Commercial Real Estate – Wealth Management INVEST

REPLAY! WMRE Common Area: Exploring Tax-Advantaged Real Estate Options with Louis Rogers

By Wealth Management Invest | December 11, 2023

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Some real estate structures offer investors major tax benefits. Like-kind exchanges allow investors to roll capital gains from one real estate investment into a new one. DSTs allow 1031 exchangers to pool capital into a fund. Qualified Opportunity Zone funds allow investors to defer capital gains from any previous investments.

In this episode, David Bodamer speaks with Louis Rogers, founder and Co-CEO of Capital Square, tax-advantaged real estate. Louis outlines the different structures and where his firm sits within the marketplace.

Louis discusses:

How 1031 exchange options evolved, including the creation of Delaware Statuary Trusts
Which property types Louis is bullish on in the current climate
How he advises investors and chooses the assets for the different structures Capital Square uses
How real estate investments fit into estate planning
And more

Resources:

Listen to the latest episodes of Common Area

Connect With Louis Rogers:

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About Our Guest:

Louis J. Rogers is founder and co-chief executive officer of Capital Square, where he oversees the firm’s Delaware statutory trust (DST) programs for investors seeking qualifying replacement property for Section 1031 tax-deferred exchanges and regular (non-exchange) investors.

WMRE Common Area: Exploring Interval Funds With Ramin Kamfar

By Wealth Management Invest | November 13, 2023

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For many individual investors, the traditional 60/40 portfolio focused on stocks and bonds was the only option they had for investment plans. Bluerock is among a group of alternative asset managers creating offerings meant to increase access to other asset types and investment structures.

In this episode, David Bodamer speaks with Ramin Kamfar, CEO of Bluerock, on how the firm built its interval funds. Bluerock’s Bluerock Total Income+ Real Estate Fund is the largest real estate interval fund and second largest of all interval funds with more than $6 billion in assets. .

Ramin discusses:

The role of alternative investments in creating an efficient portfolio
An explanation of the Bluerock Total Income + Real Estate Fund (TIPRX)
Notable trends in the four major sectors of commercial real estate
The role of education in raising awareness among advisors about alternative investments
And more

Resources:

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Connect With Ramin Kamfar:

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About Our Guest:

Mr. Kamfar serves as Chief Executive Officer of our Manager, and as Chairman of our board of directors and as our Chief Executive Officer. Mr. Kamfar served as Chairman of the board of directors and Chief Executive Officer of Bluerock Residential Growth REIT, Inc. from August 2008 to October 2022. In addition, Mr. Kamfar has served as Chairman of the board of trustees of Bluerock Total Income + Real Estate Fund, a closed-end interval fund organized by Bluerock, since 2012, and as Chairman of the board of trustees of Bluerock High Income Institutional Credit Fund, a closed-end interval fund organized by Bluerock, since 2022. Mr. Kamfar has also served as Chairman of the board of directors of Bluerock Industrial Growth REIT, Inc. and Chief Executive Officer of its external manager, Bluerock Industrial Manager, LLC, since 2021. Mr. Kamfar is the Founder and has also served as the Chairman and Chief Executive Officer of Bluerock since 2002. Mr. Kamfar has approximately 30 years of experience in various aspects of real estate, private equity, and investment banking. From 1988 to 1993, Mr. Kamfar worked as an investment banker at Lehman Brothers, New York, New York, where he specialized in mergers and acquisitions and corporate finance. From 1993 to 2002, Mr. Kamfar built a startup into a leading public company in the ‘fast casual’ market now known as Einstein Noah Restaurant Group, Inc. Mr. Kamfar received an M.B.A. degree with distinction in Finance from The Wharton School of the University of Pennsylvania, and a B.S. degree with distinction in Finance from the University of Maryland, College Park.

WMRE Common Area: Transforming Real Estate Investment through Fintech Innovation With Ryan Williams

By Wealth Management Invest | October 16, 2023

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Real estate investment has historically not been the most innovative space when it comes to using new technologies. But Cadre is aiming to change that. The firm uses predictive models and workflow tools to change the investment experience. It also aims to provide access to real estate investment opportunities previously unavailable to some investors.

In this episode, David Bodamer speaks with Ryan Williams, founder and CEO of Cadre, about the company’s goal to transform real estate investment and increase access through the use of technology. Williams also discusses his goal in using real estate investment to create economic opportunities in underserved communities.

