2024-02-19 15:25
“We buy value-add multifamily properties in high-growth Southeast markets.” There isn’t a more popular or less differentiated strategy in the multifamily space today… Read More
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A Student Of The Real Estate Game Blog
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A Student of the Real Estate Game
2024-01-10 01:59
We made it. 2023 was by far the most difficult of my professional career which started in 2011.
I dealt with a myriad of deal and market-related issues; uncapped floating rate debt strai… Read More
2023-11-26 15:12
One of the trends in real estate I’m most interested in is the rise of experience-focused boutique resorts. These are typically 10 units or less, independently owned and managed, and… Read More
2023-10-21 18:24
Although it’s only been a few months since my last state of the multifamily market update, I feel like it’s time to write another one. That post is not dated by any means but ne… Read More
2023-08-30 11:55
The value-add multifamily (“VAM”) business was the darling of real estate investing over the past decade. In a zero interest rate environment where capital flooded the space, it… Read More
2023-08-10 15:12
Over the past few years, with the world changing so rapidly, I’ve posted several times on the state of the multifamily market. It’s been a great way to organize my thoughts, dis… Read More
2023-06-26 13:45
We recently acquired a 256-unit value-add deal in Savannah, GA. Despite being a relatively new asset (2015 construction) and performing well (95% historical occupancy), we intend to upgrade… Read More
2023-04-15 15:06
Every so often, I go back and read old blog posts to get a sense of my thinking at the time. It can be embarrassing (like the bearish case for multifamily in 2019), but others (such as why… Read More
2023-02-20 14:42
Over the past decade multifamily investors had it easy; interest rates were nearly zero, debt was widely available and cheap, capital poured into the space compressing cap rates, fundamenta… Read More
2023-01-29 15:52
I started my career in real estate in 2011 and have experienced a decade of low rates and increasing asset values. Success in multifamily investing was driven simply by being in the game. W… Read More
2022-12-28 13:20
As 2022 winds to a close, I’m sure you’re getting inundated with predictions for 2023. While I certainly enjoy making predictions (like I did in 2019), I struggle with forecasti… Read More
2022-11-23 14:11
When I look back at my time at Atlas over the past 11 years, the mistakes we’ve made have primarily been selling multifamily assets too soon. Selling class B assets in Tampa or Salt L… Read More
2022-10-15 15:40
At Atlas, I oversee a portfolio of multifamily assets primarily located in the Southeast. What an easy job that was in 2021! Rents and occupancy boomed as we experienced record new lease de… Read More
2022-09-28 21:07
I’ve been on vacation the past few days, largely ignoring the deluge of headlines and incessant barrage of market news (what a week to be away!). It’s tough at first because tra… Read More
2022-07-22 14:04
As I’ve noted many times before, I view this blog as a tool to clarify my thinking, vet ideas, and share my views at specific points in time.
Given the volatility and uncertainty i… Read More
2022-06-26 12:42
The multifamily market today is the strangest in my relatively short career (12 years). The range of potential economic outcomes is wide, and I certainly lack the experience to assess the i… Read More
2022-05-21 15:36
It’s an interesting time in the multifamily development space. Although rents have surged, construction costs, labor, and land prices have increased significantly as well, making it d… Read More
2022-04-16 14:01
After 12 years of living in cities, my family bought a house and moved to the suburbs in 2021. We settled in a classic North Jersey train line town, with idyllic tree-lined streets and vibra… Read More
2022-03-20 14:03
It’s no secret multifamily valuations are through the roof with cap rates at all-time lows as capital pours into multifamily real estate, especially in high-growth southeast markets. I… Read More
2022-02-26 16:28
I was talking with a colleague recently about the differences in our two primary investment strategies; class B/C value-add and ground-up development within Opportunity Zones. These are two… Read More
2022-02-15 16:47
Some of the most interesting real estate deals today are vacation rentals, which is a subset of the more broadly known STR (short-term rental) space. These investments offer the potential fo… Read More
2022-01-17 13:48
I used to be a religious reader of the Howard Marks memos, but at some point they started to get a bit repetitive…“move forward, but with caution…” However, his mos… Read More
2022-01-07 13:16
Happy new year! As we kick off 2022, I wanted to dig into one of the hottest real estate segments, multifamily in high-growth markets in the Southeast.
