burton - CEO of Cityview

Tue, 01 Aug 2023 05:00:00 -0000

On today’s episode, I sit down with Sean Burton, CEO of CityView, a vertically integrated real estate investment management and development firm focused on workforce and attainable housing in the Western U.S. Sean joined CityView in 2003 first as the firm’s Chief Operating Officer and then as President from 2008 through 2015. Now, as CEO, Sean is focused on the strategic direction and day-to-day operations of the company.

In our conversation, we talked about…

Demographic shifts and the important roles that cities play in our society
Differences between headlines and reality - LA needs 57k new units per year to maintain stasis
How to navigate uncertainty around a recession

Links:

Sean on LinkedIn

Cityview

Topics:

(00:01:17) Sean’s career and an overview of Cityview

(00:03:29) Why has the term ‘urban infill’ fallen out of favor?

(00:04:25) What does it mean to be a specialist investment manager?

(00:07:05) Have you branched out into 3rd part Property Management?

(00:08:02) How has the discourse around returning to cities impacted the markets you work in?

(00:11:00) What other markets are you in besides Los Angeles?

(00:13:30) What’s most surprised you about a market when you entered it?

(00:14:48) Why have you not expanded east from Texas?

(00:16:21) What’s happening on the ground in Los Angeles given what people say about the city in the national media?

(00:19:53) The Measure ULA Transfer Tax

(00:23:05) Who are your partners at Cityview and what are the headline stats of the organization?

(00:27:55) How do the fundamentals of all the different markets you’re in compare to one another?

(00:33:28) How does the discourse around the state of the economy affect developers?

(00:36:21) Would you buy distressed value-add opportunities?

(00:37:33) How are you perceived by the institutional investment community as a specialist?

(00:40:19) Where is capital coming from in your fund?

(00:43:59) Sean’s Role in the Biden Administration

(00:48:00) What’s something interesting about LAX that most travelers might not know?

(00:49:51) What is your priority over the next 18 months?

Ep. 17: Navigating Multiple Black Swan Events at Once and the Importance of Leadership - Sonny Kalsi - Co-CEO of BentallGreenOak

Tue, 18 Jul 2023 22:07:00 -0000

BentallGreenOak is a leading, global real estate investment management advisor and a globally-recognized provider of real estate services with approximately $83 billion of assets under management. BGO serves the interests of more than 750 institutional clients with expertise in the asset management of office, retail, industrial and multi-residential property across the globe. BentallGreenOak has offices in 28 cities across fourteen countries with deep, local knowledge, experience, and extensive networks in the regions where we invest and manage real estate assets on behalf of our clients. BentallGreenOak is a part of SLC Management, which is the institutional alternatives and traditional asset management business of Sun Life.

Sonny Kalsi was a co-founder of GreenOak Real Estate in 2010 and, together with the GreenOak Real Estate team, grew the business organically to $12 billion of assets under management in 10 countries with over 100 employees, prior to its 2019 merger with Bentall Kennedy. Before co-founding GreenOak Real Estate, Sonny was the Global Co-Head of Morgan Stanley’s Real Estate Investing (MSREI) business and President of the Morgan Stanley Real Estate Funds until 2009. At its peak, the MSREI platform had approximately $100 billion of assets under management in 33 countries. Sonny has oversight responsibility for BentallGreenOak’s U.S., European and U.K. businesses and is a senior member of the Firm’s global Investment Committees.

Sonny is a graduate of Georgetown University and continues to be very involved with the school in advancing academic initiatives. He has been cited by Private Equity Real Estate magazine as one of the “30 Most Influential” people in private equity real estate globally. Sonny is on the board of several organizations including Georgetown University, Teaching Matters, Room to Read, Asia Society and the Hirshhorn Museum.

Links:

Sonny on LinkedIn

BGO

Maverick Real Estate Partners

Timestamps

(00:01:28) Sonny’s career and background

(00:03:58) What was your experience working at Morgan Stanley?

(00:06:58) What did you learn from experiencing the previous RE downturns?

(00:09:03) How did your career take you to BGO?

(00:19:53) How do you think about the unified vision of BGO?

(00:24:41) What are investors looking for in this market environment?

(00:28:35) What are things that BGO can do to maintain and nurture investor relationships?

(00:29:54) How would you describe what’s happening on the ground right now?

(00:34:57) What’s working really well in your portfolio?

(00:37:53) What are you seeing in Office?

(00:44:11) How are things progressing with your environmental goals?

(00:47:16) How are you going about achieving gender parity at BGO?

