Masters of Moments

Gabe has led more than $50mm of multi-family investments in metro Denver, across more than 500 apartment units in Denver, Lakewood and Aurora. Gabe is also the co-manager on over $25mm of multi-family investments (164 units) in Los Angeles.This episode was originally released October 2023On this episode, Jake & Gabe discuss:  Going from Wall St. into Real Estate Building Generational Wealth Raising Capital Executing Value-Add Strategies  Links:Gabe on TwitterTekton Group Connect & Invest with Jake:Follow Jake on Twitter: https://twitter.com/jwurzakTake the Hospitality Investing Masterclass: https://learn.jakewurzak.com/Learn How to Invest with DoveHill: https://bit.ly/3yg8Pwo Topics:(00:00:00) Intro(00:01:48) Going from Wall St. into Real Estate(00:09:38) The desire to create generational wealth(00:11:14) Balancing raising capital while building wealth in assets(00:14:26) What are some key principles you abide by to protect you against being a forced seller?(00:20:15) Waiting for the Fat Pitch(00:25:46) Can you define sub-institutional real estate and what are some market inefficiencies you see around the asset class?(00:30:43) How do you find deals?(00:34:07) A walkthrough of a deal that closed 2 weeks later(00:39:01) How do you execute quickly on your value-add strategy?(00:43:03) What’s the structure of your fund and why did you decide to have a fund?(00:47:48) What did you learn from the first and second funds that you’ll implement in the third?(00:59:18) Have you thought about deals that you never want to sell?(01:02:28) What have you learned from your worst deal?(01:06:23) Getting tenant feedback for Capex(01:08:26) Gabe’s philosophy around 3rd party managers(01:12:15) What are your goals over the next 3 years?(01:17:12) What is your favorite hotel?

Vamsi Bonthala is the Chief Executive Officer and co-founder of Arbor Lodging Partners, an award-winning national hotel investment firm. Vamsi has overseen approximately $1 billion of transaction volume since the inception of Arbor Lodging Partners, where he leads all company activities including general corporate strategy, investor relations, strategic relationships, acquisitions, dispositions, and asset management.This episode was originally released March 2023On this episode, Jake and Vamsi discuss: Breaking down Vamsi's first deal Growing Arbor Lodging and building a vertically integrated management team Maintaining efficient deal pipelines Converting Hotels to Multifamily  Links:Vamsi on LinkedInArbor Lodging PartnersThe Grand Hyatt Kauai Connect & Invest with Jake:Follow Jake on TwitterTake the Hospitality Investing MasterclassLearn How to Invest with DoveHill Topics:(00:01:50) - Vamsi’s journey into Hospitality(00:06:38) - What happened in your first deal?(00:08:05) - How did you raise money for the deal?(00:10:41) - Looking back, what were some of the questions you should have asked in your first deal?(00:12:14) - How did you structure the deal with investors?(00:12:57) - Hospitality as a complex asset(00:14:51) - Were you looking for broken RE deals early on in your career?(00:17:15) - When did you start to grow your team?(00:18:57) - What made you decide to bring management in-house?(00:21:20) - Did institutional partners start to flow in once you became vertically integrated?(00:22:04) - How has your philosophy been shaped by doing deals in markets outside your own backyard?(00:25:36) - How do you and your partner figure out what deals and markets you’ll focus on?(00:28:21) - How do you keep your acquisitions team incentivized and motivated?(00:31:45) - How do you make sure your deal pipeline is as efficient as possible?(00:32:52) - What is your strategy for 2023?(00:34:58) - Are you looking at converting Office to Hotel?(00:39:40) - Do you have separate capital for Debt and Equity?(00:42:36) - How do you make the economics work at scale?(00:45:26) - Why do you work with institutional partners vs. syndicating deals?(00:53:30) - At what point did you start viewing the management side as its own business?(00:58:31) - What’s something surprising that you’re doing in the management company?(1:00:03) - What tools are you using to maintain a pulse on the business?(1:05:22) - How do you approach hybrid work with your teams?(1:07:10) - How do you convert hotels to multifamily?(1:18:13) - What is your favorite hotel?

