The Rent Roll with Jay Parsons EP#25 Michael Van Der Poel | Today's Institutional Buy Box
Mar 13, 2025
Michael Van Der Poel, co-founder of Acre, shares his insights on the evolving landscape of multifamily housing and institutional investment strategies. He discusses how capital is shifting away from high-regulation coastal markets to growth regions in the Sun Belt and Midwest. Jay highlights the unique challenges facing Los Angeles and explores opportunities in emerging markets like Dallas and Charleston. The duo dives into equity and debt strategies, the rise of build-to-rent sectors, and the complexities of value-add real estate ventures.
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Capital Shift in Multifamily
- Apartment investment is shifting from the coasts to the Sun Belt, Mountains, and Midwest.
- Markets like Dallas/Fort Worth, Miami, and Atlanta are gaining popularity, while Los Angeles, New York, and San Francisco are losing favor.
Los Angeles Multifamily Challenges
- Los Angeles County is experiencing a decline in multifamily investment due to its regulatory environment.
- Lengthy eviction moratoriums, transfer taxes, and hostile treatment of housing providers contribute to this trend.
Investor Perspectives on Los Angeles
- Equity Residential's CEO, Mark Peril, describes Los Angeles as anti-business and anti-housing.
- Camden's CEO, Rick Campo, states that Southern California represented 50% of their bad debt during COVID, despite only being 10% of their portfolio.