257. Andrew Steffens on Developing 2,500 Apartment Units

Key Takeaways:

Importance of people skills and networking in real estate development - Andrew emphasized that the ability to communicate and build relationships with various stakeholders is crucial, even more so than technical skills

Adapting to market conditions - Andrew discussed the need to be flexible and adapt development strategies based on changing market factors like construction costs, interest rates, and supply/demand. Focusing on "singles and doubles" rather than swinging for the fences.

Long-term perspective on deals - Andrew noted that while short-term market volatility can impact project performance, taking a long-term view and holding assets can help mitigate risks.

Mastering the local market - Andrew advised newcomers to become "masters of the market" by deeply understanding the competitive landscape, rents, occupancy, and pipeline of new supply in their target area.

Institutional developers' advantages - Andrew's company Wood Partners, as an experienced institutional player, is still able to get deals done and access capital despite the challenging market conditions.