Patrick Carroll is the founder and CEO of CARROLL, a prominent real estate investment company. From a young age, Patrick Carroll envisioned building a real estate company from the ground up. The ambitious entrepreneur leveraged what was initially a multi-family and retail assets company into a leading real estate empire. As CEO, Patrick helps define and implement strategic plans designed to further expand all facets under the CARROLL portfolio. As a disciplined investor, Patrick carefully balances acquisitions and dispositions, and has led to $12.1 B in acquistions and $8.8 B in dispositions of multifamily real estate producing an average gross IRR of 29%.Founded in 2004, CARROLL marked the beginning of Patrick’s real estate investment and development career. Patrick’s early success in the industry came from residential investments and developmental projects across the Southeast, which, in turn, produced the opportunity to develop retail centers, mixed-use properties, and student housing.In 2009, Patrick acquired three property management companies, creating the large-scale infrastructure for what CARROLL is today. Compounding on his experience with investment, property management, development, and construction, Patrick has taken a modest initial investment and cultivated that into a 30,000-unit portfolio.Links:Patrick CarrollPatrick on InstagramConnect & Invest with Jake:Follow Jake on Twitter: https://twitter.com/jwurzakTake the Hospitality Investing Masterclass: https://learn.jakewurzak.com/Learn How to Invest with DoveHill: https://bit.ly/3yg8PwoTopics:(00:00:00) - Intro(00:02:41) - Patrick’s transition from house-flipping to multifamily(00:14:07) - What was your deal criteria early on?(00:19:42) - How were you finding deals?(00:23:30) - How did you scale?(00:31:54) - Building a profitable management company(00:33:55) - Raising capital & getting deals done(00:49:14) - The buy-fix-sell strategy(01:06:18) - Pausing deals post-covid(01:08:51) - Selling the business(01:17:03) - Thoughts on the market today(01:24:24) - Mental health(01:29:35) - What’s your favorite hotel?

Arash Azarbarzin, CEO of Highgate, shares his journey from aspiring pilot to hospitality leader. He emphasizes the importance of creating a welcoming atmosphere and effective team dynamics in hotels. The conversation highlights key strategies for food and beverage management and the unique challenges of scaling brands. Arash discusses the delicate balance between independent and branded hotels, customer loyalty, and the evolving landscape of the hospitality industry. Insights into leveraging technology and managing a portfolio of 520 hotels add to the rich discussion.

In this special coaching-call episode, we talk about overcoming the unexpected challenges that often pop up in real estate projects and how to communicate effectively with investors when things don’t go as planned. We also break down how to structure hotel operating businesses, including why it can be a good idea to use separate LLCs, how to handle employee benefits, and the advantages of S corporations for tax savings.On top of that, we get into the nitty-gritty of managing hospitality and food & beverage operations, touching on both tax considerations and the complexities of construction contracts, including GMP savings. You’ll also hear some strategic tips on how to scale your investments, make the most of unique property features, and create innovative F&B concepts that not only enhance guest experiences but also boost profitability. Enjoy!Connect & Invest with Jake:Follow Jake on Twitter: https://twitter.com/jwurzakTake the Hospitality Investing Masterclass: https://learn.jakewurzak.com/Learn How to Invest with DoveHill: https://bit.ly/3yg8PwoTopics:(00:00:00) - Intro(00:02:31) - Delivering bad news to investors(00:09:33) - Operating companies vs. property company structures(00:02:27) - Structuring branded residences(00:23:45) - Structuring for a F&B Leased to a third party(00:34:09) - Incentive structures for construction management(00:40:55) - Getting comfortable with first-time operators(00:49:13) - Why first-time hoteliers fail(00:58:15) - Best practices for getting a liquor license