(00:51:42) What advice would you get to other CEOs and Founders on getting started with ESG initiatives?

Ep. 16: Building a Sophisticated, Data-Driven Deal Sourcing Machine - Ted Martell - Co-Founder & Principal at Maverick Real Estate Partners

Wed, 05 Jul 2023 05:00:00 -0000

On today's episode, I sit down with Ted Martell, a Co-Founder, and Principal at Maverick Real Estate Partners, a firm he started in 2010 with his partner David Aviram. Maverick is a real estate private equity fund manager that invests in commercial real estate credit in New York City. Since its founding in 2010, Maverick has invested 730 million across 130 loans.

They have developed and deployed proprietary algorithms that convert data into actionable intelligence, uncovering hidden opportunities, pricing risk, and optimizing decision-making. In our conversation, we talk about the founding story of Maverick and the painstaking efforts that Ted and David went through to get their initial set of data, the current state of debt markets in New York City, and what may happen with the Signature Bank loan portfolio, and why a focus on a singular market and strategy has been fundamental to Maverick's success.

This conversation was recorded in June of 2023. I enjoyed the conversation with Ted and learning more about how a local sharpshooter like Maverick has scaled their business and found success both on the deal side and by raising capital from some of the smartest and most sophisticated institutional investors in the market.

Links

Ted on LinkedIn

Connect with Brandon on LinkedIn

Timecodes

(00:01:45) Ted’s career and Maverick

(00:10:09) How are you focusing your energy to find opportunities in the current market?

(00:16:12) Are there any indicators that will help us get unstuck in this environment?

(00:19:41) When do you think we will start to see transactions on the Signature Bank portfolio?

(00:21:02) How do rent regulations play a factor in underwriting?

(00:24:34) Would someone buy the entire portfolio at that scale or divide it?

(00:26:50) The evolution of Mavrk’s data-driven investment approach.

(00:34:25) What are you seeing from investors right now?

(00:37:49) What’s the most common question you get from investors?

(00:41:27) How are you assessing the fundamentals of the RE environment in NYC?

(00:47:38) What are some leading indicators you’re focused on to strike when the opportunity presents itself?

Ep. 15: The Digitization of the Private Markets - Alex Robinson - CEO and Co-Founder at Juniper Square

Tue, 20 Jun 2023 05:00:00 -0000

Alex is the Co-founder and CEO of Juniper Square, the leading investment management solution for the real estate industry. Alex previously served as a founding executive of New Energy Risk (acquired by XL Capital) and started his career at Microsoft, where he held a variety of product leadership roles. Alex holds an MBA from Stanford University and a BA from the University of Washington.

Founded in 2014, Juniper Square is transforming the private equity industry with innovative solutions that deliver a more modern, efficient and effective approach to managing private partnerships. Designed to provide real-time information and workflow for all parties involved in a private partnership, Juniper Square enables forward-thinking GPs to lower administrative costs, increase investor satisfaction, and raise more capital.

Links:

Alex on LinkedIn

Connect with Brandon Sedloff on LinkedIn: https://www.linkedin.com/in/bsedloff/

Timestamps

(00:01:04) Alex’s background and career as an entrepreneur

(00:02:40) The genesis for founding Juniper Square

(00:07:13) Pivotal moments for scaling the organization

(00:12:01) Digitization of Investor relations before Juniper Square existed

(00:16:05) Why was Real Estate the asset class to build Juniper Square around?

(00:20:58) How does Fund Administration fit into Juniper’s long-term business goals?

(00:26:04) Where else is there an opportunity for additional disruption?

(00:30:13) Where do you see outsourcing in the next 5 years?

(00:33:19) How do you think about attracting and retaining the best people?

(00:35:39) What’s been most surprising in developing a Fund Admin function?

(00:37:57) What does Capital Markets look like at Juniper Square?

(00:43:48) Thoughts on the current economic environment

(00:49:24) Growth and Efficiency in Venture Capital

(00:54:08) What will the next technological revolution be over the next 3-5 years?

(00:58:09) What are you most excited about as the company continues to build?

Ep. 14: Special Release - Live from IMN: Special Edition - Managing Cost Through Operational Efficiencies - Edward Ring - Founder and CEO of New Standard Equities

Thu, 15 Jun 2023 05:00:00 -0000

Edward Ring, Founder and CEO of New Standard Equities joins Brandon Sedloff for a special interview during Juniper Square's IMN CFO/COO conference in May of 2023.

