Real Angle: Building Success in Commercial Real Estate

Urban Infill Development in San Diego, John Allen @ Streamline Development Group

In this conversation, Josh Kahr speaks with John Allen, founder and president of Streamline Development Group. They discuss John's unconventional route into real estate development and the focus of Streamline Development on urban infill projects in San Diego. They also explore the high demand for rental properties in San Diego, the presence of national players in the market, and the challenges of finding development sites. John shares insights into the legislative edge that Streamline Development has in shaping upcoming regulations and their plans for future growth and expansion, including a focus on middle-income housing. They also discuss how sometimes historic preservation can be used as a barrier to development, and how their perspective as a local player differs from the national development firms.
00:00 Introduction and Background
03:03 Starting Streamline Development
07:09 Scaling the Business
09:03 Demand for Rental Properties in San Diego
12:52 Local Developers vs. National Players
15:47 Finding Development Sites
18:36 Using Legislative Edge as an Advantage
22:42 Surprises in Recent Transactions
28:47 Future Growth and Expansion
32:21 Focus on Middle-Income Housing
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This podcast is sponsored by Kahr Real Estate Services (https://www.kahrrealestate.com/), a leading provider of in-person and online financial training for the commercial real estate industry.
Sign up for our live Excel modeling training class here: https://www.kahrrealestate.com/product/excel-for-real-estate-analysis/
Sign up for our self-paced Case Study course here: https://kahrrealestate.thinkific.com/courses/kahr's-challenge-cases
 

From Acquisitions to Asset Management, Roundtable with Montgomery Partners

In this interview, Josh Kahr gets to sit down with the whole team at Montgomery Partners and talk about the lifecycle of the asset - from acquisition to fundraising to asset management. They are a long-term value-add investor in the multifamily space. They focus on the B to C class space in markets such as California, Colorado, and Nevada, and are expanding into Utah, Washington, Idaho, and Oregon. The company has a track record of success and a loyal investor base. They are cautiously optimistic about the market in 2024, but are aware of potential challenges such as a recession and increased supply. Montgomery Partners is open to exploring new opportunities, including joint ventures and alternative investment strategies. They are also considering ancillary revenue opportunities such as solar and EV charging.
Chapters
00:00 Introduction and Company Overview
03:02 Investment Strategy and Target Markets
08:06 Market Outlook and Potential Challenges
12:12 Operational Challenges and Property Management
15:15 Recent Deals and Surprises
18:06 Market Conditions and Future Plans
25:15 Solar and Electric Vehicles
29:21 Third-Party Property Management
30:30 Cautious Optimism and Future Investments
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This podcast is sponsored by Kahr Real Estate Services (https://www.kahrrealestate.com/), a leading provider of in-person and online financial training for the commercial real estate industry.
Sign up for our live Excel modeling training class here: https://www.kahrrealestate.com/product/excel-for-real-estate-analysis/
Sign up for our self-paced Case Study course here: https://kahrrealestate.thinkific.com/courses/kahr's-challenge-cases
 

Tax Appeal and Tax Assessments, David Wolfe @ Skoloff and Wolfe

In this conversation, Joshua Kahr speaks with David Wolfe, managing partner at Skoloff and Wolfe (https://www.skoloffwolfe.com/), about tax appeals and property tax assessments. They discuss the challenges property owners face with assessments and revaluations, the importance of understanding assessment ratios, and the deadlines for tax appeals. They also explore the process of tax appeals, including negotiations based on the income approach to value. David shares some surprising cases and challenges in the field of tax appeals and discusses the future plans for the firm.
Chapters
00:00 Introduction and Background
03:00 Understanding Property Tax Assessment
06:23 Challenges with Assessments and Revaluations
12:12 Deadlines for Tax Appeals
14:05 The Process of Tax Appeals
20:48 Negotiating Assessments Based on Income Approach
22:21 Dealing with COVID-19 Impact on Assessments
26:31 Contingency-Based Pricing Model
29:31 Surprises and Challenges in Tax Appeals
35:23 Future Plans for the Firm
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This podcast is sponsored by Kahr Real Estate Services (https://www.kahrrealestate.com/), a leading provider of in-person and online financial training for the commercial real estate industry.
Sign up for our live Excel modeling training class here: https://www.kahrrealestate.com/product/excel-for-real-estate-analysis/
Sign up for our self-paced Case Study course here: https://kahrrealestate.thinkific.com/courses/kahr's-challenge-cases
 

