BuildValueRE

Florida-based Multifamily Developer - active in FL, GA, NC, SC, TN, VA. Former Northeast Developer, former X lurker. My dog is spoiled.

[BuildValueRE @BuildValueRE]

Hello X! After having a lurker account for a number of years, I've decided to go semi-public with this account.

I'm a Florida based multifamily developer - my group is active in FL, GA, NC, SC, TN, and VA.

Will go into the mountain states and northeast with select partners that have boots on the ground.

We're actively looking for new deals and the kicker.....we have captured HNW equity at the ready.

Product type can range from surface parked wood-framed, to wraps, to podiums to high-rise.

Ideal deal size right now is in the $50-$80M range, 225-280 units. Will go larger or smaller on case by case basis.

Flexible on deal structure, JVs welcomed.

We currently have over 1500 units in lease-up and under construction.

DM me with [good] deals.

[BuildValueRE @BuildValueRE]

@NewsLambert Might have GDP implications at this point.

[BuildValueRE @BuildValueRE]

@robbiehendricks @SamIAmtheREMan Even preferred equity groups are telling me of the haircuts they're taking on deals just to get the capital out.

[BuildValueRE @BuildValueRE]

Don't worry, we'll pay for it.

[Kalshi @Kalshi]

JUST IN: Google searches for "social security trust fund depletion" surges 1000%

[BuildValueRE @BuildValueRE]

@YahwehOrBust I don't embibe very often anymore, but this is making me want to get an IV of Barolo heading into the holidays.

[BuildValueRE @BuildValueRE]

@naval I mean its not like chips are critical infrastructure or anything.......

[BuildValueRE @BuildValueRE]

@financeguy725 We have a seller who keeps asking if we've made travel plans for a market tour on a deal we've already turned down twice.

Its like negative posturing.

[BuildValueRE @BuildValueRE]

When planning zero lot line developments start negotiating construction/maintenance easements with your neighbors immediately after zoning/entitlements are secured.

You can start before, but only if you're VERY confident that the neighbor will not oppose your project or threaten opposition to gain leverage in the negotiation. If they will benefit as well in some manner from your project it usually makes the process much easier - e.g. think of a retail neighbor next to a proposed multifamily development - they'll want customers for their retail.

[BuildValueRE @BuildValueRE]

CPI is also calculated differently today so that it prints lower than it would have if calculated in the same manner as it was in the 1970s. Assuming those inflation numbers are based on CPI, its not an apples to apples comparision.

I also think expense load is higher today - think what used to be a just a 1 phone bill for 1 phone for your house is now multiple cell phone bills for a family, plus internet.

Nobody had a computer or recurring software expenses in the 70s, everyone does and needs to now since the world inceasingly operates on an operating system.

Didn't have to pay money (outside of your taxes!) to enjoy state parks in the 70s you do now.

All insurances are generally more expensive even when adjusted for inflation.

And think - there are far more dual income households today than there were in the 70s needed to cover the baseline higher expense load which wasn't a requirement for a lot of families in the 1970s - it feels worse because both parents are stetched from a time/energy/resource perpective.

This also has ripple effects into childcare needs, which again increases the baseline expense load - less of an issue/need in the 1970s.

The list goes on and on, but at a high level just looking at a few years of inflation isn't telling the full story.

[BuildValueRE @BuildValueRE]

Former mentor's sage words on interacting with other developers: "We all lie to each other."

[BuildValueRE @BuildValueRE]

@PatCarino Zero lot line on the windowless side?

[BuildValueRE @BuildValueRE]

@JohnJBlatchford @aussieflya My grandparents had one of these in their house.

After they passed, I wanted to take it out and turn it into a decorative foyer table in my house!

[BuildValueRE @BuildValueRE]

None are perfect. ApartmentIQ is pretty good for comprehensive data and raw data extraction, mainly for institutional deals.

Its spotty for sub-institutional level deals.

Need to cross check any data provider against the property's published asking rents and of course verify in the market, but ApartmentIQ is a good comprehensive starting point that includes eco/demo information and analysis as well.

