Working Capital Commercial Real Estate

Mark Kenney is a President and Chief Executive Officer at CAPREIT   Mark Kenney joined Canadian Apartment Properties Real Estate Investment Trust (CAPREIT), a TSX listed company, in 1998. In 2019, Mark was appointed President and Chief Executive Officer. As Canada’s largest publicly traded provider of quality rental housing, CAPREIT currently owns or has interests in approximately 67,000 residential apartment suites, townhomes and manufactured housing community sites well-located across Canada,  the Netherlands and Ireland. In 2020, CAPREIT was included in the S&P/TSX 60 Index. With over 30 years of experience in the multi-family sector and as President and Chief Executive Officer, Mark is actively involved in creating and implementing the strategic vision for the organization through the direction of company policy and oversight of the crucial divisions within CAPREIT, including property management operations, marketing, procurement, development, and acquisitions. A frequent contributor to BNN Bloomberg and other media, Mark is a passionate advocate for the role of Real Estate investor In this episode we talked about: * Mark’s Background and How he Got into Real Estate * The Comparison of the Commercial Real Estate World of the 80s-90s and nowadays * Difference between Commercial Real Estate and Residential Real Estate * Pricing and Valuations of Industrial Multi-Residential * Supply in Real Estate  * Real Estate Deals in Suburban and Rural Areas * Development Costs and Charges * Areas of Investment into Manufacturing Housing * CAPREIT Focus in terms of Real Estate Projects * 2023-2024 Interest Rates Environment * Advice to Newcomers 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. Ladies and gentlemen, my name's Jessica Gallen. You're listening to Working Capital, the Real Estate Podcast. My guest today is Mark Heney, president and Chief Executive Officer at Capri.   Mark joined Canadian Apartment Properties real estate investment trust, a TSX listed company in 1998. In 2019, mark was appointed president and chief executive officer as Canada's largest publicly traded provider of quality rental housing. Capri currently owns or has interest in approximately 67,000 residential apartment suites, town homes, and manufactured housing community sites. Well located across Canada, the Netherlands, and Ireland in 2020. Capri was included in the S N P and TSX 60 index.   Mark, how you doing today?   Mark (1m 3s): Great, Jesse, thanks for having me.   Jesse (1m 4s): Yeah, pleasure to have you on. You know, wanted to talk a little bit about, you know, the current environment that we're in right now, you know, your background in the industry and, and Capri in general. But I guess, you know, maybe we could start with you have over 30 years experience in multifamily in that sector, and I was just curious to kind of get a little bit of a background of guests that we have on. It's always interesting to see how they got into the wild West. We called real estate.   Mark (1m 32s): Yeah, so I, I don't know, like, because I go back in time here to when I was growing up, I think it was very normal for young people to be interested in cars and real estate. It was, so, it wasn't anything that special about being drawn to real estate. I think like a lot of people I would daydream about real estate and back then it w

