Stephen Pugh’s Post

The Biggest Fortunes are Made During Times of Uncertainty … if you’ve been on the fence about property investing in San Francisco, read on. Lee Iacocca famously said: “If we wait until we’ve satisfied all the uncertainties, it may be too late.” San Francisco has its troubles and the press often emphasizes sensational news more than the positives. Meanwhile wealthy investors bet on San Francisco’s future. #agentbohl #realtor #Redfin #buyersagent #sellersagent #realestate #siliconvalley #sanfranciscobayarea #siliconvalleyrealestate #investmentproperty #1031exchange

My Biggest Disagreement With The JV Equity World... A few months ago I had the #opportunity to work on what was clearly the best deal I've seen in years. By some incredibly good #fortune, the sponsor had a pristine 2023 vintage deal under contract at a going in 7.5% cap. That's not all, the #tradeouts at the property were so impressive, that the stabilized yield on cost was going to be 9% without any capex needed. Fast forward to today. We closed the deal with one of our #family office investors. It is cashflowing to an 11-12% cash on cash only a couple months in, and it is looking like the grand slam it looked like on #paper. The #problem is... #NOBODY wanted it. The reason we went to one of our close family office relationships was because #EVERY institutional investor turned it down due to the market it was in. And that has been the case with #MANY markets we've worked on deals in... For some reason, which I don't understand and fundamentally disagree with, the institutional funds will almost NEVER enter a market that isn't a top 25 MSA. Sometimes I even #joke with them... "If I could get this for you at a 12% cap, would you still not look at it?" Frankly, this has been one of my big #frustrations with the funds recently. If you're a contrarian, and are open to doing JV Equity on positive leverage multifamily deals in markets that the #herd is not looking at, feel free to reach out. I'm shocked there aren't more groups pursuing this contrarian strategy... Zach Murphy Josh Eitingon Trey Palmedo Craig McGrouther Ryan J Powers-Tapp Ross Greenstein

A focus on the middle market is a common thread across PineBridge’s alternative strategies. Our seasoned investment specialists across European real estate, private credit, and private equity discuss the distinct opportunities and challenges of this market segment and why niche specialization, deep industry knowledge, and lessons learned from weathering crises can create value and drive outcomes. Join Joseph Taylor, Justin Pollack, and Joseph De Leo as they discuss their collective middle market focus in our second episode of ‘Alternative’ Views. https://lnkd.in/e5USh-73 #alternatives #realestate #privateequity #privatecredit #middlemarket 

Boston investors still taking a cautious approach to acquiring distressed assets. I wrote a piece on NAIOP's recent panel discussion on this for #TheRealReporter, "Boston Investors Are Taking Measured Approach to Distressed Market Opportunities" #davis #naiop #anchorlinepartners #naiopma #baupost #distressedassets

Scott Lurie recently joined Inside South Florida to discuss how F Street is revolutionizing real estate investments. F Street’s primary goal is to remove the barriers that often make real estate investments seem complicated and burdensome. Lurie emphasized, “We break down those challenges to make it very simple for investors to put real estate in their portfolio and provide the required diversification to create generational wealth and build legacy assets for families.” #realestateinvesting #alternativeinvestments

Meet Jonathan Paterson and Graham Farrell in Vancouver! Prepare for rain and slush, and stay warm with us at the Vancouver Convention Center - a perfect escape from the bone-chilling cold. With decades of experience in the capital markets, communications and marketing, Harbor Access understands the capital markets and investor priorities. Our unrivalled access to US, Canadian and Northern European HNW investors, Hedge Funds and Institutional investors help clients reach new pools of capital for growth and expansion. How can we help you? Reach out to Jonathan Paterson and Graham Farrell to start a conversation. #VRICBound #startaconversation #investorrelations