Ryan discusses:

How Cadre’s platform works and what types of investors it works with
Cadre’s three-pillar strategy for creating economic opportunities in underserved communities
Why and how Cadre is involved in opportunity zone investments
Cadre’s plans for growing its investor base
And more

Resources:

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Connect With Ryan Williams:

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About Our Guest:

Ryan Williams is the Founder and CEO of Cadre, a leading real estate technology platform that democratizes access to high-quality commercial real estate opportunities for individual and institutional investors. With ten years of experience in the industry, Ryan has a deep passion for leveraging data, technology, and innovation to transform the way people invest in real estate.

Under Ryan’s leadership, Cadre has achieved remarkable growth, scale, and impact. Cadre has closed over $5 billion in real estate transactions, generated a net annualized return of over 25% for its investors, and developed the industry’s first secondary marketplace for real estate investments. Cadre has also expanded its investor base to more than 50,000 accounts, and launched several new investment products and initiatives, including a fund focused on driving greater diversity and inclusion of operators in Cadre’s ecosystem program. Ryan’s mission is to empower more people to build wealth through real estate, and to make the asset class more transparent, efficient, and liquid.

WMRE Common Area: Exploring Private Real Estate as an Alternative Investment With Jay Miller

By Wealth Management Invest | September 18, 2023

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Using recent Wealthmanagement.com research as a jumping off point, in this episode, David Bodamer speaks with Jay Miller, Chief Investment Officer at Forum Investment Group, exploring the company’s focus on multifamily real estate and the various investment options they offer and emphasizing how alternative investments provide opportunities for average investors to diversify portfolios by accessing asset classes previously limited to institutional investors.

Jay discusses:

Why interest is increasing in alternative investments, including private real estate
How advisors can help clients navigate alternative investments
The challenge with alternative investments and how technology is making it easier to manage these types of investments
The current trends in multifamily real estate
And more

Resources:

Connect With Jay Miller:

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About Our Guest:

Jay brings more than 30 years of real estate investment experience to Forum with demonstrated success developing and executing business strategies, and managing teams and systems. As CIO, Jay oversees the firm’s real estate investment team, chairs Forum’s investment committees, and is responsible for driving the firm’s continued growth through multifamily equity and debt investment opportunities.

WMRE Common Area: Navigating Private Real Estate Opportunities for Investor Portfolios With Elizabeth Wohlleb

By Wealth Management Invest | July 17, 2023

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Despite the challenges faced by some parts of the commercial real estate industry, the fundamentals of many sectors remain strong and there remains plenty of opportunity for investment.

In this episode, David Bodamer is joined by Elizabeth Wohlleb, managing director and head of Real Estate Capital Markets with Cresset Partners, to discuss how the group vets opportunities for its funds.

That includes addressing misconceptions and emphasizing the importance of considering factors like location and asset type. Elizabeth also talks about working with high net worth and retail investors and how they use real estate in their portfolios..

Elizabeth discusses:

How Cresset Partners works with investors to explore strategic real estate opportunities
The democratization of private real estate investment and increased access for retail investors
How Cresset Partners vets real estate deals for its various funds, including in the logistics sector and Qualified Opportunity Zone deals
And more

Resources:

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Connect With Elizabeth Wohlleb:

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About Our Guest:

Elizabeth Wohlleb is Managing Director, Head of Real Estate Capital Markets for Cresset Real Estate Partners. She has responsibility for the capital formation strategy for all Cresset Real Estate Partners investment opportunities and also serves on the Cresset Real Estate Partners Investment Committee.

Elizabeth joined Cresset after leading the U.S. East for the Harrison Street Real Estate Capital Investor Relations team, where she was responsible for overseeing the firm’s capital raising efforts in the Eastern U.S., working with a variety of institutional investors. Prior to Harrison Street, Elizabeth was a Managing Director, Investor Relations with Greenfield Partners, where she was responsible for developing and maintaining relationships with institutional investors and consultants and was a member of Greenfield’s Investment and Compliance Committees. Before Greenfield, Elizabeth was a Director in the Global Client Group at RREEF Real Estate, and a Principal with the Investor Relations team at Capri Capital Partners.