Richard Epstein is our returning guest. Richard is an American legal scholar known for his writings on torts, contracts, property rights, law and economics, classical liberalism, and libertarianism. He is the Laurence A. Tisch Professor of Law and director of the Classical Liberal Institute at New York University, the Peter and Kirsten Bedford Senior Fellow at the Hoover Institution In this episode we talked about: Historical Perspective of  Land Use and Regulation Government Real Estate Agencies Inflationary and Interest rates Environment Macroeconomic Outlook ​​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. Richard is an American legal scholar known for his writing on torts, contracts, property rights, law and economics, classical liberalism and libertarianism. He is the Lawrence, a Tish professor of law at nyu, and the director of the university's Classical Liberal Institute.   Richard, it's great to have you back on. How you doing?   Richard (39s): It's always great to be here, Jesse.   Jesse (41s): Well, we're gonna have a bit of a, a crash course here in in property rights land use regulation, and kind of talk about how we got to where we, we are right now in, in the US in Canada as it as it relates to property rights. And it'll be topical for anybody interested in real estate, real estate investing development law. And you know, if you're ever interested to see why certain investment firms pick different states or pick different countries, you know, we'll, we'll touch on the intricacies and differences between how some of these laws develop.   But Richard, why don't we, why don't we start from the beginning? You talked about a historical perspective when it comes to land use and regulation, so I'll leave it with you here.   Richard (1m 29s): Okay, look, well the first thing to note is that when densities and real estate densities are very, very low, there's very little reason to have any kind of land use regulation. Land use regulation is a function of having large numbers of people within relatively close levels. One way to try to regulate this is from the private law of nuisance dealing with offensive smells and so forth. And that certainly is a part of the system. But when you're dealing with modern zoning laws, it turns out it's a relatively unimportant part of the system unless you're dealing with certain kind of very difficult industrial manufacturing areas.   But if you're going to the sort of the city life, the, the story really begins in 1916 when in New York City they realize that if you put up certain kinds of large buildings, the equitable building, what it's gonna do is gonna block light in other parts of town. And so the question was, are you willing to suffer that and let people build as they will, or do you think that you could kind of regulate densities and distances? And the initial New York statute was designed to deal with exactly that. And so they put up kinds of restrictions and they were relatively modest, but nonetheless they were there.   The one that was put into place in

Scott Pickett serves as the Vice President of Acquisitions of Post Investment Group. He has been in the Business for over 17 years and has invested over 3 billion  into Real Estate In this episode we talked about: Scott’s First Steps into Real Estate Philosophy of Deal Structure Capital Raising Strategy 2023-2024 Outlook on Multi-family Real Estate Deals Creativity Going to the New States Interest Rates and Inflation numbers 2023-2024 Real Estate Upcoming Opportunities Scott’s Advice to Beginners in Real Estate Resources Useful links: Working capital Podcast Book “ The Philosophical Investor” by Gary Carmell Trapp podcast Contact: Head of Investor Relations: achrisakis@postinvestment.com

William Strange is a Professor of Economic Analysis and Policy at the Rotman School. William is former Editor of the Journal of Urban Economics (with Stuart Rosenthal), and he served in 2011 as President of the American Real Estate and Urban Economics Association. He works in the areas of urban economics and real estate. His research is focused on agglomeration, industry clusters, labor market pooling, skills, private government, real estate development and real estate investment. In this episode we talked about: William’s Background and how he got into Real Estate Rotman School Real Estate Program Paper Analysis of Skyscrapers Macroeconomic Outlook Urban Economics Resources Useful links: Book “Triumph of the City: How Our Greatest Invention Makes Us Richer, Smarter, Greener, Healthier, and Happier” by Edward Glaeser Book “The New Geography Of Jobs” by Enrico Moretti https://www.rotman.utoronto.ca/FacultyAndResearch/Faculty/FacultyBios/Strange.aspx 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. Ladies and gentlemen, my name's Jesse for Galley, and you're listening to Working Capital, the Real Estate Podcast. My guest today is William Strange. Will is a professor of economic analysis and policy at the Rotman School that's at the University of Toronto.   He's the former editor of the Journal of Urban Economics, and he served in 2011 as president of the American Real Estate and Urban Economics Association. He works in the area of urban economics and real estate. His research has focused on industry clusters, labor market, pooling skills, private government, real estate development, and real estate investment. Will, thanks for being here. How's it going?   William (58s): Thanks a lot for having me, Jesse. It's going great.   Jesse (1m 1s): Well, I appreciate you coming on. Like we said before the show, I thought there's a couple different areas of research that I thought we could jump into and, and I think the listeners would get a lot out of. But before we do that, why don't we kind of circle back to you in, in your current role at the University of Toronto and kind of what you're working on today, how did that all come to fruition? How did you get into, into this business of real estate?   William (1m 25s): Well, I got into real estate as an urban economist, so when I went to graduate school, my favorite undergraduate econ class was urban. I liked it because there are so many things going on in cities. Cities are just interesting organisms. And so I, I pursued a PhD at Princeton with Ed Mills, who is the father of the feet, modern field of urban economics. That ended up with me at U B C amongst the real estate folks. And I gradually came to understand just how interesting real estate is too, and just how much an urban economist will have to say about real estate, you know, both on the residential and commercial side.   I feel incredibly fortunate that I've lucked into a, a career as satisfying as this one has been.   Jesse (2m 8s): That's great. And the current role