Links:

New Standard Equities

Edward on LinkedIn

Connect with Brandon Sedloff on LinkedIn: https://www.linkedin.com/in/bsedloff/

Timestamps

(00:00:52) Eddie’s experience at the IMN conference

(00:04:29) What are you seeing with lenders right now?

(00:06:09) New Standard Equities

(00:09:25) What is your take on the interest rate environment?

(00:12:04) What tools are at your disposal as you navigate this environment?

(00:14:01) How are you thinking about operational efficiency?

(16:07) What are you most optimistic/pessimistic about over the next 6-12 months?

(00:19:02) Do you have any concerns about the California workforce?

(00:23:27) Do you have any predictions for 2024?

Ep. 13: Special Release - Live from IMN: Special Edition - The Importance of a Firm’s Reputation and Building Trust with LPs - Natalie Greenberg - COO of MJW Investments

Wed, 14 Jun 2023 05:00:00 -0000

Natalie Greenberg, COO at MJW Investments, joins Brandon Sedloff for a special interview during Juniper Square's IMN CFO/COO conference in May of 2023.

Links:

MJW Investments

Natalie on LinkedIn

Avanath Capital Management

Connect with Brandon Sedloff on LinkedIn: https://www.linkedin.com/in/bsedloff/

Timestamps

(00:00:44) Natalie’s experience at IMN

(00:02:13) What gets you excited about the future of technology in this industry?

(00:04:28) Thoughts on interest rates

(00:07:46) Natalie’s role and MJW Investments

(00:08:24) How is student housing performing?

(00:10:06) What are you overseeing in your role as CFO?

(00:11:36) What changes have you seen in Investor expectations?

(00:13:02) How are retail investors thinking about real estate today?

(00:14:59) How do you think about operational efficiency and the role technology plays in managing Investor relationships?

(00:15:56) What are your areas of focus over the next 6-12 months?

(00:18:09) Thoughts on labor force issues on-property

(00:19:58) Do you have any predictions for 2024?

(00:22:26) What are you most excited about in the future?

Ep. 12: Special Release - Live from IMN: Special Edition - Technology to Drive Efficiencies and Impact - Wesley Wilson - CFO of Avanath

Tue, 13 Jun 2023 05:00:00 -0000

Wesley Wilson, CFO of Avanath Capital Management, joins Brandon Sedloff for a special interview during Juniper Square's IMN CFO/COO conference in May of 2023.

Links:

Wesley on LinkedIn

Popular Jamestown Properties

Connect with Brandon Sedloff on LinkedIn: https://www.linkedin.com/in/bsedloff/

Timestamps

(00:00:47) Avanath and Affordable Housing

(00:02:01) Wes’ experience at IMN

(00:03:42) How do rising interest rates affect your asset class?

(00:04:40) Do you have any concerns for housing over the next 18 months?

(00:05:45) What do you oversee in your role?

(00:06:22) How are you thinking about operational efficiency?

(00:07:28) What caused the decision to outsource one of your open-ended vehicles?

(00:08:54) How does technology help you make decisions?

(00:10:20) What are you hearing from investors and their ability to allocate capital and their expectations?

(00:13:49) What’s something people should know about your organization?

(00:14:58) What are you optimistic about over the next 12 months?

(00:17:55) Office to Residential conversions

(00:18:31) What priorities do you have as a CFO in 2024?

Ep. 11: The Importance of Place: How Real Estate and Human Centric Design Drive Good Returns - Michael Phillips - Principal and the President of Jamestown

Tue, 06 Jun 2023 18:09:00 -0000

On today’s episode, I sit down with Michael Phillips, a Principal and the President of Jamestown, a global, design-focused real estate investment and management firm with a 40-year track record. During his tenure as President, Jamestown has grown its portfolio of assets in key markets throughout the US and expanded its investment footprint to South America and Europe, more than tripling the firm’s assets under management.

Michael is the driving force behind the company’s adaptive reuse projects including Chelsea Market in New York City, Ponce City Market in Atlanta, Industry City in Brooklyn, and Ghirardelli Square in San Francisco.

In our conversation, we talked about making real estate more accessible and interactive, reinforcing the human connection to a physical place, why Jamestown decided to invest in timberlands more than a decade ago. Let’s get into it.

Links:

Jamestown

Michael on LinkedIn

Timberland Fund

ChatGPT

Connect with Brandon Sedloff on LinkedIn: https://www.linkedin.com/in/bsedloff/

Timestamps

(00:01:20) Michael’s Career and Jamestown

(00:03:20) What is the built environment?

