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Joe Stampone Profile
Joe Stampone

@Joe_Stampone

6,288
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2,258
Following
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5,596
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Real estate (multifamily value-add & development), business, and Philadelphia Sports, in no particular order. I write to learn. Views are my own.

Hybrid
Joined November 2008
Don't wanna be here? Send us removal request.
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@Joe_Stampone
Joe Stampone
6 months
We’re in the process of raising a $75M GP Fund to acquire value-add multifamily deals in the Southeast, focused on assets 1995 and newer. The GP will be ~20% of each deal with the remaining ~80% coming from our long-term HNW and family office capital partners. Assuming the GP
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@Joe_Stampone
Joe Stampone
7 months
We all know the Nashville supply story is crazy and now for the first time I’m seeing a 5 month concession on a lease-up in the Gulch! It feels like a race to the bottom.
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@Joe_Stampone
Joe Stampone
2 years
We're in the early stages of designing a 300+/- garden-style apt complex and would love feedback from the #retwit community cc' @bobbyfijan @chadludeman @seandsweeney
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@Joe_Stampone
Joe Stampone
1 year
A lot of multifamily owners are kicking the can down the road, raising pref to buy a 12-month interest rate cap, with the hope that rates come down or they see material NOI growth over the next 12-18 months. I don't see either happening which will likely lead to some forced
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@Joe_Stampone
Joe Stampone
2 years
This 550 SF studio is one of the best studio layouts I've seen; dedicated island (which is atypical in studios) and obvious layout for bed/living area. @bobbyfijan approved?
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@Joe_Stampone
Joe Stampone
3 years
What's the bear case for multifamily over the short-term (12-36 months)?
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@Joe_Stampone
Joe Stampone
3 years
Looking for a graphic designer to assist with a few permanent real estate investor decks. @fortworthchris @moseskagan @bobbyfijan @MRossG199 any rec's?
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@Joe_Stampone
Joe Stampone
3 years
Spoke with 3 active FL multi brokers today all of whom said rates have not impacted pricing and all live deals are trending above pricing guidance. Why? Too much capital chasing too few deals....
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@Joe_Stampone
Joe Stampone
5 months
We own an existing multifamily project that sits within the heart of the planned $6.5B Rays/Hines redevelopment of the 86 acre Tropicana Field. It'll be the largest mixed-use development in the history of Tampa Bay and includes 8M SF of mixed-use development and a new baseball
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@Joe_Stampone
Joe Stampone
2 years
Why would you bring a multifamily deal to market today? Two reasons I can think of; 1) You bought 5+ years ago and the returns look great, regardless of the 10%-20% pull-back or 2) you're bearish on the economy and believe now is the time to exit before things get worse.
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@Joe_Stampone
Joe Stampone
3 years
Inspired by the latest Marks memo. When it's right to Sell Real Estate...Almost Never -
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@Joe_Stampone
Joe Stampone
2 years
Your primary residence is not an investment, but it is forced savings and often the largest financial asset for the middle class. How do you replace that as the middle class shifts to primarily renting?
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@Joe_Stampone
Joe Stampone
3 years
Just got SD pricing back from our GC on a $50M ground-up multi deal. Pricing came in $4M higher than conceptual pricing with materials costs up 4% over the past 6 months...luckily rents are 10% higher than initial underwriting!
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@Joe_Stampone
Joe Stampone
1 year
Nashville has 23k apt units under construction (equating to 14.7% of existing inventory) with 10k expected to deliver in 2023, largely concentrated in the downtown core. Glad I'm not a merchant builder delivering into that environment...
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@Joe_Stampone
Joe Stampone
10 months
Dean Adler is a legend in the real estate business and recently started publishing a series of memos. What attracts me to real estate, which Dean sums up perfectly, is the people and level of entrepreneurship. He describes it better than I ever could. -- "What has inspired
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@Joe_Stampone
Joe Stampone
2 years
Housing-related q's on my mind; 1. Will wage inflation keep pace with rent growth? 2. Are we as undersupplied in housing as everyone thinks? 3. Are the demo's (ages 25-34) for rentals as strong as everyone thinks? 4. What impact, if any, will interest rates have on cap rates?
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@Joe_Stampone
Joe Stampone
5 years
Daniel Kahneman and Herbert Simon on Intuition via @ShaneAParrish
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@Joe_Stampone
Joe Stampone
2 years
One of the best podcast episodes I've listened to in a long time. @Scottbeverett is a big-thinker and inspiring to listen to and @fortworthchris killed the interview.