August Biniaz is the Co-founder and COO of CPI Capital. CPI Capital is a Real Estate Private Equity firm with its mandate to acquire Multifamily and BTR-SFR assets while partnering with passive investors as Limited Partners. August was instrumental in the closing of over $208 million of multifamily assets since inception.  August educates real estate investors through Webinars, YouTube shows, Weekly Newsletter and one-on-one coaching. He is the host of Real Estate Investing Demystified PodCast - https://podcasts.apple.com/ca/podcast/real-estate-investing-demystified/id1650186768 In this episode we talked about: August’s Background and how he Found his Niche in Private Equity Nuances and Differences between Investing in the US and Investing in Canada Single-Family Rental Deals Syndication August’s Geography of Deals Syndication Structure Limited Partnership Syndication VS Joint Venture Difference between Funds and Syndication State of the Economy Overview Advice to Newcomers Resources and Lesson Learned   Useful links: Books: “Best Ever Apartment Syndication Book” by Joe Fairless “Raising Capital for Real Estate: How to Attract Investors, Establish Credibility, and Fund Deals” by Hunter Thompson https://www.linkedin.com/in/august-biniaz-23291460/?originalSubdomain=ca https://www.cpicapital.ca/ https://www.youtube.com/channel/UCBliV4We30bjaKqmqri8jQg Transcriptions: 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. Ladies and gentlemen, my name's Jessica Galley, and you're listening to Working Capital, the Real Estate Podcast. Our guest today is August Biaz. August is the co-founder and c o of c p i, capital c p i.   Capital is a real estate private equity firm with its mandate to acquire multi-family and B T R S F R assets, and we'll get into what that is shortly while partnering with passive investors as limited partners. August has been instrumental in the closing of over 208 million of multi-family assets since its inception. August educates real estate investors through webinars, YouTube shows, weekly newsletter, and one-on-one coaching. He is the host of real estate investing demystified podcasts. August. How you doing?   August (1m 1s): Great, man. We're doing much better now that I'm here with you, brother.   Jesse (1m 4s): Beautiful. Well, I'm glad that we finally were able to do this. There's a little back and forth I was traveling, but you look great. You always look sharp for those that are listening full suit and tie, so I'm excited to to chat today.   August (1m 17s): Absolutely. You gotta stay in character, right? When you're in private equity, you just gotta be in character all times. Yeah,   Jesse (1m 23s): The August avatar, So August, you know, for those that don't know, we, we did have a conversation, I think it was the beginning of 20, or the end of 2021. Time flies. I can't believe we're gonna be in 2023 very soon here. But

