Ryan J. Borzouei’s Post

Cohen & Steers Income Opportunities REIT Inc., a non-listed real estate investment trust sponsored by investment management firm Cohen & Steers (NYSE: CNS), reported that its total net asset value increased in value by approximately 3.5% month-over-month. The NAV was approximately $71.7 million at the close of October 2024 and $69.3 million at the close of September 2024. Cohen & Steers COHEN & STEERS CAPITAL MGT., INC James S. Corl #CohenSteers #CohenSteersIncomeOpportunitiesREIT #realestateinvestmenttrust #NAV #netassetvalue #ClassP #TheSterlingOrganization #acquisition #realestate #securities #alternativeinvestments

Investing in a period of dislocation and falling valuation can be uncomfortable, but we feel a bottom-up strategy can allow secondary buyers to find real value in specific assets and situations. Scott Koenig sat down with PERE to share our views on the current opportunity for RE secondaries. Reach out if you want to learn more about NB’s approach. #pere #realestate #secondaries

In this article for PEI, Monument Group’s Karl Adam explains why spin-outs are uniquely positioned to overcome many of the hurdles that face other first-time fund managers: https://lnkd.in/e94Ud55h #EmergingManagers #PrivateMarkets

Handling capital calls can be challenging for fund managers raising capital from HNW/accredited investors. There are tradeoffs between taking in investor capital upfront or calling it small tranches. Curious to hear how others handle these situations.

Had lunch with a client and an RIA they work with who has committed $7M (on the way to about $20M) to their closed ended multifamily fund. We got to discussing how to handle capital calls. The RIA was telling me how he/his clients had invested in Blackstone fund for retail investors and didn't like waiting around for months or years for the GP to call down their committed capital. How to handle this is a big issue for smaller/emerging funds and for HNW/accredited investors. The problem is that the widely accepted capital call structure from the institutional world does not work very well for HNW investors. When a person commits, say, $100,000 to a fund, they want to place/deploy that $100,000 while they have the cash available. They don't want to be obligated to fund it in small, unpredictable chunks over a impossible to determine in advance time period. $10,000 capital call here, $8,000 there, get $5,000 return of capital as part of true-up on a later close, get another $15,000 called later, etc. It just doesn't work well and is a recipe for investor frustration. This issue and so many others just do not translate one for one from the institutional fund world to the direct-from-issuer to retail investor fund world.

Highlighting the struggles of Starwood Real Estate Income Trust in a WSJ article will certainly not help the company raise cash, either from investors or through asset sales. The experience of Blackstone with BREIT already exposed one of the main flaws in the private REIT world (limited investor liquidity). Starwood is suffering further because they also ran the company with above average leverage for a #REIT. If your balance sheet does not match your strategy, you are bound to run into trouble when either the economy or interest rates do no go your way. #balancesheetmanagement #commercialrealestate #REITs #HallKnowsRE REIT Academy & The Executive REIT Masterclass Jonathan Morris Reagan P. David Auerbach Mary Jensen Juliana H. Craig Smith, CFA, FRICS Alex Pettee, CFA Jonathan Litt

In February 2029, the Alternatives Investor Private REIT Index returned -0.2%, compared to -0.1% in January 2024, when the Index was first launched. The Alternatives Investor Private REIT Index measures and tracks the performance of major private real estate funds open to individual investors who meet certain eligibility and suitability standards. These funds are offered by key alternative asset managers, such as Blackstone, Brookfield Asset Management, Starwood Capital Group, Ares Management Corporation, Apollo Global Management, Inc., KKR, Blue Owl Capital, and others. For comparison, in February 2024, the S&P Global United States REIT Index returned 2.0%. The Index tracks the performance of public REITs in the US market. For more details on the recent performance of private REITs as well as the methodology of the Index, check out the full article here: https://lnkd.in/e_rb9TW2 #realestate #realestateinvesting #realestateinvestments #realestatemarket #privatemarket #alternativeinvestments #reit #reits #performance #index #returnoninvestment #roi #privatefunds #investmentfund #investmentfunds

Kicking off our Issuer Series is Pier 4 Ltd.! Adam Ashby, Chief Executive Officer and Co-Founder, shares their all-encompassing goal to be the dominant choice for investors in the low and mid-rise multi-residential asset class. Adam tells us the importance of focusing on what they do best and utilizing industry experts to help facilitate growth. Read the full article here: https://lnkd.in/g4wK3J_j #PrivateMarkets #Investing #Investors #ExemptMarket #InvestmentOpportunities 

Many real estate syndicators have come to a key realization: using a typical fund structure with a 2 & 20 model might not work for them in today’s capital raising climate. The challenges of fund structures are becoming more apparent. Here are the major issues I see: 1. IRR Clock to Your Head—Immediately The moment you take a dollar from an LP, the pressure to deliver a return begins. Depending on how incentives are structured, GPs may only get paid their acquisition fee when they close on an asset. This pressure can force decisions on asset selection, sometimes leading to marginal investments just to keep the deal flow - and fees - going. We’re already seeing this happen in multifamily deals. 2. Crossed Promotes In a fund structure, even if you hit a home run on one deal, a loss on another can wipe out those gains. Everyone shares in both the wins and the losses, and it becomes a balancing act of risk and reward. This past week at our Capital Raising Mastery event in Miami, we had the privilege of hearing Milton Vescovacci, Partner at Gunster LLP, who provided invaluable insights into an alternative: Series LLC structures for equity allocation. This structure is becoming a game-changer for capital raisers and family offices such as us. A Series LLC is a powerful tool for syndicators and fund managers, offering flexibility in segregating assets while reducing administrative overhead. By creating "series" or sub-entities under one master LLC, each series is legally protected from the liabilities of the others, providing a firewall between different investments. For those raising equity, this structure simplifies operations while mitigating risk—making it especially effective for scaling your businesses. We were fortunate to have Milton break down how savvy professionals can leverage this structure to benefit both investors and operators. Stay tuned for more insights from our next live event! #SeriesLLC #CapitalRaising #AssetProtection #RealEstateSyndication #FundManagement #PrivateEquity #LegalStructures #RealEstateInvesting

Discover how Pier 4 Ltd. is setting the bar in the multi-residential sector and driving growth with our expert team. Dive into our vision and strategy! #Pier4 #IssuerSeries #Leadership #RealEstateExcellence #GrowthMindset