@JakehellerAI Because these guys don’t know real estate and want to find a niche
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David Tarquin
29 posts
David Tarquin
@davidtarquin
CFA | Ex RE institutional manager. Rad guy who likes cap rates, but loves his wife and son more. I’ll take my personal pizza over a piece of the pie every time.
California, USA Katılım Ağustos 2009
53 Takip Edilen420 Takipçiler
I’d really like to start a less transactional business
Ryan Overcash@cashrulesNC
I’d really like to start a more transactional business
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Location is driving everything in small multifamily.
One apartment deal in Whittier already has multiple offers and looks like it may trade above asking at high-11x gross (5 cap).
Meanwhile, a triplex in Koreatown (LA) has almost no activity.
A 9-unit in decent part Long Beach only seeing lowball offers sub 10x gross.
For context - Long Beach deal is around a 6.5 cap with 15% upside. Uptown Whittier low 5 cap.
Same asset class. Totally different buyer behavior.
Location driving everything.
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@jayparsons @ADeermount Good CA liquidity. The transition toward a federalized or GSE-standardized market is a certainty. Like it or not, the nation will be under tenant protection policies soon; the real question is, who will be helming the ship? I’d bank on insular caps and a 3 leg economies forward.
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Camden found a buyer for its SoCal apartment portfolio (most of which is Orange County or San Diego), and industry gossip is it's at aggressive price.
More broadly: It seems the growing institutional disinterest in L.A. is driving increased interest in other parts of SoCal.
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@ADeermount Maybe they don’t know what insular cap rates are. Hot potato markets.
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In the Pantheon of shit investors.
REIT Bagholder@LPInvestor
@hitsamty Trinity really knows how to pick their sponsors - S2, Tides, GVA.....
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@adamstatonsmith Good brokers are getting the second listing agreement.
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Lost another listing on price. Third time this month.
Either I'm too honest about where the market is, too conservative in my underwriting, or just bad at my job.
Probably all three.
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@trogglodytes @gbaroth Landlords didn't ruin Santa Monica; politicians did. Property owners aren't mismanaging the city. They are having their equity and property rights stripped away by local officials who refuse to take accountability for their own failed policies.
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I dm the Sonoratown instagram account like once every 6 months asking them how much they need to open one in Santa Monica...
There's no good pizza over here either...
and we need a Chinese food place here
and we need a bar that stays open later than 10pm
and outdoor seating
Zennon For State Senate@zennonuc
In Santa Monica, one of the richest zip codes in the country, our businesses are empty. Why do stores stay vacant, and what can we do about it?
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@moseskagan And don’t put in garbage disposals… residents abuse them way too much.
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Strongly recommend against doing this
Given enough fridges and enough time, the water lines very likely to leak
Zach Molzer@molzer
If you own or develop apartments and don’t put a fridge that produces ice in all your units, you are a bad person & I hope you have a horrible Tuesday!
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@shawngorham @Kevinkrone I got coffee. See you soon. Thank you.
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@davidtarquin Ok.. how about I come to your office and bring you coffee :)
here is your man
x.com/Kevinkrone?s=20
@Kevinkrone
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Ok.. Mac mini's are sold out, was going to mess around with some AI stuff... what should I do now?
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@DMAC_19 It ranges from 225 to 650 a month for weekly service. I need to pay more post reno to retain residents.
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Our bids on LA apartments right now are about at 2012-2015 purchase prices.
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@moseskagan I agree. LPs should encourage their GPs into cap rate arbitrage (if there is trust). Refinancing kicks the can down the road but, resetting caps allows for better yield and appreciation.
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Don't think I appreciated the full impact of higher interest rates on the heavy value-add real estate business when rates increased initially in '22.
The problem for operators isn't just the higher exit caps.
It's the increased opportunity cost for investors of having $$$ tied up in assets that aren't generating income.
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David Tarquin retweetledi
Personal injury reform has entered the chat.
Marc Joffe@marcjoffe
California desperately needs ADA liability reform. No one should be filing hundreds or thousands of lawsuits against small businesses over (often minor) accessibility issues.
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Only 31 cash for keys buyouts in the city of Santa Monica last year.
Out of ~ 27K rent controlled units would have thought that number would be much higher.
Only 2 crossed the $100K mark. With values falling the math does not pencil the huge buyouts we heard about when GRMs were approaching 20X on the sale of an apartment building.
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With treasuries flattening out, cash-in refis are about to be back en vogue. Take the list price and reduce it by the cash-in debt rebalance, and it’s clear: buyer spreads are finally cooking in the right direction.
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@shawngorham @dtmorgan18 @grok San Diego yield, 120bps 25-30k CapEx
San Diego value add, 175bps with 60-90k
Bay Area, missed the cap compression
Under writing Denver and PHX. Still more blood in the hog.
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If you’re real on renovated rents, stabilized cap rates are dismal to LTL gains… the acq/rehab market is currently locked. Yield is the new queen. Just look at rent velocities in the current rolls. Basis.
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