  Brian Beaulieu is the CEO and Chief Economist of ITR Economics and the Returning Guest from the Episode 67   In this episode we talked about: Fiscal Policy Response View on Interest Rates Increase 2023 Real Estate Trends Rental Prices Macroeconomic Perspective    Useful links: https://www.itreconomics.com/ https://www.linkedin.com/in/brian-beaulieu-28481977/ https://workingcapitalpodcast.com/real-estate-inflation-and-government-policy-with-economist-brian-beaulieu-ep67/ - episode 67 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. Ladies and gentlemen, my name's Jess for Galley, and you're listening to Working Capital, the Real Estate Podcast. I have a returning guest, Brian Bolio. Brian is the c e o and chief economist of it, t r Economics.   He's also a returning guest from episode number 67. If you want to go check that out. Brian, how you doing today?   Brian (39s): I'm doing well, Jess. How are you   Jesse (40s): Doing? I'm doing great. Always good when I get to talk to a, get a talk real estate with an economist. So nothing's happened since we last spoke episode 67, so I'm thinking about a year and a probably about over, just over a year ago.   Brian (54s): Yeah, nothing's happened since then. You're absolutely right. Oh man. Yeah, long it's been, it's been, I don't know, life still isn't back to normal since the pandemic. We're going through all these covid echoes, this is what I call them. I mean, the, the inflation is a covid echo because it stems from the government's and federal reserve's response to the pandemic. And now we have higher interest rates as an echo because that's stemming from the inflation that stemmed from the pandemic. And those two factors are having other echoes, including through the real estate market.   I mean, we're gonna, we're still years away from being back into normal economics in, in my opinion, and that includes the current yield curve and the extreme extremeness of the yield curve, which can lay directly at the feet of the Federal Reserve. And that isn't going to do any of us any good either. So we're still living with the economic after effects of covid, even though we're running around without masks anymore. We we're bearing the scarves, the economic scarves.   Jesse (1m 58s): And how, if you were to grade the, if the fiscal policy, let's, let's focus on the US for now. How would you grade that? Fiscal re policy response and continued response to the economic environment that we're currently in?   Brian (2m 13s): I graded as C is fairly average, and that with each successive economic crisis, the fiscal policy response has grown disproportionately large at the point now where when we see a fly on the windshield, we don't even think about it. We just grab a sledgehammer to kill the thing. You

Brian is Managing Partner at DealGen Partners, a deal origination company that currently manages $2.7 billion in Buy Side Mandates. Since 2016, DealGen Partners has generated over $900M in deal value. Through the combination of their outreach strategy and network of partners In this episode we talked about: * Brian’s Background and Journey in Real Estate * Value of Metrics * His View on Strategic Investors  * The Macroeconomic Real Estate Environment * Trends in Real Estate * Geographic Preferences * 2023-2024 Opportunities * Brian’s Advice to Individuals who are Entering the Real Estate space  Useful links: https://dealgenpartners.com www.linkedin.com/in/brianscanloncmo/ Transcription: Jesse(0s): Welcome to the Working Capital Real Estate Podcast. My name's Jessica Gall, 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. Hey everybody, my name's Jess Fraga, and you're listening to Working Capital, the Real Estate Podcast. My guest today is Brian Scanlan. Brian is a managing partner at Deal Gen Partners, a deal origination company that currently manages 2.7 billion in buy side mandates.   Since 2016, deal Gen partners has generated over 900 million in deal value through a combination of their outreach strategy and network of partners. Brian, how's it going?   Brian (46s): Good, man. Thanks for having me on. I appreciate it.   Jesse(48s): Yeah, thanks for coming on. I think it'll be, yeah, it'll, it'll be a interesting conversation. Today we're gonna talk a little bit about kind of your background, private equity deals in general. So I think we'll, we'll have a lot to get going. First question from you, where are you joining us from?   Brian (1m 4s): Yeah, so I'm in Boston, Massachusetts. Our, our office is right outside of Boston in Wellesley, mass. My partner and I both went to Babson College in Wellesley, and we were looking for office space. We decided it would be kind of nice to not have to commute into the city every day, but stayed close to, to the alma mater. So we're in a nice old town.   Jesse(1m 24s): Beautiful. So, yeah, I thought, you know, like, like we have other guests on the show that, you know, we have things that are kind of real estate adjacent or investments from, you know, asset classes that are not necessarily focused specifically on real estate. I thought we'd have a conversation a little bit about kind of your background and deal gen and, you know, basically what you do for your clients and you know, what the company does, you know, why don't, why don't we kick it off from, from that almer mater. Did you get into this right after right after school?   Brian (1m 55s): Yeah. Yeah, kind. So, I, I sold a, a marketing company right after college, and the guys who helped me sell it were a small two-man shop outta New Jersey. And I, I joined up with them during my, you know, non-compete to go start another marketing company. And, and they said, Hey, why don't you come with us? And our specialty was lead generation at that time from the marketing company. So said, why don't you help us drum up some new business? You can learn this investment banking world and see if it's something you wanna stick in. Cause I kind of always like that space. So we,

