guys--anyone have intel on the general reputation of this group in the multifamily development space? they seem fairly quiet in this phase of the cycle which is obviously not unexpected, but very well capitalized, good debt/ebitda ratio for a public company and do some pretty cool development projects across the country. thanks for your insights.
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Good dudes. Good shop. Always seemed like a good take out target. They've been pretty disciplined this cycle and have been a pretty judicious seller. Sold out of Vegas last year if I remember, and there were whispers of a larger portfolio sale that never came to market late last year.
interested to see how that vegas portfolio performs. Hopefully it isnt a phoenix 2.0 for bascom.
Agree with Chocula, good people to work with. They got out of Vegas last year, plus another $500-600mm of one-off dispo. Not sure if they are just taking an opportunity to clean up the portfolio, or if their preparing for a turn in the market, likely a little of both. I know they've also discussed getting back to their core competency and exiting any remaining student and/or senior holdings.
Their portfolio is Texas-heavy, which means they're probably not seeing the rate growth they would like in the Houston and south-Texas assets right now, but overall should Texas should provide some stability if the market turns. They had several Phoenix projects come online a few years ago, so hopefully they banked cheap dirt during the last turn and got in at a decent price. Other than that, they have size in Denver, Charlotte, Raleigh, Orlando, all of which are high growth cities that may offer safe(r)-haven for capital.
What specific information about the company are you interested in?
They're one of the top institutional quality, multifamily developers in Tier 2 cities in the United States. Within the real estate industry, and especially the multifamily REIT sector, they are known as a more "forward" company, albeit that's a relative word given how historically conservative real estate is. That is to say, they've been a first mover with regards to some of the more recent, interesting trends you'll see in multifamily and how developers are re-imaging spaces in this current cycle. (Think the elimination of business centers and the additional of pet care amenities)
But beyond that, you'll need to be more specific in regards to what you are looking for.
i heard ric campo spends like half of every year in lake tahoe
just sayin
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