(00:06:00) Jamestown’s incredible projects

(00:10:34) How do you identify what you will spend your time on?

(00:15:46) How are you thinking about the future of the office asset?

(00:19:48) What happens to all of these buildings that never come back online?

(00:25:13) How do the next 3 years look when it comes to the balance of power between employees and employers?

(00:29:28) What trends are you seeing come to the forefront in your portfolio?

(00:34:23) Jamestown’s Timber project

(00:41:33) What’s your take on folks avoiding ESG due to its impact on returns?

(00:43:53) The Metaverse, Web3.0 and its impact on real estate

(00:50:21) The Digital Twin

(00:51:35) How will AI change the landscape of this industry?

(00:53:40) What advice would you give to folks looking to innovate the way Jamestown is?

Ep. 10: The Ongoing Search for Technological Solutions to Increase Productivity, Transparency, and Efficiency - Jeff Toporek - Co-Founder & Principal of FD Stonewater

Tue, 16 May 2023 05:00:00 -0000

On today’s episode, I sit down with Jeff Toporek, co-founder and principal of FD Stonewater, a boutique development, investment, brokerage, and asset management firm. As a leader in the firm’s investment and asset management platforms, Jeff focuses his entrepreneurial energies on creating value from every angle of a transaction, including property operations, leasing, portfolio and risk management, and capital markets execution.

During our conversation, we discuss how FD Stonewater approaches single-tenant assets, how they’re using technology to drive greater efficiency, and his search for the Holy Grail of dashboards.

Let’s get into it.

Links:

FD Stonewater

Jeff on LinkedIn

Prophia

Jtoporek@FDStonewater.com

Connect with Brandon Sedloff on LinkedIn: https://www.linkedin.com/in/bsedloff/

Timestamps

(00:01:05) - Jeff’s background and career

(00:03:37) - What was the business thesis for starting FD Stonewater?

(00:06:17) - How did you come to know the folks at Fortress and how did that inform the direction of the company?

(00:09:06) - How has the capitalization of the business evolved?

(00:13:09) - What is your unique advantage at FD?

(00:15:33) - What are some of the headline stats for the organization?

(00:20:09) - Why did you choose to pursue the non-institutional capital route?

(00:27:31) - What is a single-tenant deal, who is the tenant and what do the economics look like?

(00:34:51) - How much do you care about the type of tenant and their credit?

(00:39:17) - What is your outlook on our economic environment today?

(00:44:20) - What are you seeing from the Investor's perspective given these choppy waters?

(00:50:04) - What lessons have you learned since launching an open end-fund?

(00:52:59) - How have you embraced technology in your business and how does the industry need to implement data and machine learning going forward?

(01:03:42) - Do you have any predictions for 2023 Capital Markets?

(01:05:16) - What’s the best way for people to learn more?

Ep. 9: The Importance of Sustainability - Matt Ellis - Founder & CEO of Measurabl

Tue, 02 May 2023 05:00:00 -0000

On today’s episode, I sit down with Matt Ellis, CEO & Founder of Measurabl, the world’s most widely adopted ESG data management solution for real estate. Measurabl helps the industry’s most innovative companies optimize their ESG performance, assess exposure to physical climate risk, and act on decarbonization and sustainable finance opportunities.

Before founding Measurabl, Matt spent five years with CBRE, the world’s largest commercial real estate services company. There, he led CBRE’s Sustainability Practice Group, implemented its industry-first global carbon neutrality program, and served as the company’s first Director of Sustainability Solutions.

In today’s conversation, we take a deep dive into the growing role of sustainability in real estate investing, how sustainability metrics, or mandates, will be the norm in transactions over the next several years, and how the real estate industry is evolving to meet these new requirements.

Links:

Measurabl

Matt on LinkedIn

Sustainability Resources

Contact Matt: Matt@Measureable.com

Connect with Brandon Sedloff on LinkedIn: https://www.linkedin.com/in/bsedloff/

Topics:

(00:01:31) - Matt’s career & Measurabl’s background

(00:05:10) - How did you know sustainability was a need to be filled in the market during the GFC?

(00:07:20) - What are the headline stats for Measurabl today?

(00:10:48) - What has the growth of sustainability in Real Estate looked like over the years?

(00:14:17) - How do you handle differing attitudes from investors as it pertains to ESG criteria?

(00:18:12) - What’s your response to folks who are on board ESG criteria, but feel they won’t be able to make a return on their investment if they address it?

(00:24:36) - Where should Investment Managers start on their sustainability journey?