Investing in the Rodeo Region, Brian Wilson @ Bow River Capital

In this conversation, Joshua Kahr speaks with Brian Wilson, Managing Director of Real Estate at Bow River Capital (bowrivercapital.com). They discuss Bow River Capital's investment strategy, regional focus on the "Rodeo Region", and how they find quality operators to partner with. They also explore the current market conditions and the timing of capital deployment. Brian also shares insights on finding and evaluating operators, as well as other interesting investment opportunities in retail and single-tenant net leasing. They conclude by discussing the outlook for 2024 and the importance of considering market fundamentals in investment decisions. Is 2024 the year the equity floodgates finally open?
Chapters
00:00 Introduction and Background
01:11 Overview of Bow River Capital
03:18 Investment Strategy and Partnerships
05:45 Regional Focus
07:13 Investment Opportunities in Non-Coastal Cities
08:46 Timing of Capital Deployment
11:36 Market Fundamentals and Supply
13:57 Importance of Partner Selection
16:23 Dual Strategy of Apartments and Industrial
20:13 Market Timing and Fund Deployment
23:49 Finding and Evaluating Operators
25:28 Other Interesting Investments
32:43 Investment Opportunities in Retail and Single-Tenant Net Leasing
35:22 Investment Opportunities in Income Funds and Subordinate Debt
38:06 Outlook for 2024 and Conclusion 
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This podcast is sponsored by Kahr Real Estate Services (https://www.kahrrealestate.com/), a leading provider of in-person and online financial training for the commercial real estate industry.
Sign up for our live Excel modeling training class here: https://www.kahrrealestate.com/product/excel-for-real-estate-analysis/
Sign up for our self-paced Case Study course here: https://kahrrealestate.thinkific.com/courses/kahr's-challenge-cases
 

UK Investing Modeling as a Service, Alex Wilson @ Pantera

In this conversation, Joshua Kahr speaks with Alex Wilson, COO of Pantera (www.panteratechnology.com), a financial forecasting and investment modeling platform for the real estate industry. They discuss Pantera's services, market focus, and expansion plans. They also explore the challenges and opportunities in the PropTech space, including the siloed nature of the industry and the role of strategic investors. The conversation highlights the need for modern technology in real estate and the importance of simplifying complex processes. They also touch on the health of the real estate market and how that impacts the investment landscape, linked to the relatively slow adoption rate of technology in the industry.
Chapters
00:00 Introduction and Company Background
01:23 Pantera's Services and Value Proposition
04:05 Market Focus and Expansion Plans
05:07 Regional Differences in Real Estate Analysis
07:45 Customer Acquisition and Word of Mouth
10:18 Competition and Excel Integration
13:26 Challenges and Siloed Nature of PropTech
16:11 Funding and Strategic Investors
19:56 Future Vision and Product Development
22:58 Impact of Real Estate Market on Pantera
27:20 Surprises and Challenges in Starting the Business
32:31 Adoption of Technology in Real Estate
33:31 Conclusion and Appreciation 
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This podcast is sponsored by Kahr Real Estate Services (https://www.kahrrealestate.com/), a leading provider of in-person and online financial training for the commercial real estate industry.
Sign up for our live Excel modeling training class here: https://www.kahrrealestate.com/product/excel-for-real-estate-analysis/
Sign up for our self-paced Case Study course here: https://kahrrealestate.thinkific.com/courses/kahr's-challenge-cases
 

Cost Segregation, Part 2, Kim Lochridge @ Engineered Tax Services

In this conversation, Joshua and Kim discuss energy efficiency tax credits and deductions. They cover the history of these incentives, including the Energy Policy Act of 2005, and focus on two major programs: Section 179D and Section 45L. Section 179D provides a tax deduction for commercial buildings that meet energy efficiency criteria, while Section 45L offers a tax credit for residential units. The conversation explores the eligibility criteria, changes in the tax code, and the impact of these incentives on architects, engineers, and developers.
They also touch on the changes brought about by the Inflation Reduction Act, the challenges in qualifying for Energy Star certification, and the future of these tax credits. Additionally, they highlight the involvement of stakeholders in government processes and the complexity of implementing and modifying tax credit rules.
Introduction
History of Energy Efficiency Tax Credits
Section 179D: Tax Deduction for Energy Efficiency Section
45L: Tax Credit for Residential Energy Efficiency
Changes after the Inflation Reduction Act
Challenges in Qualifying for Energy Star Certification
Summary of Available Tax Credits
Future of the Tax Credits
Involvement in Government and Lobbying Efforts
The Complexity of Government Processes
Other Tax Credits for Residential Properties
Conclusion
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This podcast is sponsored by Kahr Real Estate Services (https://www.kahrrealestate.com/), a leading provider of in-person and online financial training for the commercial real estate industry.
Sign up for our live Excel modeling training class here: https://www.kahrrealestate.com/product/excel-for-real-estate-analysis/
Sign up for our self-paced Case Study course here: https://kahrrealestate.thinkific.com/courses/kahr's-challenge-cases

