Ep. 4: Scaling a Multifamily Business One Deal at a Time - Robb Bollhoffer - Managing Principal at 29th Street Capital

Founded in 2009, 29th Street Capital has managed, invested, and acquired over $5.1 billion of multifamily assets across the U.S. In my opinion, 29th St Capital is arguably the most entrepreneurial multifamily shop that institutional players may not know about. 

Robb joined 29th Street Capital in 2013 and oversees the acquisitions team, as well as construction and asset management.

In our conversation, Robb explains why he structured his team so that acquisition managers have to invest in the deals they bring, the value of having heads-in-beds even if it means pausing a unit’s renovation, and what advice he has for the Fed.

Links:

Robert on LinkedIn

29th Street Capital

Get in touch with Juniper Square

Access video versions of this podcast here

Provide feedback for the podcast

Connect with Brandon Sedloff on LinkedIn: https://www.linkedin.com/in/bsedloff/

Topics:

(1:34) - Robert’s background and career

(4:42) - How did you get into Single Family Residential and why did you move into Multifamily?

(7:05) - How do you think about safety in Real Estate?

(7:57) - Is Build to Rent becoming a core part of the organization?

(9:56) - What does 29th Street do today and what are some headline metrics?

(12:48) - How do you think about driving this level of efficiency with such a lean team?

(14:40) - How did you come to this framework of having your acquisitions professionals invest in the deals they source?

(16:23) - Why does the non-fund model work the best for 29th street?

(19:19) - How confident are you in capitalizing deals with your current investor base?

(21:12) - On average how many deals do each of your 800+ investors get into?

(23:15) - How many people at the organization are involved in reporting and investor relations?

(24:50) - How have you incorporated Juniper Square into your operations?

(26:11) - What is your broader approach to technology?

(27:57) - From your perspective on the economy, what are you seeing at the asset level on up to the macro level?

(30:43) - What are you concerned about at the asset level?

(32:17) - When you look at your value add assets against your core-plus assets, how are they performing?

(33:49) - Are you seeing impacts on the demographics of renters?

(34:18) - What are you seeing with rate caps?

(36:11) - What advice would you give to the FED if they were listening?

(38:00) - What advice would you give to someone looking to get into Multifamily?