@theFORTpodcast
The Fort - An Entrepreneurship Podcast
3 years
Did you learn something new listening to today's podcast? Check out the link in the bio to see what Chris learned chatting with @scottbeverett
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@Joe_Stampone
Joe Stampone
1 year
How are value-add multi operators underwriting deals today? We're targeting a 6.0% - 6.25% stabilized yield (yr 3) on deals built between 1995-2015 and located in high-quality Southeast markets. This is based on real taxes/insurance and assumes...
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@Joe_Stampone
Joe Stampone
2 years
@JWurzak Tampa/St. Pete and Charleston
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@Joe_Stampone
Joe Stampone
3 years
It's impossible to read this post from @packyM and not be fired up for the future -
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@Joe_Stampone
Joe Stampone
2 years
What's a cool gift to welcome first move-ins to a new apt community ($50-$100)? cc' @seandsweeney @moseskagan @bobbyfijan @khzny
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@Joe_Stampone
Joe Stampone
2 years
In August 2018, we locked in a 12-year fixed-rate agency loan at 4.32% with 6 years IO...looked terrible for past 4 years but is on the verge of looking attractive. That's the beauty of long-term fixed-rate debt.
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@Joe_Stampone
Joe Stampone
1 year
I heard a multi deal recently traded in FL where the seller stayed on as a minority owner so the buyer could maintain the current insurance policy/premium. Not sure how that works, but gotta get creative in today's market to make deals happen
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@Joe_Stampone
Joe Stampone
5 years
"It's not my job to predict the future, it's simply to notice the present first." Great episode of @patrick_oshag podcast with guest @GavinSBaker
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@Joe_Stampone
Joe Stampone
7 months
There's a gap in the real estate podcast world. I'd love a weekly show where two experienced multifamily operators/developers give their thoughts on the market, share war stories, chat through deals, markets, running a biz etc. No guests or interviews, just segments. I'm
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@Joe_Stampone
Joe Stampone
10 months
Two observations on high-quality multifamily in the Southeast: 1. More transactions are happening that people realize. Many of these are happening quietly off-market. 2. Pricing is holding up quite well, with tax and insurance-adj cap rates in the high 4, low 5 range. Though
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@Joe_Stampone
Joe Stampone
1 year
We signed 118 leases in Q2 at our new development in Nashville (Standard Assembly). While Nashville has one of the most robust supply pipelines (as % of existing inventory), leasing has been incredible. I attribute the strong leasing velocity to a combination of factors:
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@Joe_Stampone
Joe Stampone
9 months
Here's my general investment thesis for buying high-quality multifamily deals in the Southeast today with the intent to hold for 7-12 years: - Opportunity to buy newer deals at a significant discount to replacement cost. Construction costs aren't coming down and new development
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@Joe_Stampone
Joe Stampone
3 years
This is unreal. The generosity of #retwit community never ceases to amaze me
@TheRealEstateG6
The Real Estate God
4 years
Update here: Just got a 6-unit, ~$500k deal under LOI. Buying for a 6.5% cap rate, plan is to put in ~$5-$10k/unit, increase rents from ~$1k to ~$1.2k and stabilize at ~8%. Will then either refinance or sell for a ~7% cap @patekfelipe (same person, he changed his @)
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@Joe_Stampone
Joe Stampone
1 year
Real estate historians ( @moseskagan et. al.), does anyone know where the tiered promote structure comes from? Seems unique to RE and removes the homerun scenario for investors. I've always struggled with it.
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@Joe_Stampone
Joe Stampone
8 months
I've probably toured 50 new apartment developments over the past year and there's one trend that has stood out to me. Developers are spending more money on amenities and less on unit interiors. I continue to be blown away by the lavishness of the amenity set and clubroom, then
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@Joe_Stampone
Joe Stampone
2 years
@DallasAptGP @RonWyden @SenatorTimScott @MikeCrapo @CoryBooker @JohnCornyn @GregAbbott_TX @Johnson4Dallas @ChadWestDallas @InnovateEconomy @rossbaird We turned a former trucking repair and salvage yard in the Wedgewood-Houston neighborhood of Nashville into a 310 unit mixed-use multifamily community. This wouldn't have happened without the OZ designation!
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@Joe_Stampone
Joe Stampone
7 months
The buyer demand today for value-add multi deals with attractive assumable debt is massive. Discretionary funds are sitting on a ton of capital they have to put to work and there's a scarcity of deals on the market. Not a bad time to take some chips off the table...
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@Joe_Stampone
Joe Stampone
3 years
Animal Spirits with @awealthofcs and @michaelbatnick is one of my favorite podcast. Two relatable guys who are intellectually curious, know what they don't know, are in the trenches in their field, and talk like two buddies at a bar. I need a version of this for real estate....