WMRE Common Area: Current Themes Within the Real Estate Market With Mike Acton

By Wealth Management Invest | June 20, 2023

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While trends within real estate rise and fall, there are always themes and strategies that can be used in future markets when looking for investment opportunities.

In this episode, David Bodamer speaks with Michael Acton, Managing Director of AEW Capital Management, on what he sees happening within the current real estate market and how investors could benefit. Mike shares his insight on trends and strategies he has seen before and how they are reflected in current investment opportunities.

Mike discusses:

The main themes in commercial real estate
What types of properties and strategies create opportunities in the current market
How different types of fund structures and loans function when purchasing or financing real estate
What investment opportunities exist within the disconnect between listed real estate and private real estate
And more

Resources:

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Connect With Mike Acton:

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About Our Guest:

Mike Acton, CFA, is a Managing Director of the firm and AEW’s Head of Research & Strategy with responsibility for directing the activities of AEW Research, the firm’s in-house research group. He works closely with the Fund’s investment management team in the development of the Fund’s investment strategy and criteria. Mr. Acton joined the firm in 1990 and has 34 years of experience as an economic analyst and forecaster. He is a standing member of the firm’s Investment Committee and Risk Management Committee. The resources of AEW Research are an integral part of AEW’s investment process and Mr. Acton works closely with senior professionals in all areas of the firm to develop investment strategies that match clients’ risk/reward objectives with market opportunities. Mr. Acton is also a member of the firm’s Compliance Committee. Prior to joining AEW, he was with DRI/McGraw-Hill where he managed the Metropolitan Area Forecasting Service. He is a graduate of Bates College (B.A.) and a CFA charter holder.

WMRE Common Area: Creating Balance Between Strong Income and Capital Appreciation With Rick Schaupp

By Wealth Management Invest | May 30, 2023

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Real estate investments aren’t new to portfolio planning. How does Clarion take the next step in providing alternative real estate investments that provide attractive yields and portfolio diversity?

In this episode, David Bodamer speaks with Rick Schaupp, Managing Director at Clarion Partners, about the Clarion Partners Real Estate Income Fund, how it fits within financial and investment planning and the services they are providing to other wealth managers and individual investors.

Rick discusses:

How a 40 ACT fund differs from other fund structures
How does his valuation process relate to how publicly traded REITs are market
The shift in commercial real estate value depends on the type of property
Clarion’s process of sourcing investors and informing wealth advisors
And more

Resources:

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Connect With Rick Schaupp:

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About Our Guest:

Richard Schaupp is a Managing Director and the Portfolio Manager for Clarion Partners’ funds and a separate account relationship. As portfolio manager, Rick has overall responsibility for the management and portfolio strategy of these relationships. Rick has participated in the acquisition, asset management, and development management of over $4.0 billion of real estate. He originally joined Clarion Partners in 2000 and began working in the real estate industry in 1995. He holds an M.B.A from Yale University, and a B.Arch from the University of Notre Dame.

WMRE Common Area: Where Alternative Investments Fit Within an Evolving Market With Patrick McGowan

By Wealth Management Invest | April 17, 2023

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There are a lot of reasons why alternatives have a place in investment portfolios. How are current market conditions influencing private equity, private real estate, private credit, and other alternative assets?

In this episode, David Bodamer speaks with Patrick McGowan, Head of Alternative Investments and Manager Research at Sanctuary Wealth, on assessing private equity and private real estate opportunities in a rapidly evolving market. Patrick reveals how Sanctuary is assessing the alternatives space.

Patrick discusses:

What alternative investments bring to wealth management client portfolios
How he holds honest conversations with clients worried about the impact of recent financial events on the market, including for private real estate
Where private equity lenders fit into capital markets given the problems facing banks
Where do tax advantage structures fit when assessing real estate investment opportunities
And more

Resources:

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Connect With Patrick McGowan:

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About Our Guest:

Patrick McGowan is a Managing Director and Head of Alternative Investments at Sanctuary Wealth. In this role, Mr. McGowan oversees a team responsible for all alternative investment matters including manager sourcing, due diligence, selection, and monitoring. He serves as a member of the Alternative Investment Committee.