Rohan Tells us an intriguing tale about Charlie Munger's investment strategy. He says that Charlie, a savvy investor before his time, had a fondness for acquiring large, well-kept real estate properties. He had a keen eye for irreplaceable gems, often in picturesque coastal towns, with a particular taste for apartment complexes. He was building a lasting legacy, creating generational wealth through his real estate acquisitions. He safeguarded these assets with complex buy-sell provisions in trust, preventing sales and ensuring continued ownership. The result? A steady, substantial cash flow for his family. Interested in keeping up to date with real estate deals? Join here: https://lnkd.in/d4YS94Gk #CharlieMunger #RealEstateInvestment #GenerationalWealth

Howdy! Buy Order! This past week the Real Estate & Financials sector (Christian Larios-Cruz, Maxwell Finnegan, Reece Jumonville, and Gauravaram Ganesh Sudhakar) in the Aggie Investment Club Equity Fund pitched Crown Castle (NYSE: CCI), a cell tower and telecommunications infrastructure company based in Houston. The fund accepted our pitch and has allocated 4.4% of our AUM for CCI. Our 2-year price target is $158.68 with an implied 62.22% upside. This interesting story with much noise is fueled by a potential fiber and small cell asset sale (~$12Bn), activist investor Elliott Investment Management L.P., a management shake-up, a current proxy fight started by a co-founder, and significant balance sheet restructuring. Attached below is our full presentation, valuation models, and in-depth investment thesis on Crown Castle. Please let me know what you think! #longAIC #ReclaimingTheCrown #RestoringTheCastle

Last call! We are 95% complete ($1M/$17.5 to go!) with our capital raise for our River Club Opportunistic Value-Add Multifamily Opportunity located in Evansville, IN. It's been an incredible few weeks with so many fantastic conversations with investors old and new. We would love to start a long term relationship and partnership with you, and we want to do it by at the very least discussing a live deal, River Club. If you've seen my posts the last few weeks and have been on the fence, curious, maybe asking yourself if the deal is "too god to be true?" - well now is the time my friends. Over 70 investors have taken the time to hop on a meeting with our team, review the deal and have given their commitment. No JV's, no co-gp's , the largest single investor will be the combined GP group (internal Gray GP). The confidence in the Gray Capital team from our investors is absolutely humbling to say the least. Certainly not the "easiest" way to do it (JV/Co-GP "can" be way easier). But through partnering with many savvy accredited individuals, RIA's, and family offices - we can preserve our ability to control the project and execute the Gray Capital way - which continues to lead to successful outcomes. Get access to our investment portal, review the deal and hop on a call with us to answer your questions. But don't do it tomorrow - we will most likely be oversubscribed, do it today. This is the deal you've been waiting on the sidelines for. https://lnkd.in/g7unMrJ7 #multifamily #realestate #investing #valueadd Not an offer to invest. Accredited investors only. Do your due diligence and consult your advisors.

#StarMountainCapital was happy to co-sponsor with Blank Rome LLP the Private Markets Insider Alternative Investment & DealConnect Summit in Los Angeles, CA where insiders including CEOs, commercial bank executives, #PrivateEquity fund managers and Institutional investors discussed private market transactions. Robert Steven Kaplan, former President and CEO of the Federal Reserve Bank of Dallas, was a keynote speaker. Additionally, Brett Hickey, Founder & CEO of #StarMountainCapital, and Chris Goodwin, #StarMountainCapital Managing Director, shared insights on alternative investment strategies in #PrivateCredit and #Secondaries. Learn more here: https://bit.ly/SMC-PMI-LA   Star Mountain’s ~$4 billion AUM (committed capital including debt facilities as of 2/29/24) is from a network of investors including U.S. and international institutional investors and qualified high net worth investors seeking defensive, less volatile, higher alpha and less correlated returns. With team members in 20+ U.S. cities, Star Mountain is a specialized #AssetManagement firm focused on North American small and medium-sized businesses investing #Debt and #Equity directly into established operating companies as well as purchasing secondary fund and direct positions to provide early liquidity to investors. Star Mountain is a value-added lender with a team that has strong private equity and operating backgrounds to potentially help its portfolio companies grow in value. Learn more about Star Mountain here: https://lnkd.in/deG5DXS. #LMM #FundManagers #WealthManagers #InvestmentManagement #Secondaries #PrivateDebt