(00:28:10) - How can Real Estate Personnel learn how to report on ESG?

(00:40:26) - What do you see on the horizon for ESG in the next 1-5 years?

(00:43:19) - What else can we do from a capital markets perspective?

(00:46:14) - What’s next for Measurabl?

Ep. 8: Building Lasting Enterprise Value Through More Transparency - Heather Border & Jennifer Stevens - Co-Founders and Managing Partners of Alliance Global Advisors

Tue, 25 Apr 2023 05:00:00 -0000

On today’s episode, I sit down with Heather Border and Jennifer Stevens, the Co-Founders and Managing Partners of Alliance Global Advisors, a woman-owned consulting firm focused on developing strategic growth solutions for real asset investment managers.

Prior to Alliance, Heather was Managing Director for National Real Estate Advisors and held positions with Hunt Investment Management and The Townsend Group. At those firms, she was responsible for assisting institutional clients in developing investment objectives, strategic planning, underwriting investments, and capital raising. Heather’s professional experience also includes seventeen years within the private and public real estate sector, where she developed, implemented and led Investor Relations platforms.

In 2022, Heather received the GlobeSt. Women of Influence Award and the GlobeSt. Real Estate Forum’s 50 under 40 award.

Heather is an Advisory Board member of Outsourced Research & Capital and was recently asked to participate on PREA’s Governance Committee.

Prior to Alliance Jennifer’s professional experience includes sixteen years of institutional portfolio management and consulting, strategic and investment planning, real asset investment underwriting, and a specialization in areas including Environmental, Social, and Governance (ESG) and industry best practice.

Jennifer held several positions within The Townsend Group, advising clients with cumulative total plan assets of over $300 billion and approximately $20 billion in Real Estate allocations. She was a voting member of Townsend’s Advisory Investment Committee, responsible for reviewing and approving due diligence reports and strategies for all advisory clients of the firm. Her clients included Kaiser Permanente, Los Angeles Fire & Police, Orange County, Los Angeles County, Los Angeles City, San Diego City, Sacramento County, and Queensland Superannuation Plan.

In 2021, Jennifer received the GlobeSt. Women of Influence Award. In 2022, Jennifer was elected to the PREA Board of Directors and joined PREA's Social Impact Committee.

Alliance Global Advisors launched in 2020. Their mission is to provide GPs with an informed, independent perspective, continued education, and an innovative approach to attracting capital in a competitive market environment. They specialize in offering customized guidance on how to improve organizations, plan for succession, compete for capital, add diversity to existing capital base, develop products and enhance branding in order to meet the evolving needs of the institutional investor.

In today’s conversation, we discuss the 5 pillars global real estate managers should focus on in order to attract and retain investors, noticeable CRE industry changes, and the best way a GP can future-proof their business.

Links:

Alliance Global Advisors

Jennifer on LinkedIn

Heather on LinkedIn

Connect with Brandon Sedloff on LinkedIn: https://www.linkedin.com/in/bsedloff/

Topics:

(00:03:19) - Introducing Jennifer and Heather and their founding of Alliance Global Advisors

(00:06:57) - What does a typical client relationship look like with Alliance?

(00:13:43) - What are some of the changes you’ve observed in the industry managers need to be paying attention to?

(00:18:31) - How do you help advise folks looking for institutional capital to develop an attractive product?

(00:25:16) - What does the Investment Manager of the future look like?

(00:31:32) - How do you get the industry to become more transparent with LPs?

(00:35:03) - What are some examples of how relationships between Alliance and Gps evolved?

(00:40:06) - What is your position on ESG and what trends are you seeing around the industry?

(00:43:48) - What is your advice to GPs who have to navigate whether a company takes ESG seriously or not?

Ep. 7: Building Affordable Housing that Supports the Real Needs of its Residents - Antonio Marquez - Principal and Managing Partner of Comunidad Partners

Tue, 18 Apr 2023 05:00:00 -0000

On today’s episode, I sit down with Antonio Marquez, Principal and Managing Partner of Comunidad Partners.

Antonio founded Comunidad Partners in honor of his family’s immigrant heritage and to provide improved opportunities and a better life for the people who live in the communities that the company serves. As chairman of the firm’s Investment Committee, Antonio is responsible for strategic planning, culture building, and capital raising.

Fostering the company’s deep commitment to social impact, diversity, and equity; Antonio leads Comunidad Partners’ value-add approach that creates inclusionary housing with a sense of place and cultural vibrancy that elevates it's low- to moderate-income workforce residents. He spearheaded the company’s unique ESG model, which enhances economic returns while driving sustainable social and environmental value for all stakeholders.

