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Every Sunday, Tyler sends interesting finds and strategies relevant to commercial real estate investors - come along for the journey.
Founder & CEO, Bullpen
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I recently had a great conversation with Matt Annibale, a Senior Director of Acquisitions at First National Realty Partners (FNRP). On top of sharing that FNRP has embraced a remote work policy for their 100+ employee team (which is fascinating in its own regard), Matt dove into the intricacies of their grocery-anchored retail platform.
There is a big “missing middle” in the new construction of multifamily assets. Developers typically build luxury assets or take advantage of LIHTC programs because they pencil. As such, there historically hasn’t been new construction that targets middle-class renters … until now.
This week, I’m going to share insights from our nearly 500 inbound sales data points. Given that this data is from our inbound sales pipeline, it’s going to be skewed a bit towards the demands of our non-enterprise customers. However, I think it paints a really interesting picture of how small businesses build teams.
iBuying has been all the rage, as companies like Zillow, Redfin, and Opendoor use artificial intelligence to actively acquire, improve, and flip homes in hot markets of the US. In total, ibuying accounts for less than 1% of total home sales in the US. However, in Phoenix, it accounts for more than 5% of all transactions.
Ivy League universities such as Harvard, Princeton, Yale, and MIT quietly run some of the most successful endowment funds in the world. Fueled by donations from wealthy alumni, the endowments are not beholden to limited partners like most investment managers, allowing them to take unique risks. In recent years, endowments have been growing their positions in natural resources like farmland.
Family offices typically (1) buy quality assets (2) in good locations with (3) little debt and (4) an infinite investment horizon. They also (5) choose metros where rent growth is expected to exceed inflation over the long term. It’s not sexy, but it works.
Before working on this piece, I thought that institutional real estate firms exclusively sourced their deals from brokers. However, I was wrong. In addition to brokers, institutional firms leverage relationships with other firms and public auctions to keep their deal pipeline full.
You’re getting this email because at one point or another, you signed up to be a part of Bullpen’s blog email list. However, you’ve probably noticed that we haven’t been sending out very many marketing emails. Frankly, marketing emails suck, and I don’t like reading them.