The Rent Roll with Jay Parsons EP#13 Fred Tuomi | The Merging Worlds of Multifamily & SFR
Dec 12, 2024
Fred Tuomi, Vice Chairman of Real Estate at Pretium, shares his extensive experience bridging multifamily and single-family rentals. He discusses the trends driving the merging of these sectors, spotlighting the hybrid build-to-rent market. Fred debunks myths about single-family rentals and reveals how developers are repurposing malls into housing. He reflects on lessons learned under the late Sam Zell and emphasizes the importance of innovation in property management as the industry evolves.
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Accidental Entry to Multifamily
- Fred Tuomi accidentally entered the multifamily industry through a software engineering project.
- He developed the first automated system for apartment management, which became the core of RealPage.
REITs as Catalyst
- REITs were the catalyst for the consolidation and institutionalization of the multifamily business.
- Sam Zell's concept of "liquefaction of real estate" transformed the industry.
Sam Zell's Bluntness
- Sam Zell's blunt and colorful personality often led to friction but also drove results.
- His insistence on challenging conventional wisdom, even at Moody's, ultimately proved beneficial.