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Real Estate Opportunity & Private Fund Investing: IMN Conference Preview


Interviews with Distinguished Experts Discussing Real Estate Opportunities & Private Fund Investing

Today we get to speak with three distinguished guests who will be participating in panel discussions at the IMN Winter Forum on Real Estate Opportunities and Private Fund Investing to be held from January 22-24th at the Montage Resort & Spa in Laguna Beach, CA, my old stomping grounds. Today’s show is intended to be only a taste of what is to come during the three day conference in sunny, Southern California, so if you want to learn and escape the cold and snow, meet me there.

Our first guest, Steve Jaffe is the Executive Vice President and General Counsel for B.H. Properties.  Steve and I will be discussing where we are at in the investment cycle, particularly with multi-family properties.  Are there still good properties available at a sustainable price?

My second guest is Jim Brat, a partner with the law firm of Pircher, Nichols & Meeks. Jim and I discuss how retail strategies are shifting for landlords as the demographics and buying habits of the buyers change along with the strategies of the retail tenants.  What are the retailers looking for as they try to merge clicks with bricks?  It’s no longer a world where all you have to do is build a center in a populous area. Considerations now include the overall shopping experience, including design of public areas of centers.

Last, but not least will be a great discussion with Bill Jackson, also a partner with Pircher, Nichols & Meeks.  Bill will be on a panel at the IMN conference discussing what “Emerging Fund Managers Need to Know when planning a new fund launch.  If you have participated in funds but are thinking about launching some new funds, this is a must listen to panel.

A full description of each of the panels that my guest will be participating in are set forth below

Featured Guests

steve-jaffe300

Steve Jaffe | Executive Vice President and General Counsel
B.H. Properties

Steve Jaffe currently serves as the Executive Vice President and General Counsel for B.H. Properties. Mr. Jaffe has extensive expertise and knowledge, as a real estate attorney with 25 years of law firm and in-house counsel experience, has guided B.H. Properties to its current leadership position in the competitive, value-added marketplace. Over his 9 years with the firm he has been instrumental in more than doubling the size of the portfolio (closing more than $400 million in one-off type transactions) and directing the internal growth and management of the firm. A former member of the prestigious law firms Pircher Nichols and Meeks and Russ, August and Kabat, he also served as General Counsel for Alexander Haagen Properties and Center Trust, a NYSE listed REIT. Mr. Jaffe graduated from the University of California at Berkeley before earning his Juris Doctorate from the University of California Hastings College of the Law.

Multifamily: Have We Hit the Top? Where Do We Go From Here?
* Where are the opportunities at this stage in the cycle? Is there still room for new development or are we at saturation point? Comparing opportunities within ‘A’ vs. ‘B’ vs. ‘C’ properties; Primary vs. secondary vs. tertiary markets * Are investments being made on economic value or expectation of future market price increases? How are you factoring into your rental investments an improving economy which will shift more renters to become home owners? Will the new construction of recent years that is now open for business put pressure on rental pricing? * What is the current state of financing for multi-family – development vs. new acquisitions vs. refinancing? Fannie & Freddie update * What can we expect in this market in 2014? *

William H. Jackson III

James L. Brat
Pircher, Nichols & Meeks

James L. Brat joined the firm in 1998 and is a partner in the firm’s real estate department. He has been involved in all aspects of transactional real estate, with an emphasis on acquisitions and dispositions, financings, joint ventures and development. His particular focus is in representing capital sources in the formation and documentation of joint ventures for transactions covering residential and resort development and residential community, retail, hotel and office acquisitions. He also has extensive experience in the financing of real property, including traditional mortgage-based loans, loan participations, mezzanine financing and preferred equity.

Retail: Aligning Your Strategy with Shifts in Consumption
* Where is the smart money going in this asset class? * How did retail fare in 2013, and what’s in store for the next 12-18 months? Assessing ground-up development/re-development trends vs. store closures; Occupancy/leasing trends; Supply vs. demand; Prices * How are you adapting your strategy to accommodate the shifts in consumption due to the economy and changing demographics? * How are you factoring e-commerce into your investment strategies? * What will the next generation of retail look like? * Mall turnarounds and Plan B: What do you do with troubled enclosed malls? What to do if they no longer work as a mall? Assessing the latest in adaptive reuse strategies: Recent examples of how failed projects were successfully reinvented to fit current needs * Infill & urban vs. suburban opportunities * New origination vs. refinancing: What is available today for retail and with what terms/cost? *

William H. Jackson III

William H. Jackson III
Pircher Nichols & Meeks

William H. Jackson III joined Pircher, Nichols & Meeks in 1989 and is a partner in the real estate department. Mr. Jackson’s practice focuses on the formation and organization of real estate equity investment funds and the representation of real estate private equity investment fund sponsors in real estate joint venture, acquisition, disposition and financing transactions. Mr. Jackson received his J.D. in 1989 from Stanford Law School. In 1986, he received his bachelor’s degree from Stanford University, where he majored in economics. Mr. Jackson is a member of the State Bar of California, the Los Angeles County Bar Association, the American Bar Association, and the International Council of Shopping Centers (ICSC). Mr. Jackson is the former Chairman of the Board of Commissioners for the City of Los Angeles Community Redevelopment Agency and the former President of the Board of Commissioners for the City of Los Angeles Fire & Police Pension System.

New Fund Launches: What Emerging Managers Need to Know & Do
* What can we learn from recent successful market entrants? Recent failures to launch? Why should a potential manager even consider launching a fund today? * How much does it cost to run a fund? What is really needed to cover expenses? What are today’s options for operating capital for new funds? * What are the critical steps to recruiting anchor investors? How do LPs evaluate new funds? What are their due diligence procedures? How to get on their radar? How to get the attention of consultants and fund-of-funds? * What LPs are most active in investing in emerging managers? What are their favored strategies and deal size? Are placement agents are viable resource for emerging managers? * What can be expected in terms of timeframes and barriers to market entry for new funds? * How can a new entrant increase their odds of succeeding? *

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