I’m Joe Stampone. I work at Atlas Real Estate Partners (‘AREP’), a private real estate investment firm focused on value-add multifamily investments. ASotREG is a place where I share my thoughts on real estate as a career, technology, entrepreneurship, passive investing, and anything else that piques my interest.

Recent Posts

Do We Need to Change the Way we Think About Homeownership?

My answer to the question posed in the title is ‘I have no idea’. However, I’m a firm believer that homeownership is not the best path for everyone and that the role of homeownership in the U.S. has been skewed in a way that is dangerous. The term ‘American Dream’ comes from James Truslow Adams ‘Epic of America’ who wrote in 1931, “life should be better and richer and fuller for everyone, with the opportunity for each according to ability or achievement regardless of social class or circumstances of birth.” The original term didn’t have anything to do with real estate but has evolved over...

The Key to an Effective Value-Add Strategy: Hands-On Oversight

In my role at Atlas, I oversee our value-add multifamily strategy. We buy 1970’s – 1990’s class B value-add properties and seek assets that are priced below replacement cost and comparable sales, where we can add value at then property level, and that are in markets we like long-term. Adding value is hard. It requires a hands-on approach, local market knowledge, creative-thinking, and great management skills. At Atlas, we’re a lean team and hire 3rd parties to assist with property management, construction management, design and architecture, and marketing. As such, my role is largely...

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...

Heaps of Fun Exploring the Land Down Under

G’day. How ya goin’? I spent the past two weeks exploring Australia. It’s an incredible place filled with modern cities, unique animals, beautiful landscape, great coffee, and welcoming people. As I like to do, I wanted to share some of my observations (I did something similar with recent trips to Japan and Costa Rica).   For the past 14 days, I was largely disconnected from work, sports, and U.S. news. The time change (Australia is 15-16 hours ahead of the east coast) almost forced me to disconnect from the day-to-day news. I found it quite liberating and was a good reminder of how toxic...

The Only Information Needed to Make Multifamily Investment Decisions

The real estate community has become obsessed with data. In the multifamily space alone, there are countless sources for all sorts of ‘relevant’ data; Costar, Axiometrics, REIS, Reonomy, RCA, MPF Research, Yardi Matrix, etc.  The access to data has brought transparency to the space, but has led to better decision-making or just more noise? There’s been several studies which have concluded that more information doesn’t necessarily lead to better investment decisions and oftentimes, having more information can be harmful because it leads to over-confidence and fuels confirmation bias....

5 Things I learned in 2018 and 5 Goals for 2019

Happy New Year, everyone! I hope you're able to unplug and enjoy quality time with family and friends. I find that time off, completely disconnected from the day-to-day grind of daily work is key to regaining focus and igniting the spark of creativity. 2018 was another productive year on ASotREG. I rolled out a site redesign (ASotREG 3.0), launched a new eBook on passive real estate investing, and published 14 new posts. I’m incredibly humbled and appreciative of everyone who has given me their attention. Your time is the most valuable asset you have, so it inspires me to do everything I...

Who Says Workforce Housing Can’t be Sexy

Historically, class B/C garden-style apartment communities have been typified by dated 70’s/80’s architecture, uninspiring interior design, lackluster landscaping, and boring commodity amenities. Recently, the divide between class A and class B/C apartment communities has been exacerbated by the amenity arms race, with each new development looking to outdo its competitors. It’s common for new communities to include golf simulators, meditation rooms, indoor self-cleaning dog parks, rooftop pool/lounges, and generally over-the-top design and features, while class B communities still have...

I Write to Discover What I Think: The Power of the Quarterly Investor Letter

“I write to discover what I think. After all, the bars aren't open that early.” This is a well-known quote from American historian Daniel Boorstin and it’s exactly why I write this blog. I write about topics I find interesting, and the writing process enables me to tighten up my thinking. Some of my favorite posts such as the future of urban living, the impact autonomous cars will have on the built environment, and how to be an entreployee within your firm were ideas that I was interested in and wanted to vet further. I have a deep passion for unique housing models, I’m fascinated by the...

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...

The One Book Every Student of the Real Estate Game Must Own

A key tenet of ‘A Student of the Real Estate Game’ is to never stop learning. In my day-to-day as a real estate professional, I spend a majority of my time in the weeds, acquiring and asset managing value-add multifamily real estate in a few specific markets. One day may be spent negotiating a Purchase and Sale Agreement for a new acquisition, the next may be spent working with our onsite GC to trouble-shoot renovation issues, and others may be spent on calls and meetings with brokers and property management staff.  While I enjoy every aspect of the job, this leaves little time for...

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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.