Asset classes / career

Say you were forced to go to a shop that specializes in one niche. I’m thinking acquisitions and less development but both welcome.

What are you picking? (aka class B multifamily, NNN industrial, suburban office, manhattan skyscrapers.. whatever you want)

 

Anything infrastructure-related is probably a good long-term strategy.

From the other end of the spectrum, hotels are generally more complex than other real estate sector. If you can underwrite a hotel, you should be able to figure out multi, office, retail, etc.

 

I’m someone who gets bored really quick. MF and Office always felt very cookie cutter to me. I liked Retail but only had a very limited experience with it. Zero Industrial experience.

Hotels to me, are a different challenge day in and day out. I get exposure to the RE finance aide of things (recaps, refi, sales, etc.) while also dealing with operations/capex, interesting brands, and such outside your standard lease analysis. It’s way more interesting to me. Of course, all those brings a ton of headaches and I 100% understand why someone could hate the asset class.

 

Affordable housing.  As an asset class, it's by far the most complex type of real estate development or acquisitions.  Deals are rarely cookie cutter and there are a lot of political and regulatory nuances that simply don't exist for most other niche asset classes.

 

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