jay rembe

EXCITING NEWS!!!!! After three years of entitlements, I am proud to say we are finally beginning site work for Griegos Farms. Griegos Farms will be a 90 unit landscaped forward cottage court development in the North Valley of Albuquerque, New Mexico. CONTINUED…

@TheTranscript_ 👍

Buffett on reading financials: "That’s something we’ve never really talked about publicly, but I actually spend more time looking at balance sheets than income statements. Wall Street often focuses on income statements, but I like to study balance sheets — ideally over an 8 to 10-year period — before I even glance at the income statement. You can’t hide as much on the balance sheet. It's harder to manipulate than earnings figures"

@LA_Multi_Fam What a great looking project! Can you share the name and address please? Greatly appreciated!

Guy I’m partnering on an LA project just built these 5 for sale townhomes in Seattle. Think they turned out amazing! Entitled & Built in 13 months. ~$275 per square foot hard costs. Total project cost ~$4.6M including land, construction, financing & soft costs. Anticipates selling out at ~$1.5M per unit. ~$7M total. Who is building for sale Townhomes in LA? Can numbers like these be replicated in LA?

@stevemouzon @NewTownAdvisor Well done Steve! Great street and idea.

When @NewTownAdvisor & I were first being considered to design the Waters, the Town Founder asked "what should we do with that pile of dirt the previous planner said we need to waste?" "You mean that hill? Build a chapel on it & line a street up with it; it'll be the money shot!"

Beautiful, where is this? Many times, landscaping should be more important than the architecture. Knowing streets are not going away, they need to be well designed where the pedestrian and walkability are prioritized. Think street architecture. Saying that, we are losing our battles with the local city engineers as they demand a lot of asphalt to accommodate the fire and trash trucks. Here is a street I lived on when I studied in Spain.

@DallasAptGP Great post Barrett! Thank you!!

A common misconception about Opportunity Zone (OZ) investing is that your capital is locked up for 10 years This is not entirely accurate While you must remain invested in the OZ Fund for 10+ years to get the OZ tax benefits, there are often liquidity events and distributions throughout the investment period. Let's consider an example where an investment group contributes $7.5M to a project with the initial plan to construct a new apartment building. The project timeline and returns might look like this: 1⃣Construction and Lease-up (Years 1-3): Once the building is complete and leased up, generating income, the project will likely be refinanced. This refinancing event can return a portion of your initial investment, typically around three years into the project. 2⃣Distributions (Years 3-10+): After the refinancing, you could receive annual yields on your remaining equity in the project. To illustrate this with a real-world example, let's consider a deal currently in the works: ▪️Total project costs: $19M ▪️Initial bank loan: $11.5M (60% LTC) ▪️Estimated value after completion and lease-up: $26+M ▪️Estimated NOI: $1.4M With this NOI, the project would be eligible for a refinance of $15+M using Fannie, Freddie, or HUD, assuming interest rates remain stable. The new loan proceeds will first pay off the construction loan and related closing costs, with the remainder available for distribution to investors. In this case, the original investors put in $7.5M and could get back $3M+ with a refinance, representing just under 50% of their initial equity before the April 2027 tax deadline. In the years following the cash-out refinance (Years 7-10), the distributions of rental income start at $200k and grow to $500k in year 10, leading up to a sale. Upon the eventual sale after 10+ years, the building's appreciation will not be taxed, and all the depreciation losses taken by investors during the hold period will not need to be recaptured. The timing of the sale can be strategic. For example, if 10 years from today, the market indicates a 7% cap rate (meaning $9M in tax-free profit to investors), the investors may choose to wait a few years for a 5.5% cap rate market, when the profit could exceed $16+M. In summary, while an OZ investment is "locked up" in the sense that you can't redeem it like a REIT share or a mutual fund, there will be distributions during the hold period. Remember, unlike other tax strategies, only a portion of a capital gain may be allocated to an OZ fund which may help a potential investor get comfortable with this lack of control over timing on liquidity. If you just made $1,000,000 selling stock or crypto, or a business then OZ investing can be a great tool to defer a portion of those gains.