In today’s conversation, we discuss the challenges Antonio once faced when trying to raise institutional capital and his subsequent success in beating the odds to raise an institutional fund for workforce and affordable housing, the amazing programs Comunidad has created to support the well-being of their tenants, and how federal, state, and local governments are combating the affordable housing crisis.

Links:

Comunidad Partners

Antonio on LinkedIn

Check out The Fort Podcast

Connect with Brandon Sedloff on LinkedIn: https://www.linkedin.com/in/bsedloff/

Topics:

(00:01:40) - Why did you choose to focus on Real Estate when founding Comunidad?

(00:06:28) - What does the name Comunidad mean and why did you choose it?

(00:08:38) - How did you choose Multifamily?

(00:13:08) - What are the headline stats for Comunidad today?

(00:13:50) - What is workforce housing and how is that different from affordable housing?

(00:15:45) - Where do you invest and what does your community look like?

(00:21:50) - How do these efforts affect your economic ROI?

(00:23:48) - How have the pro-landlord rights in the sunset markets played a role in your business?

(00:27:31) - What are your thoughts on efforts to end the affordable housing crisis?

(00:30:35) - What does the environment look like on the ground with this crisis as you try to build and manage the product?

(35:26) - What’s the goal of starting a credit platform and why have you transformed into an institutional organization?

(00:39:36) - What does the industry need to do better from a social standpoint?

Ep. 6: Scaling a Multi-billion Dollar Industrial CRE Business One HNW LP at a Time - Chris Powers - Founder & Executive Chairman of Fort Capital

Tue, 11 Apr 2023 05:00:00 -0000

On today's episode, I sit down with Chris Powers, Founder and Executive Chairman of Fort Capital and host of The Fort Podcast. Chris is a serial entrepreneur with more than 18 years of real estate development and investment experience.

To date, Fort Capital has invested over $2 billion in Class B industrial, Commercial, Multi-Family, student housing, and residential land development projects throughout the state of Texas and the Sunbelt. Chris spends his time focusing on Fort's long-term strategy, fostering strategic relationships, and building capital partnerships that will help complement the firm's growth.

As host of The Fort, Chris has published over 255 episodes through a series of raw business conversations with leaders and entrepreneurs. Many will know Chris as a member of the ReTwit community, which is a group of real estate professionals that are active on Twitter.

I've had the opportunity to get to know Chris over the last several years, including as a guest on his podcast, and today I'm excited to flip the microphone on Chris to get to know him and learn more about his personal journey and the story of Fort Capital.

Links:

Follow Chris on Twitter

Leading Voices in Real Estate Podcast

Connect with Brandon Sedloff on LinkedIn: https://www.linkedin.com/in/bsedloff/

Topics:

(00:02:18) - Chris’ journey into commercial Real Estate and early career

(00:05:39) - Why do you think Real Estate was your calling?

(00:08:19) - Did your studies at TCU play into your eventual career?

(00:11:30) - When did Fort Capital come into existence?

(00:18:29) - Who’s Jason Baxter and what’s his role?

(00:20:08) - How did you transition out of housing development and into industrial?

(00:24:23) - When you got into industrial, how did you find your niche within this asset class?

(00:33:15) - What are the headline stats on Fort Capital today?

(00:35:26) - What is the process of finding a deal and the syndication model you pursue?

(00:43:39) - How have you become so skilled at raising capital?

(00:50:00) - The power of social media & Twitter

(00:58:04) - What do the next 5 years for FC look like?

(01:04:21) - How do you think about transitioning from building trust with non institutional capital to raising from institutional capital?

(01:08:04) - How has technology played a role in the success of Fort Capital?

(01:19:15) - What are 3 reasons investors should care about Class B Industrial in the Sun Belt?

Ep. 5: The Importance of Relationship Building and Human Capital in the Real Estate Industry - Matt Slepin - Managing Director and Co-Head of Real Estate at ZRG Partners

Tue, 04 Apr 2023 05:00:00 -0000

On today’s episode, I sit down with Matt Slepin, Managing Director and Co-head of Real Estate at ZRG Partners, a global talent advisory firm that is changing the way companies hire and manage talent.

Matt founded Terra Search Partners in 2006 which became part of ZRG Partners in 2022 to help expand ZRG’s business in all aspects of the real estate sector. Since 2017, Matt has been the host of the podcast series, “Leading Voices in Real Estate,” where he has conversations with leaders in the real estate industry about their career journeys and the businesses that they run. Leading Voices is one of my favorite podcasts and a must for anyone in commercial real estate.