At least once a week I hear… Read More
2021-11-14 12:16
Real estate is a massive and surprisingly complex business (just ask Zillow). Innovation is relatively slow and certain aspects of the business have been done a specific way forever. The cha… Read More
2021-10-23 13:55
2021 has been a crazy year and it’s difficult to comprehend what’s going on.
Take the multifamily industry for example. When I speak with people outside commercial real estate… Read More
2021-09-16 21:00
Since joining Atlas in 2011, we’ve been primarily focused on value-add multifamily investments. We’ve acquired ~7,500 units and have executed light value-add strategies (~$5,000/… Read More
2021-08-20 19:00
I’m beyond tired of hearing about the future of work. Every podcast, email newsletter, and blog has covered it ad nauseum for the past 18 months. The barrage of headlines, either in su… Read More
2021-07-03 18:19
I recently celebrated my 10-year anniversary with Atlas, where I joined as the first hire in May 2011. When I started with the firm, I was single and living with two friends in NYC. I’… Read More
2021-05-23 13:40
Atlas is under construction on a 310-unit multifamily community in Nashville. Over the past few weeks, we’ve redesigned the common areas, eliminating vanity amenities like game rooms a… Read More
2021-04-25 17:41
The lines between hospitality and traditional apartment communities continue to blur, with the modern renter expecting flexibility. The way we work has forever changed and we will not go bac… Read More
2021-03-20 18:05
Multifamily real estate is evolving to become more of a consumer product. By that, I mean that real estate is becoming more flexible, branded, and focused on the consumer. At the same time… Read More
2021-02-20 01:00
There is a lot of conversation within the multifamily real estate development community about the size and layout of unit types. For years, the average size of apartments was trending downwa… Read More
2021-02-07 19:41
My recent post, things don’t stay good forever, was intended to serve as a reminder that even when things are good, fundamentals matter. It was not a bearish take on multifamily. In fa… Read More
2021-01-18 14:44
One of the great things about sharing my thoughts in a public is that I have a record of how I was thinking about things at specific points in time. I can easily revisit old posts to see how… Read More
2021-01-01 14:40
As we welcome 2021 and look ahead to a post-Corona world, I’ve been thinking about a few of the trends accelerated by the pandemic and how they may impact my life in the future. … Read More
2020-12-09 03:35
At Atlas, we focus primarily on value-add workforce housing. One of the most attractive aspects of the asset class is that it’s difficult to add new supply. Capped supply + growing dem… Read More
2020-11-11 02:03
In a post I wrote back in April, the early days of the pandemic, I posited that many companies will ‘adopt a full or partial work from home schedule’ post-COVID. It’s now N… Read More
2020-10-22 13:04
There are few real estate sectors hotter than the single-family home rental business (SFHR). What started as a distressed opportunity following the Global Financial Crisis, is quickly becomi… Read More
2020-10-02 18:19
Multifamily as an asset class has performed well since the onset of COVID, especially Class B and C properties.
As of the end of Q2, occupancy and rents were more or less flat.
Thi… Read More
2020-09-11 13:23
If you work in multifamily real estate (especially workforce housing), you’ve probably spent a lot of your time recently monitoring collections, modifying payment procedures, and worki… Read More
2020-08-24 14:55
As I write this, I’m sitting in my home office, working at full capacity. The S&P 500 is back near all-time highs and asset prices have remained high, driven by the reduction of in… Read More
2020-08-01 14:24
In my previous post, I discussed the concept of living-as-a-service, flexible housing models driven by technology which cater to young professionals who can work and live anywhere. The accel… Read More
2020-07-18 15:59
Multifamily real estate is shifting from an asset class to a business. What was once viewed as a ‘passive’ investment is becoming a sophisticated operation.