Jeff Flemington is a Principal and Director at Avison Young. He works in a Brokerage Part of the Business. Jeff commenced his career in commercial real estate in 1994 and specializes in account and transaction management for large corporations. Jeff’s strengths include portfolio and strategic planning, negotiation, financial analysis and site selection/disposition work. Jeff’s experience also includes strategic planning, analysis, negotiation and implementation of real estate disposition and consolidation projects for various industry sectors.  He has a proven track record with companies in the healthcare, consumer packaged goods, technology, financial services, government and supply chain and logistics space. In this episode we talked about: * Jeff’s Start of Real Estate Career * Jeff’s view on office leasing * Transactional Aspect of Leasing * View on Office vs Hybrid Working Model * The Interest Rate Environment * Jeff’s Advice to Individuals who are Entering the Real Estate Space * Asset Classes * Building a Network Useful links: E-mail Jeff.flemington@avisonyoung.com Phone: 416 435 7128

Ryan Gibson is the President, Chief Investment Officer and Co-founder of Spartan Investment Group (SIG). He has organised over $250 million of private equity for Spartan’s projects. Ryan has experience managing and developing SIG projects in challenging markets. For SIG Ryan is responsible for Investors relations and capital raises for projects.   In this episode we talked about: Ryan’s Background and Journey into Real Estate Self Storage World Self Storage Asset Classes: Benefits and Downsides Purchasing Real Estate Key Metrics  Finding Acquisitions Investors Relations Interest Rate Environment Underwriting Deals 2023-2024 Opportunities   Useful links: https://spartan-investors.com/ E-mail: Ryan@spartan-investors.com Linkedin: https://www.linkedin.com/in/ryan-gibson1/?trk=public_profile_browsemap Transcriptions: Jesse (0s): Welcome to the Working Capital Real Estate Podcast. My name's Jessica Gall, 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. Ladies and gentlemen, my name's Jess Fraga. You're listening to Working Capital, the Real Estate Podcast. My guest today is Ryan Gibson. Ryan is the president, chief investment officer and co-founder of Spartan Investment Group sig.   He has organized over 250 million of private equity for Spartan's projects. Ryan has experienced managing and development of s i's projects in challenging markets for Sig Ryan, who's responsible for investor relations and capital raises for projects. Ryan, how's it going?   Ryan (49s): Good, good, thanks Jesse. Thanks for having   Jesse (51s): Me. Yeah, pleasure. The pleasure is mine. Thank you for being on. Really interesting. Today we're gonna be talking a little bit about your background, what you do for Spartan, and I think we're gonna dive into self storage and some of the, you know, the different applications of self storage and maybe demystify some of the, some of those topics for, for listeners that are not as familiar with that asset class. But why don't we start from the beginning. You're at Spartan now. You mentioned prior to the show you had some friends not too far from my neck of the woods.   How did you get started in, in our industry or, or was it in a different industry and you and you came over from there?   Ryan (1m 32s): Yeah, I was kind of over by your geographical side of the, of the United States in Pennsylvania was where I went to college. But actually I had a background as an airline pilot. Flew for about 17 years and then transitioned into commercial real estate investing. And the way that the kind of, the way that it happened was I actually met my neighbor who ended up being my business partner. And so kind of a unconventional way of meeting a neighbor, one of the houses for sale next to me came up and I wanted to really get the buyer in there and I convinced my neighbor to this guy to buy this house next door to us.   And then he convinced me to start a business. So it was a nice exchange. And then we just starte