Daryl J. Carter, a 41-year veteran of the commercial real estate industry, is the Founder, Chairman, and CEO of Avanath Capital Management, LLC. Mr. Carter directs the overall strategy and operations of the Company, a California-based investment firm that acquires, renovates, and operates apartment properties, with an emphasis on affordable and workforce communities. Since its formation in 2008, Avanath has acquired $3.5 billion of properties across 14 states in the U.S., comprising 15,000 apartment units. Avanath is vertically integrated and is an SEC-registered investment advisor and institutional fund manager.

Links

Avanath Capital Management - https://www.avanath.com/

Daryl on LinkedIn - https://www.LinkedIn.com/DarylCarter

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

(00:00:55) - Daryl’s background and career

(00:06:15) - Did you know you wanted to be in Real estate?

(00:07:53) - What got you interested in architecture?

(00:09:24) - Starting Capri Capital

(00:18:28) - The myths of investing in affordable housing

(00:26:36) - How has the affordable housing industry changed over the past 15 years?

(00:32:06) - What do you hope will happen for housing affordability?

(00:37:09) - What is your unique advantage as a firm?

(00:41:08) - What attributes are requirements for communities you own?

(00:45:19) - Are 3-4br apartments going to be the norm in the future?

(00:47:50) - How is the industry doing in bringing a more diverse workforce together?

(00:54:07) - What do you think are markers of great leadership?

Owen Thomas is the Chairman and CEO of BXP. He served as the first Chairman at Lehman from 2012 until 2013 when he joined BXP. Before Lehman, Mr. Thomas was with Morgan Stanley for 24 years serving in several different roles, business units, and locations, including Chief Executive Officer of Morgan Stanley Asia and Chairman of Mitsubishi UFJ Morgan Stanley Securities, while living in Hong Kong from 2008 until 2011. He also held the roles of President of Morgan Stanley Investment Management and head of Morgan Stanley Real Estate and served on Morgan Stanley’s Management Committee from 2005 until 2011.

Links:

BXP - https://www.bxp.com/

Owen on LinkedIn - https://www.linkedin.com/in/owen-thomas-4012a640/

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

(00:01:31) - Owen’s background and career

(00:24:00) - Where are we today in the office market?

(00:29:52) - What do WFH/WFO policy talks look like with tenants?

(00:37:05) - What makes something a “premiere” asset?

(00:43:43) - What is your role in the economic health of a city?

(00:48:01) - What’s your involvement with affordable housing?

(00:50:17) - What’s your take on the overall health of the innovation sector as it rebounds?

(00:53:39) - How do you think about sustainability in the office environment?

Randy is the Chairman of Green Courte and The Parking Spot, Green Courte’s near-airport parking portfolio operating company.

Randy is also a co-founder and former Chairman of Transwestern Investment Company, LLC, and former Chairman and Director of Transwestern Commercial Services, LLC. Randy was also Chairman and Chief Executive Officer of Hometown America, LLC, a large owner of manufactured housing communities.

Links:

Green Courte Partners - https://greencourtepartners.com/

Randy on LinkedIn - https://www.linkedin.com/in/randy-rowe-4822b812/

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

(00:01:14) - Randy’s background and career

(00:10:17) - What was it like working for Sam Zell?

(00:13:42) - How do you think about the evolution of the market over the course of your career?

(00:24:13) - What led you to make the jump to Transwestern?

(00:27:29) - Why didn’t the Rockefeller Center deal not work out?

(00:29:56) - Building Transwestern

(00:34:00) - Starting Green Courte Partners

(00:41:28) - What is a covered land play?

(00:42:51) - How do you think about transforming capital allocations from niche sectors into alternatives?

(00:49:26) - What’s the size of your organization today?

(00:52:02) - What trends are you tracking right now?

(00:58:16) - Closing advice

Matt Kaplan is the Managing Partner of Almanac Realty Investors, an investment company providing growth capital to real estate companies in North America. He is responsible for overseeing the activities of the firm as well as the portfolio management of the ARS Funds. Prior to joining Almanac in 1990, Kaplan served in the Corporate Finance Department of Rothschild Inc, one of the world’s largest independent financial advisory groups today.

Links:

Almanac Realty Investors

Matt on LinkedIn

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

(00:01:37) - Matt’s background and career

(00:09:36) - What were some early lessons learned that informed your career?

(00:11:18) - What was your original thesis for Almanac?

(00:16:43) - What does the organization look like today?

(00:21:13) - How do you differentiate the GP stakes side of the business and the RE investing side?

(00:24:23) - Where are we in the market today?

(00:27:45 - How do you think about the difference between platform and asset investing?

(00:32:45) - What do you look for in partners and GPs?

(00:38:48) - What advice would you give to GPs wanting to be ‘ready’ to partner with a firm like yours?

(00:42:36) - How do you think about governance?

(00:46:21) - Do you see boards of directors created post-investment?

(00:50:00) - Where do you see the industry over the next 20 years?

(00:51:35) - How does the rise of private wealth impact the industry?

(00:53:34) - How would you describe your approach to technology?

