This program is built on the data and results that fuel commercial real estate investment strategies and execution. It is explicitly designed to clear out the noise and zero in on the fundamental drivers of US Multifamily real estate value, both core and niche play — and then create a range of strategies responsive to both market conditions and your selected capital expectations to execute on the creation of value.

We’ll cover global and US-specific macroeconomics, financial market conditions, the drivers of wealth creation in any given society and the role of “place” in it, demographics (both the aging of the population and the impact of international immigration), de-globalization and its implications, the dynamics and measurement of regional, local, and neighborhood economies, and then the identification of specific assets most likely to align with the resulting investment strategy. Domestic Migration patterns, accelerated by COVID and the redefinition of where “office work” is or can be performed for many workers, reshaping whole regions and metropolitan areas within them, and even housing markets that had previously been considered too small for non-local investors. 

We will avoid the hype, examine the reality, and the lasting implications of what’s been occurring in areas including:

• Inflation – We’ll cover the sources of inflation (money supply growth, disruption of transportation, goods, labor, food, and energy markets), the resulting Federal Reserve interest rate response, and the interaction of short- and long-term interest rates in its eventual control and the demand destruction (recession) likely to result. We’ll cover the interaction of these with real estate income and valuation.
• Inflation Reduction Act, Re-Industrialization, and Domestic Growth Markets – We’ll examine the impact of 2022’s Inflation Reduction Act (IRA) and how it spurs re-industrialization in previously overlooked markets, which now presents a rental growth opportunity. 
• Public Policy Responses to Housing Affordability – We’ll review the varied policy responses to housing affordability concerns, from embracing market-driven development to policies enabling rent control and their impact on local markets.

We will look at the niches of rental housing, including:

• Office Conversions to Multifamily
• Affordable and Workforce Housing 
• International Market Rental Investment (UK, Germany, and Australia)
• Single Family Built-to-Rent Communities
• Student Housing

Finally, we’ll cover a range of investment strategies, from CORE, Value Add, Distress (and near-distress), as well as the Development decision and how and when to pivot between strategies, and we’ll draw from proprietary data sets as well as compilation of existing publicly available data.

• Learn the demographic demand trends in housing- age, marital trends, education, job formation, wealth creation, domestic and international immigration- and where to source the data to demonstrate it.
• Understand de-globalization and the implications on which real estate is valuable. 
• Explore COVID-19 accelerated domestic migration patterns and the changing nature of “office” work.
• Learn how inflation – its sources & implications- (money supply growth, disruption of transportation, goods, labor, food, and energy markets), as well as the resulting Federal Reserve interest rate response, impacts real estate investment strategy
• Understand market and asset identification strategies leveraging commercially available datasets, answering questions such as: 
  • What makes a regional/local economy “tick,” and where is activity concentrated? 
  • What is the source of wealth creation in society & which type of “places” increase in value? 
  • Local demand/supply balances – leveraging future supply pipeline data vs. estimated demand 
  • Leveraging data on market fundamentals – rent, occupancy, supply, sales, expenses, cap rates, capital expenditures 
  • Societal trends in the disposition of purchasing power 
  • Which assets & locations are best positioned to take advantage of these drivers?
• Recognize the importance of underwriting cycle times – the hidden cost of inflexibility, with an emphasis on: 
  • Explicitly evaluating the trade-off between purchased data costs and time 
  • Performing financial underwriting of investment candidates in 30 minutes or less
• Understand the macroeconomic & cost of capital context, including inflation/deflation
• Explore how emerging trends, including conversions into multifamily, public policy responses to housing affordability (from market-based policies to rent control), and the Inflation Reduction Act’s role in shaping US re-industrialization, impact US multifamily investing while also reviewing other niches in rental housing, from international markets to student housing.

• Established US Real Estate Investors seeking to use data to make better investment decisions
• International Real Estate Investors looking to apply trends in US real estate investing to their home markets or enter US markets
• Investors new to commercial real estate
• Service providers for real estate investors seeking to understand the “real estate investor perspective”
• Design, engineering, construction, legal, permitting, financing, marketing, or property management professionals who are members of a real estate development team

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