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@Joe_Stampone
Joe Stampone
1 year
Was chatting with a large insurance company who we have a construction loan with. They are forecasting a 4.99% 10-year T-bill in 2 years and believe multi caps will hit 5.75% to 6% over the course of the next 24-36 months. So much for survive til 25'
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@Joe_Stampone
Joe Stampone
1 year
Multifamily investors help me understand this. There seems to be a consensus that things will get worse in multi due to a deteriorating economy/consumer, wave of new supply, sustained high rates etc. and as a result many buyers are on the sidelines. (1/4)
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@Joe_Stampone
Joe Stampone
6 months
When raising money from HNW and family offices, it’s important to know the story of the deal. Multifamily real estate is more than numbers on a spreadsheet, it’s an emotional investment. Here are some of the aspects of a deal which are critical to our pitch: - Why is the
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@Joe_Stampone
Joe Stampone
2 years
Question for multifamily operators. How do you quote going-in cap? - T12 - T3 rev and T12 opex tax-adjusted? - T3 rev and T12 opex tax and insurance-adjusted? - Recent avg effective rents (90 days or so) and T12 tax and insurance adj? - Other?
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@Joe_Stampone
Joe Stampone
5 months
Brokers don’t work for the buyer or seller, they work for the group they have a stronger / more important relation with.
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@Joe_Stampone
Joe Stampone
3 years
@seandsweeney @EstateRanger We sold a multi deal in FL in 2016. Achieved a 2.0x net to investors and thought the buyer overpaid. They’re listing the deal today and the whisper price is $65M. No renovation work, just pure market rent growth and cap rate compression. Selling can be painful in hindsight
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@Joe_Stampone
Joe Stampone
1 year
This week we closed on a 256-unit value-add deal in Savannah, GA. Despite the pessimism in the market, there were over 30 bidders for this deal. Here's why I like it -
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@Joe_Stampone
Joe Stampone
1 year
BREIT is currently selling a new construction multi deal in FL for 15% below what they paid for it in 2021. @MRossG199 can you help me make sense of this? Floating rate debt where the cap matured and deal has no upside?
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@Joe_Stampone
Joe Stampone
2 years
It's crazy to see how much other income has skyrocketed at multi deals; fees for valet trash, package systems, bulk wifi, pest control, deposit replacement programs, parking, car charging etc. etc. have become the norm
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@Joe_Stampone
Joe Stampone
9 months
@seandsweeney You're the man. People are slow to adapt to the new world. Take advantage and lean into it. There will always be haters.
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@Joe_Stampone
Joe Stampone
4 years
If you're not getting @TheRealEstateG6 's newsletter, you're missing out. It's the jolt of energy/inspiration I need each month.
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@Joe_Stampone
Joe Stampone
2 years
@drorpoleg this is an aspect of real estate tokenization I haven't thought of....game-changing for developers and hopefully shifts the dynamic for those merchant builders developing cheap wood-framed multifamily...
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@Joe_Stampone
Joe Stampone
4 years
Name a duo who covers WeWork better than @packyM and @drorpoleg -
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@Joe_Stampone
Joe Stampone
3 years
Congrats to @Kriseman and his team on selecting Midtown Development to oversee the Trop redevelopment. The 86 acre site is one of the preeminent development sites in the country and will reshape the future of Downtown St. Pete -
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@Joe_Stampone
Joe Stampone
1 year
I spent the last 3 days in Nashville and Savannah touring multi deals and talking with onsite teams. Here are a few of my random scratch notes: - Differentiation is hard, but there's a massive opportunity in multifamily...
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@Joe_Stampone
Joe Stampone
1 year
Broadway between 25th - 28th St are some of the most vibrant blocks in the city. Amazing what happens when you prioritize pedestrians/bikes over cars.
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@Joe_Stampone
Joe Stampone
1 year
Interesting chart from the WSJ on the bid/ask spread in multi. I anticipate this narrowing relatively quickly for a few reasons: 1. Forced sellers driven primarily by debt/interest rate cap maturities 2. Buyers coming off the sidelines due to more predictability of rates and
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@Joe_Stampone
Joe Stampone
3 years
We brought in @hicommon to manage our property in Downtown St. Pete and they're definitely on a different level when it comes to online marketing. Check out their blog post on what they've learned about DTSP over their 1st month -
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@Joe_Stampone
Joe Stampone
3 years
@seandsweeney Can't get rich off a salary. This is also while I'm proponent of joining a smaller firm that offers promote early on.
