| There's plenty of attractive East Coast multifamily to invest in and The Berkshire Group has money in its hands. So the Boston-based firm recently expanded to NYC to focus on the Tri-State, DC Metro, and the Carolinas, where it plans to spend up to $150M over the next 12 to 18 months. We dropped in to meet with Nate Daly, who heads up the new office. He tells us that Northern NJ and Long Island are potentially great investments, given their high barriers to new development. Plus these markets also have ‘60s and ‘70s vintage properties that can be renovated into modern assets. Rent-controlled buildings in NYC are also good prospects because of low tenant turnover and stable cash flow. |
| Nate with Erin Beitz, who's relocating from Boston to work in the new office. The firm also wants to buy B-notes and construction loans(there's less competition because some investors will not play in that arena). Berkshire's recent purchases include a $52.9M subordinate portion of a $529M mortgage on the Starrett City housing complex in a JV with Carmel Partners. There's also a niche in failed and fractured condo deals, he says. The fund is holding another $200M, slated for investment mainly in California and Texas. It sounds like a lot of ground for Nate to cover, but he's used to it—he's a relay race runner. We just found out that he recently participated in a two-day,200-mile jaunt from Gettysburg to DC with seven friends. |
Multifamily Attraction
Continue reading this story with a free account
Log in or register
Related Topics:
Carmel Partners, DC Metro, Erin Beitz, Northern NJ, Starrett City, The Berkshire Group
