POWERS #331 - David Moore - Co-Founder & CEO @ Knightvest Capital - Investing in 55,000 Apartment Units: Stories, Lessons Learned, and Insights On Current Apartment Market
Jan 16, 2024
David Moore, Founder and Managing Partner at Knightvest, discusses making key hires to grow the company, the explosion of the Class B multifamily market, a walkthrough of a typical deal, the American renter in 2024, construction and labor cost hikes, and a state of the market update 2022-2024.
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Scaling the Company
- Hiring experienced professionals in key roles like CFO, CIO, and construction management is essential for scaling a real estate business.
- Prioritizing strong partnerships over strict deal terms leads to more successful and sustainable outcomes.
Market Conditions and Competitive Advantage
- Knightvest benefited from a period of less competition in Class B multifamily, allowing them to acquire deals easily.
- Their consistent closing track record and preferred status with lenders have become significant advantages.
Post-Acquisition Strategy
- Prioritize resident satisfaction upon acquiring a property by addressing immediate needs and creating a positive first impression.
- Focus initial renovations on common areas and vacant units, enhancing overall value for residents.