Multi-Family Update 2015/2016: What’s the Future of Apartments with Albert Berriz ~ Full Unedited Recording
Multi-Family has been hot, hot, hot and it looks like it’s not going to cool off anytime soon. While the new and used home market has improved dramatically over the last two years, it still isn’t easy to purchase a home, with prices in some regions exceeding the pre-recession prices. Young home buyers are priced out of the market and baby boomers are now looking to downsize and even shift from homeownership to rentals It seems like a perfect storm for apartment owners. To watch the show, just click on the video box, below.
But are there clouds on the horizon? Is this just a never ending upward climb?
As reported by Bisnow, opinions run across the board, from being in the first inning to the 15th inning. Willy Walker, CEO of Walker & Dunlop asserts that there hasn’t been a downturn in multi-family in 15 years. Click here to read the article.
In this show, I rely upon two recognized leaders in the multifamily space to review the multifamily market of 2015. Albert M. Berriz, CEO of Mckinley joins me for this live, online, interactive television show on Blab. Daryl Carter, CEO of Avanath had to cancel at the last minute but has promised to be on another show in which we will be discussing affordable housing. For more information on how to get on Blab and be seen and heard on the show, scroll below. Otherwise, if you just want to watch and not participate, just click on the picture of Albert, Daryl and me. We’re going to dig down, past the data and really discuss how 2015 differed from past years and what they expect in 2016 and beyond. I’m particularly interested in discussing the issue of affordability, which is my greatest concern in this sector.
First, a quick mention about Blab. Blab.im is a new live and recorded video platform that is closely linked to Twitter. Don’t worry, you don’t have to sign up with a Twitter account, just to watch a live or recorded Blab, but to participate in a Blab and join the conversation, you will have to sign up for a free Blab account using your Twitter handle. For those who do not have a Twitter account, this is a good opportunity to get a free account and join the community. But first, let me explain what I mean by “participate” on Blab and why I refer to a Blab as live, interactive TV. As compared to some of the other, popular platforms, such as Merkat and Periscope which are, what I refer to as a “one-to-many” publishing platform, Blab is more of a “many-to-many” publishing platform. You can have, up to, 4 people on the live video/audio feeds on the screen at once while thousands watch in the background. But Blab does not stop there. If one or more of the feeds, (seen as boxes on the screen) becomes available, anyone in the audience who is a registered Blab user can be brought into the conversation and be seen and heard by everyone watching the Blab. It can be the common man’s CNN, perfect for interviews and getting feedback directly from the audience. Another benefit of Blab is that it does not require the downloading of any software on your computer. You can watch it directly on your browser, although I’ve been told that it works best within the Chrome or Firefox browswers.
Albert M. Berriz, CEO, McKinley: LinkedIn
lbert M. Berriz is Co-Managing Member, Chief Executive Officer, Board Member and Co-Owner of McKinley, a real estate investment company that owns and operates a $4.6 billion dollar real estate portfolio with 1,600 full time staff members consisting of 35,398 apartment units and over 21.0 million square feet of shopping centers and office buildings located in twenty-seven states nationwide. Mr. Berriz has extensive experience in the acquisition, financing, management and redevelopment of real estate assets. He is responsible for acquiring and managing assets in excess of $7.0 billion during his career. Mr. Berriz holds an MBA with honors in marketing and finance from the J.L. Kellogg Graduate School of Management, Northwestern University in Evanston, Illinois. He also holds a Bachelor of Architecture Professional degree with high honors from the School of Engineering at the University of Miami. Mr. Berriz began his career in the real estate department of the Continental Illinois National Bank and Trust Co. of Chicago as a Vice President responsible for real estate lending.
Mr. Berriz’s wife, Paula, an MBA graduate with high honors from Northwestern University, has spent her life raising two very successful young men, Albert L., a graduate of the University of Michigan and Andrew, a graduate of the Ross School of Business of the University of Michigan. Albert L. is McKinley’s Vice President & Managing Director for Owned Residential Real Estate. Andrew also works for McKinley as Director – Special Projects Group.
Daryl J. Carter, CEO, Avanath:
Daryl J. Carter is the Founder, Chairman and CEO of Avanath Capital Management, LLC, a Southern California based investment firm focused on conventional and affordable multifamily investments. Mr. Carter directs the strategy, investments, and overall operations of the firm. Over the past 2 years, Avanath has acquired in excess of $300 million in affordable apartment communities nationwide. Mr. Carter is also a Managing Partner of McKinley-Avanath, a property management company focused on the affordable apartment sector, an entity owned jointly by Avanath and McKinley, Inc.
Mr. Carter has 32 years of experience in the commercial real estate industry. Previously, he was an Executive Managing Director of Centerline Capital Group (“Centerline”) and head of the Commercial Real Estate Group. Mr. Carter became part of the Centerline team when his company, Capri Capital Finance (“CCF”), was acquired by Centerline in 2005. Mr. Carter co-founded and served as Co-Chairman of both CCF and Capri Capital Advisors (“CCA”). He was instrumental in building Capri to a diversified real estate investment firm with $8 billion in real estate equity and debt investments under management. Prior to Capri, Mr. Carter was Regional Vice President at Westinghouse Credit Corporation in Irvine and a Second Vice President at Continental Bank in Chicago.
Mr. Carter holds dual Masters Degrees in Architecture and Management, both received from the Massachusetts Institute of Technology. He received a Bachelor of Science degree in Architecture from the University of Michigan. Mr. Carter is a Trustee of the Urban Land Institute, Executive Committee Member and Chairman of the National Multi Housing Council, and a Past Chairman of the Commercial Board of Governors of the Mortgage Bankers Association. Mr. Carter serves on the Visiting Committee of the M.I.T. Sloan School of Management. Mr. Carter also serves as an independent director of four companies, Whitestone REIT (NYSE: WSR), Silver Bay Realty Trust Corporation (NYSE: SBY), The Olson Company, and RREEF America III.