Crowdstreet’s Investment Thesis with CIO Ian Formigle | EP167

Ian is Chief Investment Officer at CrowdStreet, overseeing its marketplace, an online commercial real estate investment platform that has completed over 650 offerings totalling over $25 billion of commercial real estate. 

• Ian’s Bio & Background
• Interest Rates Policy
• Real Estate Pricing
• Potential Opportunities in Real Estate 2024-2025

Useful links:

Previous episode https://www.buzzsprout.com/2246698/episodes/13585761
https://www.linkedin.com/in/ianformigle/

https://www.crowdstreet.com/

Transcription:
Jesse (0s): Welcome to the working capital real estate podcast. My name's Jessica Galley And. on this show, we discuss all things real estate with investors and experts in a variety of industries that impact real estate. Whether you're looking at your first investment or raising your first fund, join me and let's build that portfolio one square foot at a time. My name's Jesse Ali. You're listening to working capital, the real estate Podcast. My guest today is Ian for Mely, chief Investment Officer at Crowdstreet.

CrowdStreet is one of the largest online private equity real estate investing platforms. Ian, how are you doing today?

Ian (39s): I'm doing good, Jesse. It's great to be back on the podcast.

Jesse (42s): Yeah, it's fantastic to have you back on. I think, you know, you're one of the perfect guys to talk to right now in this current economic and, and real estate environment that we're in right now. So for those that that want to check the original episode, you can go back to that and I think it's, it's probably been close to two years now, maybe a little bit shorter than that, but it seems like time has been going by fairly quickly here, given the last couple years. But for those that don't kind of know Crowdstreet or your background, Ian, maybe you could just give a little bit of a, a backgrounder on, on what you do at Crowdstreet.

Ian (1m 19s): Sure, yeah, thanks. From a high level, first just high level on Crowdstreet is, you know, we're an online equity syndication platform credited investors, you know, typically in the US I think there's, we do actually have some Canadians Jesse that invests on the platform, if I recall correctly. But, you know, we're, we're, we're bringing deals to the, to a marketplace that are generally located in the United States. We have syndicated about 4.2 billion in, in, in total aggregate equity since our inception, which dates back to April of 2014.

That's been across a lot of deals, I think upwards of 800 deals at this point. I joined Crowdstreet in the summer of 2014 after the platform had gotten live, but essentially got its second deal on the platform. So I guess I've served as the key decision maker on, you know, two through N of deals since then. So been a, been a lot of work over those years. It's been, but it's been interesting to see a lot of deals come and go. Our platform is historically about 50% multifamily, 50% everything else, everything else being essentially we look at deals in the hospitality space, industrial, retail, you know, pretty much all the major food groups, even self-storage.

We don't really do land deals. That would be the, probably the one, one area of real estate that we don't tread into. And we've done deals both from an acquisition standpoint and a development standpoint, and our general MO is to, you know, partner with operators and developers across the United States who are looking to gain access to syndication at a greater scale. Bring that into their, you know, the, their form of their capitalization of deal