Accelerated… Read More
2020-07-07 01:08
At Atlas, we focus primarily on acquiring value-add workforce housing. A big part of our investment thesis is that you can’t build new middle-income housing, so supply is capped while… Read More
2020-06-06 14:58
I started my career in real estate in 2009. For the first 11 years, I enjoyed one of the longest expansions in history. I remember thinking in 2015 that assets were expensive and good opport… Read More
2020-05-21 01:25
If I were to tell you that ~40% of your residents were unemployed, what do you think that would do to rent collections? Would you believe me if I told you multifamily collections were more o… Read More
2020-04-29 02:04
There’s a lot of chatter and speculation in the commercial real estate community about what a post-Corona world will look like. Is business travel dead? Will consumers ever shop in mal… Read More
2020-04-19 15:36
Over the past few years, I’ve spent most of my time working remotely either on the road traveling to properties or out of my apartment. I’ve created an environment and workflow t… Read More
2020-04-12 14:19
Over the past 3 weeks, nearly 17 million people filed for unemployment.
True unemployment at this moment is about 18%, compared with just 3.5% as of
the first week of March.
Many of these… Read More
2020-03-22 18:49
I started my career in the real
estate business in 2009, the bottom of the Global Financial Crisis. It’s been a
historic 10+-year run for the multifamily sector. The combination of eco… Read More
2020-03-10 22:09
Many multifamily operators (Atlas included) utilize 3rd party property management to oversee the day-to-day management of their properties. It’s great in many ways. You can maintain a… Read More
2020-03-02 14:33
The way lifestyle brands approach their physical real estate strategy is changing. As sales have shifted online, brands have begun to utilize their physical presence to deepen their relation… Read More
2020-02-14 21:58
Direct to consumer brands (think Harry’s, Warby Parker, and
Casper) have stolen market share from the incumbents. Their success isn’t
because they have a slightly better product… Read More
2020-01-26 00:06
The demand
for multifamily remains strong, but the drivers of demand are often different than
what most people think. Tell me if you’ve heard these two narratives:
Millennials are m… Read More
2020-01-02 14:26
I hope everyone had a great holiday and enjoyed some quality time with friends and family. I was able to disconnect and spend a week in FL with my family. The time off is great, but I’… Read More
2019-12-06 16:53
Moses Kagan is the founder of Adaptive Realty which focuses on heavy value-add multifamily projects throughout the LA area. I really enjoy his views on the real estate business which h… Read More
2019-11-26 01:53
Over the past 10 years, we’ve executed nearly $75M worth of renovation work across 20+ value-add multifamily projects. Over that period, we’ve experienced many of the unexp… Read More
2019-11-04 02:11
I was talking with a multifamily fund
operator who’s been in the business for 30+ years. His firm started out buying
class C multi deals and scaled up over time to raise a fund with in… Read More
2019-10-24 21:22
In my previous post, I talked about the value of compounding which results over holding multifamily real estate assets long-term. While that’s great in theory, it’s difficult… Read More
2019-10-05 14:50
Real estate is a long-term, get rich slow business. That’s
something you hear a lot, but the math and reasoning behind it is rarely illustrated.
At Atlas REP, our investment strateg… Read More
2019-09-16 20:25
The way people are living, and traveling has fundamentally changed and the lines between apartments and hotels have blurred. Guests and renters are no longer constrained by a market flooded… Read More
2019-08-05 13:28
We’re in the midst of a multifamily development boom. If you’ve been to any major city over the past few years, you see ‘stumpy’ midrise developments everywhere. The… Read More
2019-07-14 23:24
Every so often I scan through the real estate forum on Wall Street Oasis and I recently came across an interesting thread titled ‘Contrarian Thesis: Acquisitions is the Least Interesti… Read More
2019-06-23 12:47
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 mult… Read More
2019-06-04 13:15
Multifamily development has picked up considerably over the past few years, as the demand for high-quality apartment commun… Read More
2019-04-27 16:42
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 hom… Read More
2019-03-31 19:19
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 cos… Read More
2019-03-09 17:08
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 inves… Read More
2019-02-19 01:52
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… Read More
2019-01-13 21:25
The real estate community has become obsessed with data. In the multifamily space alone, there are countless free and paid sources for all sorts of ‘relevant’ data; Costar, Axiom… Read More
2018-12-28 19:50
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 da… Read More
2018-11-18 22:38
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 com… Read More
2018-11-02 21:03
“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 wh… Read More
2018-09-30 23:25