Cost Segregation, Part 1, Kim Lochridge @ Engineered Tax Services

In this conversation, Joshua and Kim discuss energy efficiency tax credits and deductions. They cover the history of these incentives, including the Energy Policy Act of 2005, and focus on two major programs: Section 179D and Section 45L. Section 179D provides a tax deduction for commercial buildings that meet energy efficiency criteria, while Section 45L offers a tax credit for residential units. The conversation explores the eligibility criteria, changes in the tax code, and the impact of these incentives on architects, engineers, and developers.
They also touch on the changes brought about by the Inflation Reduction Act, the challenges in qualifying for Energy Star certification, and the future of these tax credits. Additionally, they highlight the involvement of stakeholders in government processes and the complexity of implementing and modifying tax credit rules.
Introduction
History of Energy Efficiency Tax Credits
Section 179D: Tax Deduction for Energy Efficiency Section
45L: Tax Credit for Residential Energy Efficiency
Changes after the Inflation Reduction Act
Challenges in Qualifying for Energy Star Certification
Summary of Available Tax Credits
Future of the Tax Credits
Involvement in Government and Lobbying Efforts
The Complexity of Government Processes
Other Tax Credits for Residential Properties
Conclusion
 
---
This podcast is sponsored by Kahr Real Estate Services (https://www.kahrrealestate.com/), a leading provider of in-person and online financial training for the commercial real estate industry.
Sign up for our live Excel modeling training class here: https://www.kahrrealestate.com/product/excel-for-real-estate-analysis/
Sign up for our self-paced Case Study course here: https://kahrrealestate.thinkific.com/courses/kahr's-challenge-cases
 

Building a Hotel Brand, Ethan Orley @ Oliver Hospitality

In this conversation, Joshua Kahr speaks with Ethan Orley, managing partner at Oliver Hospitality (www.oliverhospitality.com), about his journey in the hospitality business.
They discuss the challenges of operational oversight, the current deals and expansion plans of Oliver Hospitality, and the availability of equity and debt in the hotel industry. They also touch on the concept of self-check-in hotels and the future of the industry. Ethan shares insights into the Oliver brand and the types of hotel deals that are most effective for their business. They conclude the conversation by discussing partnership opportunities in the hotel space.
Chapters
00:00 Introduction and Background
02:20 Starting the Hospitality Business
04:29 Operational Oversight and Challenges
06:04 Current Deals and Expansion Plans
08:56 Building a Management Company
10:21 Raising Equity and Debt
12:46 The Oliver Brand
16:50 Considerations for Hotel Deals
20:16 Availability of Equity and Debt
23:03 Self-Check-In Hotels
26:27 Becoming a Lender
34:04 Future of Hotels
37:25 Partnership Opportunities
38:01 Closing Remarks
 
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This podcast is sponsored by Kahr Real Estate Services (https://www.kahrrealestate.com/), a leading provider of in-person and online financial training for the commercial real estate industry.
Sign up for our live Excel modeling training class here: https://www.kahrrealestate.com/product/excel-for-real-estate-analysis/
Sign up for our self-paced Case Study course here: https://kahrrealestate.thinkific.com/courses/kahr's-challenge-cases
 

Economic Forecasting for CRE, Malcolm Frodsham @ Real Estate Strategies

In this interview, I spoke with Malcolm Frodsham, Director of Real Estate Strategies (www.realestatestrategies.co.uk), an economic forecasting firm that focuses on UK commercial real estate markets.We chatted about a diverse range of topics including how one even gets into this line of work. We talked about what economic forecasting is, and how firms can best use it. We also discussed how international markets have more in common than you'd think, and what sort of signal can be teased out of where there are differences. The future of specific product types including office, retail, and multifamily were also examined, and how specific regulatory pressures can affect forecasts.
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This podcast is sponsored by Kahr Real Estate Services (https://www.kahrrealestate.com/), a leading provider of in-person and online financial training for the commercial real estate industry.
Sign up for our live Excel modeling training class here: https://www.kahrrealestate.com/product/excel-for-real-estate-analysis/
Sign up for our self-paced Case Study course here: https://kahrrealestate.thinkific.com/courses/kahr's-challenge-cases
 

Providing Co-Investment for Development, Ashleigh Simpson @ Grosvenor

In this interview, I chatted with Ashleigh Simpson, Head of Structured Development Finance for Grosvenor's North American property business. Amongst other things, they co-invest with residential developers in for sale and for rent ground-up multi-family developments in the United States and Canada.
We discussed what co-investment means and what they look for in a development partner. We also discussed the implications of trying to call the market, and what it's like to focus on a product through various market cycles.
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This podcast is sponsored by Kahr Real Estate Services (https://www.kahrrealestate.com/), a leading provider of in-person and online financial training for the commercial real estate industry.
Sign up for our live Excel modeling training class here: https://www.kahrrealestate.com/product/excel-for-real-estate-analysis/
Sign up for our self-paced Case Study course here: https://kahrrealestate.thinkific.com/courses/kahr's-challenge-cases