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@Joe_Stampone
Joe Stampone
9 months
Awesome conversation. A few takeaways: - "Real estate is a simply business that's hard to do" - David says "I don't know" a lot. I appreciate his honesty. He doesn't pretend to have the answers. - Knightvest does one thing and they do it very well. They're never going to deviate
@fortworthchris
Chris Powers
9 months
Imagine buying 28 units for just $12,000. Thats $430 per unit. That was the first deal David Moore, CEO of Knightvest Capital, purchased back in 2009. Since then they have gone on to purchase 55,000+ units. This is one of the best real estate stories I’ve come across. David
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@Joe_Stampone
Joe Stampone
3 years
Why I'm bullish SE multi - cities with the highest quality of life and job growth: "Last year, avg multifamily asking rents in ATL, Georgia; Austin, TX; PHX, Arizona; and Orlando and Tampa in FL all met or surpassed the national avg of $1,557 per unit for the first time ever....
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@Joe_Stampone
Joe Stampone
2 years
Been underwriting a bunch of multifamily development deals in FL and given where costs are, unless rents are $3.00/SF+, it's nearly impossible to hit our target 5.25% untrended yield-on-cost
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@Joe_Stampone
Joe Stampone
4 years
" In the future, winning places — cities, offices, residential communities — will be those that are made with "passionate intensity," with a point of view, with a direct connection to a specific group of people (and no one else)." via @drorpoleg
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@Joe_Stampone
Joe Stampone
10 months
Can someone help me understand why population growth in Orlando is outpacing other FL metros? To me, a major appeal of FL is the year round beach/water access...
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@Joe_Stampone
Joe Stampone
8 months
In a world over-saturated with digital content, I wanted to highlight two phenomenal commercial real estate newsletters. 1. Asphalt Jungle by @iononrecourse : Eric is an incredible storyteller with many stories to tell. Short & sweet, his newsletter is both entertaining and
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@Joe_Stampone
Joe Stampone
1 year
I toured 3 garden-style deals in Savannah today built by the same developer in 2017, 2021, and 2023. They were designed using the exact same unit layouts and every leasing agent complained about the same 1BR floorplan which lacked kitchen cabinet space and bedroom closet size...
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@Joe_Stampone
Joe Stampone
3 years
@lucascwest @Keith_Wasserman @seandsweeney @Levijameshere @fortworthchris Juniper Square is the gold standard - if you can support it and intend on doing more deals / scaling, I'd start with JS. There's a lot of switching costs with investor relations software.
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@Joe_Stampone
Joe Stampone
1 year
Seems like a great time for long-term focused core-plus and light value-add money to snatch up select newer vintage deals in markets poised for long-term growth. Why am I wrong? (4/4) @KenefskyCole @MattLasky @MRossG199 @gabebodhi
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@Joe_Stampone
Joe Stampone
2 years
Any recommendations for the best apartment renderers? I'm looking at Render Me Happy, Frost Visualizations, MaxWave Media. Any others to consider? @seandsweeney , @bobbyfijan @khzny @antonia_mdprjct
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@Joe_Stampone
Joe Stampone
2 years
I've been helping manage a luxury STR in South Florida and over the past 4 months we've received 5 bookings from @vrbo and 0 from @Airbnb . Same listing, photos, rates etc. Any thoughts on why such a disparity @rohindhar ?
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@Joe_Stampone
Joe Stampone
5 months
As a real estate investor, the obvious play is to plan to hold that property as long as possible, but that's easier said than done! Can't wait t see this play out over the next decade+! H/T as always to the great coverage at @StPeteRising -
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@Joe_Stampone
Joe Stampone
11 months
I'm looking to create a stand-alone website for a single luxury STR (6BR house in South FL) with the goal of developing a brand and driving more bookings. Any good examples of this in STR/hospitality at this small scale? @isaacfrench_ @rohindhar @hanslorei @chadludeman
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@Joe_Stampone
Joe Stampone
1 year
You can eventually change your interest rate but you have to live with your basis forever.
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@Joe_Stampone
Joe Stampone
2 years
One of the easiest ways to differentiate in design is really cool/unique bathrooms. On the other hand, is there anything worse than a high-end restaurant, bar, or café with a basic/unkept bathroom? Such low-hanging fruit...
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@Joe_Stampone
Joe Stampone
1 year
Hand up. I officially don't know how apartment quality classifications work...
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@Joe_Stampone
Joe Stampone
8 years
Economists: CRE Market Cooling Off, But That's A Good Thing - Commercial Real Estate
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@Joe_Stampone
Joe Stampone
2 years
Shrinking apartments is a byproduct of rising land/construction costs, not a change in resident preferences. The realty is that developers generally build deals that pencil and not necessarily the ideal units mix and product for the submarket.
