Real Talk: Real Estate Discussions with Andrew Kirsh
Buying Multifamily Assets Out of Bankruptcy with John Adair, Managing Partner of Glencrest
Aug 14, 2024
John Adair, Managing Partner at Glencrest, discusses his firm's unique focus on multifamily communities. He highlights his preference for capital raises over fund structures and dives into the nuances of sub-market economics versus broader regional trends. Adair shares insights from acquiring Meadowscape Apartments out of bankruptcy, detailing the significance of due diligence and ethical practices in distressed asset transactions. He emphasizes the importance of understanding local market dynamics, especially in the Pacific Northwest, for successful investments.
45:02
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Quick takeaways
- John Adair emphasizes the value of strategic flexibility in multifamily investments, particularly in adapting to changing market conditions without diversifying excessively.
- The thoughtful acquisition of distressed assets, like Meadowscape Apartments, showcases the importance of persistence and thorough due diligence in bankruptcy transactions.
Deep dives
Market Trends and Interest Rates
Interest rates are currently decreasing, with the 10-year Treasury yield recently dropping to around 3.9%. There's speculation about potential rate cuts, including a possible 50 basis point reduction, which may influence transaction volumes in the real estate market. As rates fall, an increase in transactional volume has been observed in recent months, countering the typical summer slowdown. The speaker highlights the importance of these changes for ongoing and future market activities.
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