Meghan Reynolds is a Partner and Head of Capital Formation at Altimeter Capital Management. She brings over two decades of experience in finance and private equity to her role. Prior to joining Altimeter, Meghan was a Managing Partner at TPG, where she was global co-head of Capital Formation for 10 years.

Links:

Meghan on X

Altimeter

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

(00:01:18) - Meghan’s career and background

(00:15:54) - Leaving Goldman Sachs for TPG

(00:20:45) - The decision to join Altimeter

(00:22:31) - What is your role with Altimeter?

(00:30:35) - How do you know when you’re deviating from the goal of Essentialism?

(00:33:09) - What do investors want these days from folks like Altimeter?

(00:38:40) - Do you see investors putting capital in both private and public markets?

(00:42:56) - What are your big ideas right now in regard to technology investing?

(00:47:10) - What role does X/Twitter play in your career?

(00:51:38) - What advice would you give to women looking to get into your field?

Ryan is Co-CEO and Co-Founder and provides strategic direction and oversees capital sourcing for Graceada Partners’ portfolio. He serves on Graceada Partners’ investment committee and focuses on strategic capital relationships, leading Graceada Partners’ sponsorship of three real estate funds and prior syndications.

Links:

Graceada Partners - https://www.graceadapartners.com/

Ryan on LinkedIn - https://www.linkedin.com/in/ryan-swehla/

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

(00:01:18) - Ryan’s career and background

(00:11:20) - Starting a business amid the GFC

(00:16:11) - What does your business look like today?

(00:20:02) - What is your strategy?

(00:23:36) - Why wouldn’t any institutional manager be able to follow your strategy?

(00:26:34) - What does the infrastructure of your business look like?

(00:28:10) - What’s been most surprising about these markets you operate in?

(00:31:57) - Following the In-N-Out Strategy

(00:34:53) - What does your addressable market look like?

(00:37:23) - What are the economics your teams are seeing in the markets you operate in?

(00:39:25) - What’s the secret behind being a first-mover in these markets?

(00:43:52) - What have you learned as an emerging manager in institutional investment management?

(00:46:52) - What are your top business priorities going forward?

Deborah Smith is Co-Founder and CEO of The CenterCap Group, LLC and heads the firm's Strategic Capital and M&A and Execution efforts. Prior to forming The CenterCap Group, LLC, Ms. Smith was Co-Head of M&A and a Senior Managing Director with CB Richard Ellis Investors (CB Richard Ellis's $40 billion AUM investment management business).

Links:

The CenterCap Group, LLC

Deobroah on LinkedIn

Brandon on LinkedIn

Juniper Square

Topics:

(00:00:00) - Intro

(00:00:51) - Deborah’s background and career

(00:05:18) - Deborah’s experience with CBRE

(00:07:57) - What was the thesis behind starting your own boutique investment bank?

(00:11:14) - How has real estate as an institutional asset class changed over your career?

(00:13:51) - What was driving REIT activity pre-GFC?

(00:16:36) - What are you seeing in the markets today?

(00:18:40) - What does CenterCap do today?

(00:23:06) - What does it mean to have a ‘good story’ to stand on?

(00:28:25) - What are some important principles for GPs to think about when looking for capital partners?

(00:33:31) - What are you getting in return for capital?

(00:36:51) - What are you seeing that is driving the buy-side of the acquisitions you’re involved with?

(00:39:59) - Where are other capital providers coming from?

(00:41:55) - What’s driving RIA’s wanting to have captive GPs?

(00:47:38) - How do you think about drivers of enterprise value?

Wes Fuller is Executive Managing Director at Greystar and leads the company’s Investment Management business, including Fund Management, Portfolio and Asset Management, and the Greystar Investor Relations team. Wes serves as a member of the Greystar Investment Committee and Executive Committee.

Wes maintains management oversight of the company’s Investment Management business, which focuses on investments in rental housing in the United States, Europe, Asia-Pacific, and South America regions through a series of investment vehicles with institutional clients. Under Wes’s leadership, the company began investing in international markets in 2013, including significant investments in the United Kingdom, the Netherlands, Spain, Germany, Austria, France, Ireland, Mexico, Chile, Brazil, Australia, China, and Japan. The company’s robust institutional investment management platform has a global presence in 146 strategic markets.

We discuss:

• Wes' career arc with Greystar
• Learnings from Bob Faith
• Defining Greystar's "Living" approach to assets
• Trends in multifamily, office and other asset classes

Links:

Greystar

Wes on LinkedIn

Juniper Square

Brandon on LinkedIn

Topics:

(00:00:00) - Intro

(00:01:10) - Wes’ background and career with Greystar

(00:14:08) - Learnings from Bob Faith

(00:16:48) - How did you define your identity as an investment manager?

(00:19:07) - Why were international investors so interested in housing and multifamily after the GFC?

(00:23:27) - What does Greystar’s business look like today?

(00:27:48) - How do you differentiate between multifamily and ‘living’?

(00:33:34) - Greystar’s logistics program

(00:35:22) - What are some big trends you’re seeing right now?

(00:45:53) - What were the most noticeable trends you saw during COVID-19 and what are you anticipating for urbanization?