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May 31, 2024
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I specialize in the hotel real estate. The reason is pretty simple. I studied hotel administration at college and found a job in a firm that only buy and sell hotels. It is a very special real estate sector and requires some operational experiences. Even though I really like it, I am still thinking about going to a firm that has different asset classes.
I'm a multifamily guy. I didn't decide on it, and actually started in office, but now that I am a multifamily guy it makes sense to continue being a multifamily guy (at least for the near term.)
I like it because there's a lot of creativity and freedom involved. I can make the kitchens look however I want them to. I can add or remove any amenities I want. I've also lived in apartments for the last 10 years, so even outside of my market tours, I've seen and experienced daily what makes one apartment better than another.
I wouldn't mind getting back into the office game though.
multifamily is nice because you don't have to read leases or use ARGUS
Meh to the first part. 90% of my deals are "mixed use" in that they have ground level retail. Still have to read a couple leases on those.
ARGUS though - that's a nice perk. I don't think my old DCF certification would get me very far these days.
i think all development deals these days are mixed-use.
they are putting apartments in malls. cray cray world we live in.
just was at a ULI meeting the other day and both benderson and CBRE were talking about how virtually all mall folks are adding a resi component, and that's just the beginning.
also way more apartment deals out there. way simpler too.
IMHO, office always kindof comes late and leaves early. it's a really tough asset class that has a lot of external dependencies and nuances.
of course, the office guys are now all adding ancillary uses too. there are several developments around us that are office/retail/apartment/condo/hotel.
peak of the last market, they did all that live/work/play stuff. not sure if that's coming back on the scale it was before, but those deals all went back to the banks.
seems like now they are doing live/work/play on a grand scale.
look at toronto with sidewalk labs or vinik's water street in tampa.
I guess that I'm in the minority here as I enjoy both of these tasks...
Reading leases is equivalent to eating kale...... You know you're supposed to and it's good for you but in the end, you just leave it on the table and walk away.
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