[BuildValueRE @BuildValueRE]

Was recently speaking with a person who runs a tech division for a very large national GC (think top 25), huge client of Procore's - they commented on how arrogant some of the procore execs were, even in in-person biz dev meetings.

It's a great product, I guess this is what comes from one provider being too dominant in a market.

[BuildValueRE @BuildValueRE]

Let's talk landscaping!

Often overlooked because it usually gets discussed at the end of the project's design phase and the team is mentally drained from selecting tiles, paint colors, and wood stains.

It can however add a lot of first impression value to a project, which is key for keeping prospects engaged and interested on property tours. Great for driveby traffic as well.

You'll get strong vibe value from well-designed landscaping packages that will seperate your property from the comps.

Do plan to spend some coin on the project's entrance - be it a main driveway or main entrance to a high density urban project as space allows.

Do plan to enhance the clubhouse landscaping specifically if you have a stand alone clubhouse/leasing center.

Don't spend too much at the residential buildings themselves unless budget allows for it - the biggest bang for yur buck will be at the main entrance and amenities.

If the budget is tight, you can assume code landscaping only heading into construction and consider an enhanced package later after the project is through site work, has started to go vertical after you have a better assessment of your remaining contingency (especially after site work risk is removed).

Do include the landscape sub in your enhanced landscape design discussions - they'll provide great insight into selections and you'll get some good dialogue between the landscape architect and the landscaper.

***Very Important*** - Do make sure you understand the maintenance requirements of the specimens selected. Some tree/plants look great, but end up being very expensive to maintain which will have an ultimate drag on your property's value. This is where the landscaper performing the install will provide a lot of value. They will recommend specimens that not only look great but are cost effective to maintain as well - sometimes the landscape architect doesn't fully take this into consideration.

The GC's landscaping sub will often also provide a maintenance bid to you as the owner at a favorable cost which will also make warranty claims easier to address.

[BuildValueRE @BuildValueRE]

For real. I was a consultant for a few years for a federal institution that shall remain unnamed. Was working on a historic preservation project, they commissioned an architectural historian to determine the original application method for the finish of an old color-faced brick (was it painted, glazed, charred, etc.). 50 page report, $30k, took the guy 3 weeks to put together, AND the results were non-conclusive. They still spent an hour gleafully discussing how interesting the report was though and this guy was pulling in $10k/week to reorganize sentences from other peoples books.

[BuildValueRE @BuildValueRE]

@damonhemmerding @AdamHKlein Another take:

https://t.co/LUzabnEJ6h

[Nathan VanDeman @NathanPVanDeman]

An alarmist red graphic on FL Amendment 3 is making the rounds.

This blue one is more accurate: tax revenue left after the cut vs ‘25 levies, with ‘20 & ‘23 marked. Yes, sm counties face real challenges, but statewide it lands near ‘23 levels and Miami-Dade stays ~9% above ‘23.

[BuildValueRE @BuildValueRE]

Amendment 3 doesn't affect schools at all. Some Fire Districts (but not all) are also funded by non-ad valorem assessments that would also remain unaffected. It should also be considered the FL assesses annually and many municipalities have been the benefactor of large property value increases in the past 6 years in addition to the widespread development across the state over the same time. Some smaller counties will have challenges for sure, but overall I'm not so sure it will be as problematic as people think.

[BuildValueRE @BuildValueRE]

@SpaceCoastCRE @theseoguy_ Pay a lot of money for Claude's AI version of GoogleAds after they roll it out.

[BuildValueRE @BuildValueRE]

@SMB_Attorney I wonder what it costs the create and deliver a game like this? (I have no frame of reference - haven't been a gamer since Sega Genesis).

[BuildValueRE @BuildValueRE]

A thought on leadership:

I used to work for a large national development shop - 100,000+ units under their belt today. Everytime I spoke with one of the partners they always ended the conversation by asking "Is there anything I can do for you?"

It was indicative of their character and how they viewed their employees who they always referred to as their 'associates.'

That question always resonated with me and I use it today myself.