In today’s conversation, we discuss how Matt’s career in real estate eventually led him to recruiting, what trends Matt is seeing with respect to hiring given the current macro environment, and what the real estate industry is doing to build a more diverse workforce.

Links:

ZRG Partners

Matt on LinkedIn

Cedric Bobo on Leading Voices

The Tao of Rick Rubin: The Ezra Klein Show

Get in Touch with Juniper Square

Watch the Video version of this episode

Connect with Brandon Sedloff on LinkedIn: https://www.linkedin.com/in/bsedloff/

Topics:

(01:25) - Matt’s background and career

(02:36) - What brought you into the human capital business and how has it evolved over the course of your career?

(06:12) - How do you think about coaching others who are making a pivot in their career?

(10:21) - How is the current economic environment impacting the human capital industry within Real Estate?

(14:24) - What are you hearing from leaders in regard to their people structure?

(16:19) - What role is the office playing in human capital conversations?

(20:58) - How do you think about developing leaders?

(25:01) - What are you asking candidates to look for in a great company to find if there’s a pathway to leadership?

(27:18) - How do you vet companies you work with to determine if they provide career success for their people?

(31:39) - Have you seen a shift in the way your clients approach ESG and DEI?

(36:08) - How do you respond when leadership teams state the talent pool simply isn’t large enough

(39:13) - How is technology transforming the RE industry?

(42:44) - Why did you get into Podcasting and how do you curate your content?

(48:21) - Who’s your dream guest for the podcast?

(49:13) - What advice would you give to people who want to best position themselves in the eyes of their future employer?

Ep. 4: Scaling a Multifamily Business One Deal at a Time - Robb Bollhoffer - Managing Principal at 29th Street Capital

Tue, 21 Mar 2023 08:00:00 -0000

Founded in 2009, 29th Street Capital has managed, invested, and acquired over $5.1 billion of multifamily assets across the U.S. In my opinion, 29th St Capital is arguably the most entrepreneurial multifamily shop that institutional players may not know about.

Robb joined 29th Street Capital in 2013 and oversees the acquisitions team, as well as construction and asset management.

In our conversation, Robb explains why he structured his team so that acquisition managers have to invest in the deals they bring, the value of having heads-in-beds even if it means pausing a unit’s renovation, and what advice he has for the Fed.

Links:

Robert on LinkedIn

29th Street Capital

Access video versions of this podcast here

Connect with Brandon Sedloff on LinkedIn: https://www.linkedin.com/in/bsedloff/

Topics:

(1:34) - Robert’s background and career

(4:42) - How did you get into Single Family Residential and why did you move into Multifamily?

(7:05) - How do you think about safety in Real Estate?

(7:57) - Is Build to Rent becoming a core part of the organization?

(9:56) - What does 29th Street do today and what are some headline metrics?

(12:48) - How do you think about driving this level of efficiency with such a lean team?

(14:40) - How did you come to this framework of having your acquisitions professionals invest in the deals they source?

(16:23) - Why does the non-fund model work the best for 29th street?

(19:19) - How confident are you in capitalizing deals with your current investor base?

(21:12) - On average how many deals do each of your 800+ investors get into?

(23:15) - How many people at the organization are involved in reporting and investor relations?

(24:50) - How have you incorporated Juniper Square into your operations?

(26:11) - What is your broader approach to technology?

(27:57) - From your perspective on the economy, what are you seeing at the asset level on up to the macro level?

(30:43) - What are you concerned about at the asset level?

(32:17) - When you look at your value add assets against your core-plus assets, how are they performing?

(33:49) - Are you seeing impacts on the demographics of renters?

(34:18) - What are you seeing with rate caps?

(36:11) - What advice would you give to the FED if they were listening?

(38:00) - What advice would you give to someone looking to get into Multifamily?

Ep. 3: A Masterclass on Multifamily - Jason Kern - President of Investment Management at Cortland

Tue, 21 Mar 2023 07:00:00 -0000

Cortland is one of the largest multifamily firms in the U.S. Founded in 2005, they are now a global, vertically integrated multifamily investment, development, and management firm. Headquartered in Atlanta, they own and manage apartment communities across the U.S. with regional offices in Charlotte, Dallas, Denver, Greenwich, Houston, and Orlando. Internationally, they operate a build-to-rent (BTR) management and development platform in the UK.