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 ca… Read More
2018-09-13 00:57
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… Read More
2018-08-27 02:05
As the real estate industry becomes more institutionalized, there is greater demand for quality data. Data is the key to making informed decisions. Having a solid grasp of the current cap ra… Read More
2018-08-08 21:18
Cash-flowing private real estate deals can make great investments. However, with the space being highly unregulated and acc… Read More
2018-08-07 17:11
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2018-07-08 16:12
Over the past several weeks, I’ve been deep in a new value-add multifamily transaction. Acquiring real estate is cumbersome, complex, and opaque, yet we continue to complacently accept… Read More
2018-06-04 00:39
In real estate acquisitions, you seek the coveted off-market deals. These deals are more likely to be mis-priced, creating an attractive risk-return structure for operators with a track reco… Read More
2018-05-03 03:10
We recently embarked on a project aimed at improving the online marketing process for all our multifamily properties. The intent was to greatly improve our web presence, access deeper analyt… Read More
2018-04-08 18:05
Passive investing in private real estate deals remains one of the best investment opportunities for long-term focused investors. Until recently, these deals were accessed through closed netw… Read More
2018-03-24 12:46
It’s no secret that most young professionals today prefer a 24/7 live/work/play environment. More than ever, talent is clustering in dense, urban areas. However, as jobs and people hav… Read More
2018-03-11 22:31
I spend a lot of time talking with college students interested in entering the real estate business. When they ask for advice, I try to steer them in the right direction by advising they wor… Read More
2018-02-12 01:22
In the wake of new regulation and rise of real estate crowdfunding platforms, there’s been significant growth in private real estate syndications where operators pool capital from a gr… Read More
2018-01-07 16:52
Happy belated, New Year! I hope you enjoyed the time off with friends and family, and took a much-deserved break from the daily grind of work. I used the down time to reflect on the accompli… Read More
2017-11-29 12:40
Over the past 7 years, Atlas has acquired 45 properties with a total deal value of ~$800M. Over that time, we’ve grown from 3 guys in a 100 SF shared office, to an integrated team with… Read More
2017-11-14 04:23
As I write this, I’m on my flight back from an incredible two-week trip around Japan. We spent our first day in Osaka before embarking on a three-day hike of the Kumano Kodo trail. Fro… Read More
2017-09-29 13:27
Real estate firms and investors each form their own investment strategy based on their risk-tolerance, desired hold period, expertise, and target returns. Some prefer core or core-plus inves… Read More
2017-09-13 12:59
“The real estate industry is slow to adopt new technology”. How many times have you heard that statement? While there may be some truth to it from a relative perspective, there a… Read More
2017-08-24 11:59
The key to success in real estate investing (and business) isn’t simply finding a competitive advantage, it’s having a sustainable advantage that others are unable to replicate… Read More
2017-08-03 21:19
This past May I participated in altMBA, an intensive, 4-week online workshop designed by Seth Godin for individuals from around the world who want to “level up and lead”.
The 4-w… Read More
2017-07-06 02:00
Having conversations with industry experts and talking as little about yourself as possible is the best way to learn. It’s why I love the blog format so much – I get to engage wi… Read More
2017-06-22 00:00
One of my favorite podcasts is ‘Invest Like the Best’ hosted by Patrick O’Shaughnessy. He has a mix if incredible guests from all ends of the finance world (venture capital… Read More
2017-06-07 22:00
Real estate is both a local and relationship-driven business. When looking for operating partners, Atlas seeks teams who exhibit niche business strategies in well-defined geographies, local… Read More
2017-05-25 00:00
Over the past 7 years, the Atlas portfolio and investor network has grown exponentially. What started as an intimate group of friends and family, has ballooned to a robust network of 400+ in… Read More
2017-05-03 21:09
I still think autonomous cars will create more billionaires in real estate and retail than in tech or manufacturing. Just as cars did.
— Benedict Evans (@BenedictEvans) August 29, 201… Read More
2017-04-20 10:00
In September, Ben Harris, head of investor relations for Origin Investments, shared the approach that enabled Origin to raise over $4M of capital online in a single week.
Ben walked through… Read More
2017-04-05 01:47
At Atlas, we have over 400 HNW individuals who’ve invested in our deals. Today, following several successful exits, the strong performance of current deals, and attractiveness of cash… Read More
2017-03-20 13:11
People love rankings. I get it. They attract eyeballs and enable us to compare across a large group of participants.
Rankings work great in sports where there are endless statistics and a le… Read More
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