As the CEO of BTI Partners, Noah brings over 30 years of real estate finance, construction and development experience to the table with over $3.5 billion in transactions across a wide variety of asset classes.This episode was originally released November 2023On this episode, Jake and Noah discuss:- Spotting patterns in cycles to take advantage of- Debt positioning- Identifying great locations- Biggest makes for folks getting into the land businessLinks:BTI Partners: https://btipartners.com/Noah on LinkedIn: https://www.linkedin.com/in/noah-breakstone-97ba576/Connect & Invest with Jake:Follow Jake on Twitter: https://twitter.com/jwurzakTake the Hospitality Investing Masterclass: https://learn.jakewurzak.com/Learn How to Invest with DoveHill: https://bit.ly/3yg8PwoTopics:(00:00:00) - Intro(00:01:41) - Noah’s background and career in development(00:11:31) - Spotting patterns in cycles to take advantage of(00:14:43) - Hold periods and investment horizons(00:17:02) - Asset class approach(00:22:53) - Debt positioning(00:25:49) - Finding the right partners(00:27:51) - Why did you choose to only operate in Florida?(00:31:02) - Identifying a great location(00:32:50) - Long-term concerns for Florida(00:35:37) - Build for Rent opportunities(00:41:28) - Does education play a role when looking at land?(00:44:34) - Housing(00:56:30) - The impact of distribution centers(00:59:28) - Biggest mistakes people make getting into the land business(01:05:01) - How do you know if you’re overpaying or getting a great deal?(01:07:21) - Identifying a slow-down(01:16:47) ) - How has your leadership style changed over time?(01:21:25)- What’s your favorite hotel?

Adler Real Estate Partners is an entrepreneurial real estate company pursuing a vertically integrated niche strategy which invests in multi-tenant light industrial and related business parks. The Company is highly focused on a specific market sector, enabling it to generate favorable risk-adjusted returns.Formed in 2012 as an independent company, the firm carries in its DNA the successful 50-year track record of acquiring and operating multi-tenant commercial real estate assets of Matthew Adler’s legacy family business, the Adler Group.This episode was originally released December 2023On this episode, Jake and Matt discuss:- How the fund investing model has changed risk appetite- Adding value as an operator- Matt’s investment strategy- Creating incentives and deal structures- Surviving without a promote- Raising capitalConnect & Invest with Jake:Follow Jake on Twitter: https://twitter.com/jwurzakTake the Hospitality Investing Masterclass: https://learn.jakewurzak.com/Learn How to Invest with DoveHill: https://bit.ly/3yg8PwoLinks:Adler Real Estate PartnersSolo Ep on feesFour Seasons Golden Triangle ThailandTopics:(00:00:00) - Intro(00:02:00) - The post-covid industrial space(00:05:02) - Key moments in Matt’s career(00:08:40) - Gross-to-Net spread(00:09:59) - How the fund investing model has changed risk appetite(00:14:11) - Adding value as an operator(00:16:54) - Matt’s investment strategy(00:26:10) - Creating incentives and deal structures(00:38:05) - Surviving without a promote(00:42:29) - Raising capital(00:50:34) - Characteristics of a successful reporting memo(00:53:43) - Managing the business weekly(00:57:13) - Acquisitions people vs. asset managers(01:02:12) - The 3 KPI’s that determine whether to pursue a deal(01:06:57) - Acquisitions and investment size(01:09:24) - Sourcing deals(01:11:54) - Thoughts on debt(01:13:35) - What’s your favorite hotel?

Jake, a seasoned expert in preferred equity investing, dives deep into the nuances of this financial strategy. He explains the structures and benefits of preferred equity, highlighting why it often outperforms private credit. The discussion includes vital topics like returns, control rights, and the importance of understanding terms. Jake also addresses common objections and shares insights on deal sizes and pitfalls to watch out for. The episode wraps up with an engaging Q&A session, allowing the audience to gain clarity on pressing investment questions.

Glenn Alba, a seasoned real estate expert and former Managing Director at Blackstone, shares insights on his transition to entrepreneurship with Opterra Capital. He discusses the intricacies of hospitality investments, particularly the dual focus on maximizing returns while navigating post-COVID challenges. Glenn emphasizes the importance of a 'no-assholes' policy in team culture, balancing optimism with realism in investment, and the unique metrics essential for hotel asset management. His personal anecdotes add charm to the complex world of real estate.

Mahavir Patel, President & CEO of Aatmos, discusses the exciting blend of tradition and innovation in family-run hotels. He shares insights on transforming tired motels into vibrant lifestyle destinations, emphasizing the challenges of pleasing both guests and major brands like Marriott. Mahavir dives into the underestimated aspects of hospitality, the balance between personal service and technology, and how local heritage influences modern designs. He also explores effective strategies for making smaller hotels profitable while enhancing guest experiences.