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@Joe_Stampone
Joe Stampone
9 months
I recently shared a few of my thoughts heading into 2024 - 2023 was by far the most difficult of my professional career which started in 2011. There's no sugarcoating it. I had to navigate many deal and market-related issues; uncapped floating rate debt
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@Joe_Stampone
Joe Stampone
2 years
I've seen varying estimates of the quantitative benefits of OZ investing...based on our calc, it's a 400-500 bps higher post-tax IRR to LP's on a typical 15% gross IRR deal. @DallasAptGP does that sound right to you?
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@Joe_Stampone
Joe Stampone
4 years
[New on ASotREG] I've always thought Class B multi was heavily supply-constrained, but now I'm not so sure. A combination of conversion opportunities and technological/construction innovation may lead to increased supply -
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@Joe_Stampone
Joe Stampone
2 years
In a multifamily market with few forced sellers and general unbridled optimism in fundamentals, where do you find opportunities? A few thoughts:
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@Joe_Stampone
Joe Stampone
16 years
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@Joe_Stampone
Joe Stampone
8 years
[New on AStoREG] Passive Real Estate Investment Opportunities for Non-Accredited Investors |
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@Joe_Stampone
Joe Stampone
2 years
Experiencing some softening in rents across FL for the first time in a while. Yieldstar is lowering rents in Sarasota and Jax over the past week with slowing leasing momentum and lower occupancies across the comp set. Not concerned, but haven't seen this in 6+ months.
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@Joe_Stampone
Joe Stampone
4 years
Another insightful post from @drorpoleg . 'COVID is not a threat to NYC’s high-paying jobs. But the internet is' -
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@Joe_Stampone
Joe Stampone
4 years
Instead of 'work from home' can we call it 'work from anywhere'?
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@Joe_Stampone
Joe Stampone
7 years
You can overpay for an asset, but if investors hear it's an 'off-market' deal, they'll love it.
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@Joe_Stampone
Joe Stampone
2 years
High retention is keeping our southeast multi deals well-occupied despite slow down in new lease demand. We renewed 20 or 21 expiring leases for Oct in Naples (a cool 95% retention w/ 20%+ avg. increases).
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@Joe_Stampone
Joe Stampone
1 year
quality product that is well-priced and resonates with our target residents, an unrelenting resident focus, aggressive and creative marketing tactics, a great onsite team, and a highly sought after neighborhood. RE is hyper-local and market-level stats don't tell the story
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@Joe_Stampone
Joe Stampone
13 years
“Cities are places where ideas come to have sex.” - @Richard_Florida #quote
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@Joe_Stampone
Joe Stampone
8 months
I need @packyM and @juniper_square to connect for a Not Boring deep dive. Packy is my favorite business writer and Juniper Square is the most useful real estate related technology platform out there. @bsedloff how can we make this happen!?
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@Joe_Stampone
Joe Stampone
2 years
We're doing our first 506C raise and launched a landing page for our latest Opportunity Zone fund. Would love any feedback from the #retwit community - @DallasAptGP
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@Joe_Stampone
Joe Stampone
3 years
How do apt owners think about refi timing when there's been significant value creation, but LtoL is burning off at a pace of $10k/mo. and rates are rising? There's a ton of value of waiting another 6-8 mos, but risks as well.... @MRossG199 @moseskagan @Keith_Wasserman
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@Joe_Stampone
Joe Stampone
7 years
Can Blockchain Revolutionize Real Estate? — @drorpoleg this would solve so much of the inefficiencies in CRE
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@Joe_Stampone
Joe Stampone
1 year
Anecdotally, I'm hearing multifamily construction costs are down 3%-5% across most markets. Likely not enough to make new developments pencil, but helping push some stalled projects forward.
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@Joe_Stampone
Joe Stampone
7 months
It was 70 and sunny yesterday in Jersey and I spent the entire day playing outside with my young kids. It was pure joy and it inspired me to compile a list of things I thoroughly enjoy. - Eating breakfast at old school Jersey diners with my kids - Creative writing in inspiring
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@Joe_Stampone
Joe Stampone
4 years
[New on ASotREG] My quarterly reminder that things don't stay good forever. May be hard for multifamily investors to believe -
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@Joe_Stampone
Joe Stampone
3 years
@bobbyfijan What’s your general take on bedrooms sharing a wall?
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@Joe_Stampone
Joe Stampone
5 years
Moving the Finish Line: The Goal Gradient Hypothesis via @farnamstreet This is the exact strategy we employ when setting leasing bonuses.
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@Joe_Stampone
Joe Stampone
7 months
The key to a good real estate transaction is a motivated seller
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