Developing Apartment Buildings with Andrew Joyner | EP116

Andrew Joyner is the Managing Director at Tricon Residential and head of their Canadian apartment platform, tasked with trying to create thousands of brand-new apartment units in the Greater Toronto Area. Andrew is responsible for all aspects of day-to-day platform activities, including setting strategic direction and sourcing investment opportunities, as well as overseeing dedicated teams responsible for business plan execution: development and construction, asset management and operations. In addition, Mr. Joyner manages senior relationships with joint-venture partners.

In this episode we talked about:
* Andrew’s Bio & Background
* View on Multifamily Housing Market
* GP vs LP Structure
* Rent Stabilization Policy

* Interest Rates Impact on Andrew’s Investment Decisions
* View on Zoning
* Mentorship, Resources and Lessons Learned

Useful links:

Book “The New Kings of New York” by Adam Piore

https://www.linkedin.com/in/andrew-joyner-cfa-149ba124/?originalSubdomain=ca
https://triconresidential.com/
https://www.instagram.com/triconresidential.home/?hl=en

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. All right, ladies and gentlemen, my name's Jess Fraga, you're listening to working capital the real estate podcast. My special guest today is Andrew joiner. Andrew is the managing director at Tricon residential and head of their Canadian apartment platform tasked with creating thousands of brand new apartment units in the greater Toronto area.

 

We were just chatting before the show and correct me if I'm wrong. Andrew, you guys are now over 6,000 apartment units spanning over 12 different projects. Do I have that right?

 

Andrew (49s): Yeah. Yeah. Jesse, thanks for having me. And yeah, no, that, that is right. You know, Tricon residential was, was one of the first groups back in 2016 to, to push into the purpose built rental apartment here in Toronto with scale and yeah, we've, we've now, you know, we're executing on the most active development pipeline in the city and, and continue to add projects.

 

Jesse (1m 11s): No, that's great to hear. Well, first of all, thank you for coming on. I'm glad that we've got a chance to sit down here, cuz there's a lot going on right now, as you know, and, and listeners know in the real estate space in general, I think whether, you know, you're in San Francisco, Toronto or Vancouver, there's, there's a lot going on economically and just from a policy standpoint with Canada in the us. So maybe for, for listeners that don't know your background, Andrew, maybe you could give us a little bit of a kind of primer on, you know, how you got into real estate at the beginning of your career and you know, how you've gone through the different permutations to get where you're at right now at trigon.

 

Andrew (1m 53s): Sure. Yeah. So I, you know, I grew up in Toronto, you know, my, you know, unlike a lot of people in real estate, I, I don't have a, a family business in, in real estate per se, but I, I always thought it, it, you know, represented this intersection of, you know, business and, you know, design and urbanization and, you know, people that, that I thought was profound and interesting. And so, you know, my, my summer jobs and