The Bearish Case for Multifamily

Multifamily has been the darling of the recovery and remains one of the most sought-after asset classes. And why wouldn’t it be? We’re constantly bombarded with the case for multifamily; there’s a secular shift toward renting, millennials are getting married and having kids later, baby boomers are downsizing and seeking an urban lifestyle, multifamily construction was well below historic norms coming out of the recession, many 18-34-year-old’s live at home and will eventually enter the renter pool etc. etc. It’s a compelling case. Some of these are real, while others are overblown. In...

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What’s Driving the Demand for Apartments and why I’m Bullish Class B Multi

Multifamily, class B in particular, has been one of the best performing asset classes over the past decade. Demand has outpaced supply, leading to sustained rent growth and significant investor interest. As of March 2019, the average apartment vacancy rate was near all-time lows at roughly 6.5%. While the demand drivers for apartments is somewhat obvious, I want to dig into the statistics/fundamentals in more depth. It’s important to first understand the size of the market. There are 120M households in the U.S. totaling 317M total people. Of the total households, roughly 43M are...

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What Happens to Class B/C Apartment Investments During a Downturn?

I'm a firm believer that real estate is best held long-term with great local teams on the ground. At Atlas, our model (deal-by-deal syndication) enables us to acquire assets that we can hold for 20+ years and control the repositioning with great local teams. From an asset class perspective, we focus primarily on acquiring value-add class B/C garden-style apartments. Although valuations may swing wildly across cycles, cash-flow remains relatively stable.  By having full controls, we can exit/refi at optimal times, while maintaining conservative leverage and cash reserves to weather any...

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It’s Better in the Crest

Growing up, I spent every summer on the Jersey Shore. My parents have a house on Sunset Lake in Wildwood Crest, the last exit off the Parkway before hitting Cape May. I’d spend my weekends between baseball and soccer games, ‘down the shore’, fishing, boating, doing water sports, biking the boardwalk, hanging on the beach, and going out for ice cream. Each evening we’d gather for a family dinner and witness the most beautiful sunset, watching as the colors of the sky changed from a bright yellow/orange to deep reds and purples. As a kid there was nowhere else on...

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Real Estate Investing Podcasts that I’m Listening To

Over the past year I’ve gotten really into podcasts. Shows such as Serial and StartUp have brought podcasts to the mainstream and set the bar high for other podcasters. Not surprisingly, real estate is lagging. While there aren't many quality commercial real estate podcasts, there are a few guys out there, hustling, and doing a good job. Today I wanted to share a few of my favorite real estate podcast episodes. Best Real Estate Investing Advice Ever with Joe Fairless: Joe is a young real estate entrepreneur who's really in-tuned to modern media. I have to give him a lot of credit; he’s...

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The Real Estate Topics We Spend Our Time Thinking About

The past Friday I represented Atlas at the Columbia Business School Real Estate Career Forum. The Columbia Club was packed with blue chip firms. Our table was sandwiched between the behemoths of Blackrock and Clarion Partners, so in an attempt to stand out and engage the students, we created a one-pager with the topics that we spend a lot of time thinking about and a few career-based questions. At Atlas, we pride ourselves on being at the forefront of the real estate business and using our nimbleness and entrepreneurial approach as a competitive advantage. I think that resonated with many...

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How I Stay on Top of the Market

While my days are often filled with meetings, calls, and emails, I think it’s important to carve out an hour or so each day to stay atop the market. This is just as much a part of my job as is my daily responsibilities. It’s from these articles, interviews, and research that I get my inspiration and form my market opinions. Readers often ask me how I stay on top of the market -here goes: Real Estate Market News (Daily Check) National Real Estate Investor Online Globe Street Commercial Observer CoStar News Multihousing News Online Multifamily Executive Magazine Bloomberg (Real Estate)...

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Content Discovery: Value Hound – A Community of Real Estate Value Investors

I’m back from my two week European vacation and I have lots of great content lined up for the next few months. I’ve found that it’s extremely important for me to shut down the engines every once in a while, as challenging as that may be. I always return full of inspiration and enthusiasm. I like to think that I’m pretty in-tuned to the various sources of real estate news/information that’s available online, however once in a while I discover a source that I didn’t know existed. A well-respected colleague of mine recently introduced me to ValueHound, a site dedicated exclusively to...

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Floored by Real Estate Innovation

Real estate is generally considered a late adopting business full of dinosaurs who don’t embrace new technologies. While widely true (ok, almost entirely true), it certainly didn’t feel that way at Art Assets event highlighting real estate innovation. The event featured Riggs Kubiak of Honest Buildings, Ben Miller of Fundrise, and David Eisenberg, founder of Floored, a revolutionary 3D mapping program. While Ben and Riggs are real estate practitioners who saw inefficiency in the business and set out to improve it, David is a non-real estate guy who’s shaking up the business. Jason...

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Why I’m a Renter

After 3 indescribable years in my Murray Hill apartment, I’ve decided it’s time to move on, to a new neighborhood. While I’m excited to explore a different area of the island, and to start a new chapter of my life in NYC, I’m tasked with the job (and daunting task) of finding a new apartment. With vacancy rates hovering near 1%, finding an apartment in NYC resembles more of a competitive sport than an inevitable part of city living. I’m not alone in this situation. Many of my friends and colleagues who are now in their mid- to upper-20’s are making the move from their frat-style...

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My Thoughts on the Single-Family Rental (SFR)

A few weeks ago I published a one-line post: What did you do back when interest rates were the lowest of your lifetime? For an investor and entrepreneur, these are truly unprecedented times, yet few are actually taking advantage of this economic landscape. I hope to look back in 20 years and have a good answer. The greatest opportunity in real estate these days is the emerging real estate segment - the single-family rental. Heck, there was even a story on Planet Money of a 14 year-old Florida girl who purchased her own rental home! From 5 years ago, roughly speaking, housing prices are...

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Compstak – A Marketplace for CRE Lease Comps

Throughout my brief career in commercial real estate, I've seen a lot of innovation. From 3D mapping, mobile, and retail tech, to the data space, tech-related start-ups are proliferating. I was lucky enough to be part of a test group for Compstak, a new crowd-sourced database of lease comparables launching in New York City.  Compstak is destined to be a game-changer and one of the founders was nice enough to take the time to sit down and answer a few questions. Enter Mike: Like many great start-ups, the idea behind CompStak came to you from an inefficiency you noticed in the market while...

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The Question is….

What did you do back when interest rates were the lowest of your lifetime? Make sure you have a good answer for this in twenty years.

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Wildwood Crest, NJ – An Example for Potential Real Estate Opportunities in Beach Towns

Growing up in the Philadelphia area, summers were spent down the Jersey Shore or just "the shore". For me, that meant weekends with friends and family in Wildwood Crest. Having spent the last few days down the shore, I decided to write a locally-focused post. I'm not too in-tune with the local market, however I've spent the last few days biking through town and I've made a number of observations. From a real estate standpoint the Crest is characterized by classic Victorian-style architecture and Doo-Wop motels. However, over the last 10 years, the Crest experienced an unprecedented amount...

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Views expressed in “content” (including posts, podcasts, videos) linked on this website or posted in social media and other platforms (collectively, “content distribution outlets”) are my own and are not the views of Atlas Real Estate Partners, L.L.C. (“AREP”) or its respective affiliates. The content should not be construed as or relied upon in any manner as investment, legal, tax, or other advice. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.