Contributor
Denver, CO
Principal at 20for20, covering multifamily operations and technology.
Every sponsor's deck shows a wall of green. The job of a serious LP is to figure out how much of that green the sponsor actually created versus inherited from a decade of falling rates. Attribution Is Everything Ask for realized deals only, with gross and net side by side, plus…
Most development pro formas are built on comps and hope. A small group of developers has started treating site selection like player scouting: systematic, probabilistic, and ruthlessly indifferent to conventional wisdom. Finding the Undervalued Parcel The playbook starts with…
Capital is available. Land is available. The binding constraint on housing supply in most expensive metros is the months — sometimes years — it takes to get a permit. Time Is the Tax Every month of entitlement delay is carrying cost, rate risk, and political risk compounding…
The rent roll is the ground truth of a multifamily deal. Sellers present a clean version; underwriters read the messy reality between the lines. Look for the Tells Check lease expiration clustering, the gap between in-place and market rent, concession patterns, and how many…
The 'office is dead' narrative obscures the real story: the asset class is splitting in two. The best buildings are leasing at record rents while the rest face an existential reckoning. Flight to Quality Is Permanent Tenants downsizing their footprint are simultaneously…
A wave of founders is approaching city-building with startup methods: iterate, scale, disrupt the permitting status quo. Some of that translates. Much of it collides with physics and politics. Atoms Don't Move at Software Speed You can A/B test a landing page; you cannot A/B…