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Where pricing is right now

Want to give you a sense for where pricing is, right now. We look at literally every deal that comes on the market in our target neighborhoods, and everything that looks close to working in other neighborhoods. For us, the renovated stuff is an obvious pass. We’re value-add buyers, so we focus on the most

Price and value

Can’t tell you how often I read / hear brokers say “Values are really going up in X neighborhood”. This drives me crazy. Why? What those brokers mean is that they have examined recent sales and concluded that prices are going up. A price is the amount of money someone pays for something. It’s objective;

Here we go again

We had a little acquisitions drought mid-2018, which meant that we hadn’t started a new project for a while. Now, we’re back in action.

Fully-upgraded units with significant upside potential

“Fully-upgraded units with significant upside potential” You’d be amazed at how often I read those words, or something like them, in broker packages. And it still drives me crazy. You’re telling me someone went to a ton of trouble to renovate all the units in an apartment building and then, when it came to lease-up,

Real estate lacks network effects, and I’m ok with it

Am reading a biography of Lew Wasserman, one of the most powerful people in the history of Hollywood, and it’s giving me plenty to think about. Lew took over MCA, the first real powerhouse talent agency, from Jules Stein, its founder. Stein started MCA representing bands that played at dancehalls (this is way back, in