Before >>> After. Originally built in 1946 as a theater to host spanish films, we gave Sandia Theater new life in 2010. Today it is Aveda Institute, a hair salon and beauty school! This is on historic Route 66 which is where we have focused most of our revitalization efforts in the last 10 years. This neighborhood is now called West Downtown which is a great collection of local businesses that have joined together to make our neighborhood the best it can be.

You can’t go wrong with either. We try to do 2 or 3 palettes as well but keep paint color the same to help our facilities crew. Hard to match even when we have the correct paint. Accent walls, although I feel really elevates the space, we are starting to keep things simple with one simple off white color.

Dark or light?

@DallasAptGP @bobbyfijan @seandsweeney Well done Barrett. Those small design features make a huge impact. Hope all is well.

@bobbyfijan @seandsweeney Doing these in a lot of our units

I really like the trend of adding “mudrooms” by the front door of apartments They look nice, are much more space efficient than a coat closet. And more useful for shoes. @seandsweeney does these as well

@DallasAptGP Huge Congratulations to pull off a loan and deal today! Well done!! We have had great success with our local credit unions. What are you seeing on the construction cost side right now?

Closed 2 construction loans today with a local bank Terms at closing matched the original terms sheet which is a huge deal in today's volatile lending environment Let's build some more housing in Bishop Ridge

Stoked to be going vertical soon on Griego's Farms - 90 detached rental cottage units in Albuquerque's North Valley. Getting pretty smooth with the drone too

@joeybaum13 Thanks Joey! Hope you’re doing well

@jay_rembe Nice!

Just visited one of our first projects, Silver Lofts. Great to see people using the courtyard. 18 for sale live-work units completed in 2006!

I would agree 100%. I am lucky enough to have worked with my 3 siblings, growing @LosPoblanosInn since the early 2000’s. We moved to the property in the 70’s, and have been so lucky to grow it into something special alongside my parents and our wonderful staff. The goal since day 1 was to preserve the land, and historic structures, while keeping our parents proud. My father passed 2 years ago, and my mom still lives on property. More recently, my son @RembeJack joined my development firm where we have a blast working together on some exciting projects. A lot of cool stuff in the works. Family is everything!

In all seriousness: Working in the family business is cool. Instead of being ashamed, people should own it (so to speak).

I am finally getting around to looking at some of the video clips from the last few days. There isn't much of a river, but this fellow landed a very nice splash and dash. This was from Day 2 of Balloon Fiesta. #Albuquerque #travel #NewMexico #bucketlist #hotairballooning

@DallasAptGP Wow! You certainly have your hands full. Good luck!

I talk about “gut renovation” but often just get a blank stare This is what it means

@DevaniAlkarim I fully agree. There are many times landscape architecture is more important than the architecture. The best neighborhoods always have the best streets. If you can do anything to make a street or neighborhood feel great, plant trees.

Trees change everything. My favourite part of established neighbourhoods is the mature trees. I never realized how big of a difference they make it. I’m continually devastated when they are lost, or we can’t keep them due to redevelopment. However, we shouldn’t stop building homes at their expense. We should focus on replacing that canopy for future generations

@sweatystartup So true! Constant push to be better to make our team better.

If you are a business owner sitting around complaining about your employees you need to get it together and take some ownership over the situation. It’s your business. You are the one who trained the person. You are the one who built the process. You are steering the ship. It’s your fault. You temper can also be the problem. If you’re screaming at your employees or sending slack tangents it’s horrible leadership. Your employees shouldn’t fear you. You shouldn’t emotionally abuse them. Your job is to make their life easier, not harder.

@benmaritz @loganb @DallasAptGP @Intellihot Heating & cooling system? Thanks!

@jay_rembe @loganb @DallasAptGP @Intellihot 199 units of workforce housing, no parking. Average 300sf units or so. Just a simple apartment building!

Multifamily developers, what is you experience with a central on demand gas powered tankless hot water versus individual electric unit hot water heaters? More specifically, we are considering large @Intellihot central tankless unit vs individual 40 gallon hot water heaters for a larger 6 story micro unit project. Traditionally we have used 40 to 60 gallon individual electric hot water heaters, but believe a central system may be more sustainable, reduce cost over a longer period of time and not to mention, frees up space within the units. Anyone use or heard of @Intellihot ? @khzny @ErnieBrownII @bobbyfijan @DallasAptGP @benmaritz @ArtemTepler