WMRE Common Area: Exploring Tax-Advantaged Real Estate Options with Louis Rogers

By Wealth Management Invest | March 20, 2023

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Louis discusses:

How 1031 exchange options evolved, including the creation of Delaware Statuary Trusts
Which property types Louis is bullish on in the current climate
How he advises investors and chooses the assets for the different structures Capital Square uses
How real estate investments fit into estate planning
And more

Resources:

Listen to the latest episodes of Common Area

Connect With Louis Rogers:

Connect With David Bodamer:

About Our Guest:

WMRE Common Area: A CRE Economist’s View of Current Market Conditions

By Wealth Management Invest | February 21, 2023

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David Bodamer is joined by Xander Snyder, Senior Commercial Real Estate Economist at First American, in discussing economic trends impacting commercial real estate, such as demographics, fundraising, investment and lending.

Snyder monitors, analyzes and reports on economic data and surveys related to CRE, and develops models and forecasts to better understand the forces that influence commercial real estate markets. He also co-manages a small family office of real estate investments.

Xander discusses:

What’s driving the pace of real estate investment sales volumes
The latest trends on some of the major CRE property types
What determines whether offices can be converted to other uses
And more

Resources:

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Connect With Xander Snyder:

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About Our Guest:

Xander Snyder is a real estate economist, investor and serial impact entrepreneur. Xander graduated with a degree in economics from Cornell and a masters degree in data science from Berkeley. He has a background in finance, banking, and global risk.

WMRE Common Area: Outlining the Latest Proptech Investment Trends with Sarah Liu (Ep. 76)

By Wealth Management Invest | September 29, 2022

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Commercial real estate has been a notorious laggard when it comes to adopting technology. But a surge of investment in proptech in recent years is helping to transform many business practices within the space.

Fifth Wall is a major venture capital firm focused on the global real estate industry and property technology for the built world. With the backing of institutional partners within the sector it has helped fund dozens of proptech startups.

In this episode, David Bodamer is joined by Sarah Liu, a Partner of the Real Estate Technology Investment Team at Fifth Wall, to discuss what kinds of technology the industry is adopting..

Sarah discusses:

How Fifth Wall vets their proptech investments.
Which sectors and processes are seeing some of the biggest effects by adopting technology and automating processes.
How the pandemic helped accelerate some proptech adoption and how changes like work-from-home and hybrid work schedules have created new challenges to navigate.
How Fifth Wall positions its funds to help incubate proptech startups.
And more

Connect WithSarah Liu:

Connect With David Bodamer:

About Our Guest:

Sarah Liu is a Partner on the Real Estate Technology Investment team at Fifth Wall, where she focuses on early stage investing in the construction, fintech, insurtech, and residential sectors.

Prior to joining Fifth Wall, Sarah worked at McKinsey in San Francisco. Her work there spanned FIG, TMT, and retail and included private equity due diligence, M&A strategy, and corporate transformations.

Episode 71: A Look at the First Quarter Commercial Real Estate Investment Numbers with Darin Mellott

By Wealth Management Invest | May 24, 2022

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After a record breaking fourth quarter in 2021, the momentum continued into the first quarter of 2022 with a 45 percent year-over-year increase in U.S. commercial real estate investment volume. What has influenced these numbers and what does the rest of the year look like?

In this episode, David Bodamer is joined by Darin Mellott, Senior Director of Capital Markets Research at CBRE, in sharing key highlights from recent market activity, touching on different types of buyers, comparing the end of 2021 to the beginning of 2022, and discussing future outlook. They also talk about interest rates, the impact of the value of the dollar on cross-border flow and other takeaways from the first quarter numbers.

Darin discusses:

The impact of increased interest rates on buyers and sellers
How the pandemic has influenced investment decisions
Activity levels among different kinds of buyers
What markets and property types were the most active
And more

Resources:

Commercial Real Estate Investment Jumps by 45% Year-over-Year in Q1

Connect With Darin Mellott:

Darin Mellott

Connect With David Bodamer:

About Our Guest:

Darin Mellott is a Senior Director of Capital Markets Research at CBRE. In this capacity, Darin leads a global team of Capital Markets Research Analysts and works with other members of senior leadership to provide analysis and develop “house views” on global markets and economic conditions, with a focus on their impact on real estate.

Beyond this, Darin leads and contributes to research and strategy efforts across the globe on behalf of clients, and has authored numerous white papers for the firm. He also represents CBRE with the media and at public forums on a frequent basis. Prior to his current role, Darin was CBRE’s Director of Research for the Americas.