Jason oversees and leads Cortland’s investments, capital markets, corporate finance, investor relations, tax, and accounting teams. He has an impressive career with time spent at JP Morgan, HSBC Bank, and LaSalle Investment Management.

In our conversation, we discuss what forces Jason thinks will bring buyers and sellers back to the table in 2023, investor sentiment, and why today’s macroeconomic environment isn’t the same as The Great Recession.

Links:

Jason on LinkedIn

Cortland

Access to the video version of this podcast

Connect with Brandon Sedloff on LinkedIn: https://www.linkedin.com/in/bsedloff/

Topics:

(1:28) - Jason’s career background

(3:41) - How has Cortland evolved over the years?

(6:52) - What was the catalyst for expanding into the UK Multifamily market?

(8:59) - What is your take on the current market environment?

(16:55) - How do you look at the opportunity set looking into the medium term?

(19:40) - How does the current environment compare to the 2008 GFC?

(25:07) - What are you hearing from investors around allocations to Multifamily?

(29:52) - Are there any asset fundamental concerns in Multifamily?

(32:13) - How many times do you think the FED will raise rates over the next 12 months?

Ep. 2: ESG: Going Beyond the Headlines - Molly Bordonaro - Owner & Managing Partner at Green Cities Company

Tue, 21 Mar 2023 06:00:00 -0000

On today’s episode, I sit down with Molly Bordonaro, Owner & Managing Partner at Green Cities Company, and discuss what it means to build a truly environmentally-friendly building; The markets Green Cities Company is most interested in and why; and How COVID changed what renters care about.

At Green Cities, Molly oversees investment management, investor relations, and asset management at The Green Cities Company.

The Green Cities Company acquires, manages, and develops multifamily, commercial, and mixed-use assets. Their mission is to cultivate competitive returns utilizing deep investment and asset management experience, combined with meaningful attention to ESG considerations, in select U.S. markets.

Molly Bordonaro, Managing Partner, With more than 20 years of commercial real estate experience including transactions, financing, management, leasing, and operations, she also serves on the firm’s Investment Committee.

In 2009, Molly joined The Green Cities Company to help build out the firm’s investment management practice. In 2011, Molly became a partner of the firm. Previously, Molly was a principal at The Gallatin Group and a co-founding director of an investment fund specializing in the financing of real estate development in low and moderate-income areas. From 2005 to 2009, she served as the United States Ambassador to the Republic of Malta, becoming the first American diplomat to receive Malta’s highest medal of honor. Prior to that, she was a commercial broker with NAI Norris, Beggs, and Simpson.

Links:

Molly on LinkedIn

The Green Cities Company

GRESB

LEED Certification

Fitwel ESG Solutions

Access to the video version of this podcast

Connect with Brandon Sedloff on LinkedIn: https://www.linkedin.com/in/bsedloff/

Topics:

(1:20) - Molly’s career background

(6:30) - Green Cities’ Funds & Capitalization

(9:58) - Why or how did ESG become so interconnected to your organization?

(13:53) - What would you say to GP’s or Investment Managers that would argue ESG is politically motivated and unnecessary?

(16:29) - How do you comply and adhere to existing ESG standards and how do you see those evolving over time?

(18:34) - How do you think about the Social and Governance aspects of ESG?

(20:58) - How do you think about Investor Communication and how have your investor’s needs changed?

(24:09) - What did your Investor Communications look like before this growth of technology?

(25:46) - What’s your view of the current market?

(29:41) - Can you walk us through your latest deal?

(35:26) - Have you seen any changes in the velocity of leasing or demand in your assets given the market conditions?

(37:18) - How would you describe the typical renter profile?

(39:45) - Has the WFH growth affected the amenities in Multifamily?

Ep. 1: Evaluating the Health of a Market - Andrew Holmberg - Principal at Berkeley Partners

Thu, 16 Mar 2023 05:00:00 -0000

On today’s episode, I sit down with Andrew Holmberg, Principal at Berkeley Partners, and discuss why Andrew believes in avoiding locations that are overly correlated to housing, the importance of getting ESG reporting right, and how technology has created new & better ways to interact with investors

Andrew is responsible for acquisitions, portfolio management, investor relations, and overall strategy.

Berkeley Partners and its affiliated entities comprise a fully integrated principal investment firm focused exclusively on light industrial real estate. With its national footprint, the company is one of the premier institutional industrial operators and fund managers.

Links:

Berkeley Partners

Andrew on LinkedIn

Access to the video version of this podcast