Masters of Moments #22: Matt Pestronk - Co-Founder of Post Brothers
Matthew Pestronk is co-founder of Post Brothers, a real estate investment, development, and management company with singular and unique expertise in urban real estate development.
Matthew serves as President of the company, engaged in the sponsorship of 40 Class-A multifamily, mixed-use, and retail development projects comprised of over 8,000 units that are operating, under development or disposed plus, over 700K sf of office and retail space, with a total capitalized cost in excess of $4 billion.
On this episode, Jake and Matt discuss:
- Building a real estate database to generate deal flow
- Learnings from the GFC
- How they capitalize deals
- Using self-management as a key to growth
- A walkthrough of a typical deal for Post Brothers
- What metrics matter to them in a deal
Links:
Connect & Invest with Jake:
Follow Jake on Twitter: https://twitter.com/jwurzak
Take the Hospitality Investing Masterclass: https://learn.jakewurzak.com/
Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo
Topics:
(00:01:59) The first time Jake heard of Matt
(00:05:20) How Matthew got started in RE and built a Real Estate Platform
(00:10:08) How did you begin creating your database to generate deal flow?
(00:13:18) Matt’s first deal
(00:16:36) Matt’s learnings from the GFC
(00:18:55) How were you capitalizing early on and when did you move into institutional capital?
(00:25:47) At what point did you realize you needed the organization to be vertically integrated?
(00:27:22) Was self-managing key to your growth?
(00:28:51) What are the ways you’ve found to make money in the Operating Company?
(00:35:47) What’s your preferred playbook when working on a deal?
(00:38:47) What’s the size and scale of PB today?
(00:40:19) How do you resist the temptation to do every single deal that comes across your desk?
(00:44:22) What does a typical deal process look like for you?
(00:51:28) What metrics matter to you in a deal?
(00:58:01) Office to MF conversions
(01:03:03) How major cities experiencing loss of population will fare
(01:06:40) What amenities are you prioritizing in projects right now?
(01:10:14) Are there any ideas you’re planning on implementing that you haven’t so far?
(01:11:59) Furnished Apartment concepts & thoughts on the hotel industry
(01:22:24) What is your favorite hotel?