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?
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.
It sounds like they are a less frenetic version of Tides Equities?
I don't know how tides comps their acq team, so i can't really compare.
Following up on a prior post. Saw a TRD article over the summer about these guys. They hired Jeff Day (seems to be a well known multifamily pro) but now his name and bio are conspicuously absent from their website. Handful of acquisition guys seem to have left this year as well. Sinking ship?
From personal experience I can tell you that one of their main principals is known to be a jackass with a big ego, for what that’s worth.
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