Just a general question as to anyone who's familiar with the platform. They look like they started buying multifamily coming out of the GFC circa 2010/2011. Pretty decent transaction record and seem to have a pretty large acquisition staff covering various regions of the country.
Just curious as to their reputation, source of capital, etc?
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Don't do it, their business model has resulted in a lot of turnover. They basically just pay everyone a flat salary of $100k, then you get bonuses/fees for the amount of deals you do. After X amount of deals, you get an admin or analyst, etc....
I would personally never want to work for a shop that values volume over deal quality. And the fact that they don't invest in their acquisitions team until you hit certain hurdles is a red flag.
interesting. they also bought some crappy assets that appear to have hit bridge loan maturities and are increasingly looking to be distressed...
Yep, that's what happens when your acquisitions teams' livelihood is solely based on volume. I have personally been tracking all of their assets for when they start to see stress.
Curious how you guys typically track other firms' debt?
You can't really see their debt terms unless it is CMBS or securitized agency financing. But I know what they paid for any given property, what the cap rate was going-in, and i know they are high leverage buyers....
It sounds like they are a less frenetic version of Tides Equities?
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