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As technology facilitates transactions, management and research of commercial real estate assets, owners and operators find that they must differentiate themselves and remain competitive by emphasizing the human element in their approach. They need to provide time, involvement and expert analysis to stakeholders in a way technology cannot.
180 Multifamily Capital founders and principals John Barker and Lance Woodward use a tenant-centric, cradle-to-grave method to improve assets and ensure consistent returns. Barker, who has closed over 220 multifamily transactions valued at over $1B, said the team commits to continuous involvement in all assets comprising the portfolio.
"We are a mom-and-pop based out of Arlington that owns and manages over 1,000 units in the Metroplex, and we don’t want to be the biggest, but we do want to be the strongest performer," Barker said. "We'd like to add another thousand units in the near future. We identify the asset, complete the due diligence, self-manage every property we have and are hands-on from start to finish at all of our properties."
180's recent activity demonstrates the efficacy of Barker’s philosophy and the profits its application can net practitioners.
“Last November, we purchased the 262-unit Las Palmas, located in the entertainment district,” Barker said. “We did a massive renovation, pushed rents up 27% and exceeded expected yield by a large margin.”
That same year, Barker's team sold the initially highly distressed, subsequently improved Bella Vida for 302% of its acquisition cost. After a full exterior and interior renovation, the asset's income was up over 210%.
"We're in a quickly evolving business. In the age of technology, the transaction is a lot more detailed and complex than a decade ago," Barker said. "You have to have your finger on the button and be more educated."
With the cost barrier to technological adoption lowering every day, strategies like the one 180 employs can complement new platforms and software for big bottom-line benefits.
180 has two multifamily deals under contract, one set to close in July and one in August. To learn more about this Bisnow content sponsor, click here.
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