The third annual Marcus & Millichap / IPA Southeast Multifamily Forum: Georgia and the Carolinas took place in Atlanta on Thursday, April 13, at the Loudermilk Conference Center. Over 300 multifamily executives and decision-makers attended this high-level forum to network and exchange ideas about the multi-housing business in the Southeast. The full day conference will be comprised of useful and informative panel discussions, presentations and workshops, as well as two special keynotes.
This year’s conference delved into today’s challenges affecting apartment owners, investors and developers, providing insider information for participants to identify new opportunities, improve building performance, and get deals done. Key themes addressed at this year’s conference included: the tightening of lending standards and increasing interest rates, rising construction costs and escalating land prices, as well as a clear-headed assessment of today’s demand and supply dynamics on a market/submarket basis.
Meet the Keynotes
Meet the Speakers
First Vice President Capital Markets
Marcus & Millichap Capital Corporation
SVP – Operations
Registration, Networking Breakfast & Exhibit Hall Opens
8:30 AM – General Session
Michael Fasano, FVP & Regional Manager, Marcus & Millichap
8:40 AM – General Session
The Southeast in a National Context: National Multifamily Market Overview
Hear from John Sebree, Marcus & Millichap’s National Director of multifamily housing, as he brings the latest research on the national multifamily scene and how specific markets in the Southeast compare. John will reveal the results from M&M’s proprietary owner survey, which will tell you what your competitors are planning over the next year. Key benchmarks and planned market activity included in the presentation will help you make decisions going forward.
John Sebree, FVP & National Director, Multifamily, Marcus & Millichap
9:10 AM – General Session
Morning Keynotes: A Conversation with Dennis Lockhart & Hessam Nadji
- John Sebree, FVP & National Director, Multifamily, Marcus & Millichap
Dennis Lockhart, Outgoing President, Federal Reserve Bank of Atlanta
Hessam Nadji, President & CEO, Marcus & Millichap
9:50 AM – General Session
Power Play: MegaDeals in the Southeast
The Southeast saw a flurry of Mega deals in 2016; rents are at all time highs, is the market poised to continue on this upward trajectory in 2017?
- What does the development pipeline look like for 2016 / 2017?
- Location, Location, Location: Suburban vs. Urban, what markets promise the best returns in 2017?
- Next Wave: Where are the next hottest submarkets in the Southeast?
- Bigger is Better: Should we expect huge portfolios to trade in 2017, similar to 2016?
- Hold Tight: Is Buy and Hold the best way to protect returns in 2017?
- Get an Edge: How do you make deals work with so much competition?
- Juice: Should investors look at LIHTC properties or Garden Style Apartments as a way to diversify returns during a potential glut of Class A units coming onto the market?
- Chris Leonard, Regional Director – National Multi Housing Group,Marcus & Millichap
- Kim Bucklew, Managing Director, Alliance Residential
- Jack Fiorella, Chief Executive Officer, Equity Resources
- Peter Pappas, Chief Executive Officer, Terwilliger Pappas
- Norman Radow, Chief Executive Officer, Radco
11:10 AM – Concurrent Track A
Digging for Riches: Where to Find More Value-Add Deals in the Southeast
Is strategic financing the best way to create value-add opportunities or are capital improvements still the name of the game? Where do the hidden gems lie in the Southeast?
- Tear Down this Wall: When does it make sense to do a full gut renovation instead of a light rehab?
- Shakespeare: To Upgrade or Not to Upgrade, that is the revenue question.
- Peek-A-Boo: How do you Identify value-add properties hiding in plain sight?
- Who Moved my Cheese: Where are the next pockets of growth in the Southeast for value-add deals?
- Laser Focus: How to spot a Class B property with a Class A revenue potential?
- Trading Places: How do you identify the right value-add deals before they are traded 3 or 4 times within the same cycle and the margins have been squeezed out?
- Kevin Caiaccio, Partner, Caiaccio Law Firm
- Daniel Eller, Chief Executive Officer, Eller Capital Management
- Eric Hade, Chief Investment Officer, Waypoint Residential
- Ryan Millsap, Chief Executive Officer, Irinda Capital Management
- Phil Pitney, President – Real Estate Management, PRP
11:10 AM – Concurrent Track B
Keepin’ it Tight: Overview of the Capital Markets in the Southeast
Interest rates have been at historic lows for the past decade but recently have started to inch up, with the rise in rates comes tighter lending standards and a potential slowdown in Multifamily lending. How should real estate owners and operators approach the next 12 months if we are going into a tighter lending environment?
- Long or Short: What should be your debt structure in an environment with rising rates? Should you focus on short-term debt or secure long term financing?
- Can’t Close: With Deals falling through at the last minute because of financing issues, how should savvy developers take advantage of these opportunities?
- Back to the Well: How are equity players responding to a tighter debt market? Do developers have any concerns about going back to the “well” to seek additional funding from their equity partners?
- New Money: What alternative funding sources should real estate owners tap into in an environment of tighter conventional financing?
- Cooling Off: How should developers adjust their projects to a cooling debt market?
- Finish the Deal: How should developers complete new construction projects in a restrictive lending environment?
- Richard Katzenstein, SVP & National Director, Marcus & Millichap
- Marvin Banks, Co-Founder & President, M. Banks Realty Partners
- Steve Carlson, SVP – Debt Markets, Waterton
- Chad DuBeau, Senior Managing Director, Mill Creek Residential
- Al Lindemann, Managing Partner, FCA Partners
12:00 PM – Concurrent Track A
Too Much of a Good Thing: The New Construction Pipeline
The past few years have seen a huge uptick in new construction throughout the Southeast, specifically in markets like Atlanta, Charlotte and Nashville. Recently we have seen an increase in construction costs along with a huge pipeline of projects to be delivered in the market in the next 12 months. How will the market absorb this inventory and how should owners assess their investment opportunities?
- I’m Different: What should owners do to differentiate their product?
- Sky High: With rising construction costs, how can developers complete their projects on budget?
- Pipeline Trouble: With a significant amount of inventory coming onto the market in 2017, how should landlords position their new projects to maximize their returns?
- Dirty Thoughts: What should you do with land? Start new projects or hold until the current inventory of new projects is fully absorbed?
- Take me to the Ball Game: How should developers leverage local infrastructure (SunTrust Park) projects to maximize their property returns?
- Wesley Hudson, Audit Partner, Cherry Bekaert
- Paul Bertozzi, Founder & Managing Partner, Live Oak Contracting
- Thomas Flournoy, President & COO, Flournoy Development Company
- Nick Hathaway, Partner & Director – Development, Hathaway Development Partners
- Stephen McClure, President, Spectrum Residential
- Jenifer Mills, President, HFC Interiors
- Wes Taubel, Managing Partner, Two Capital Partners
12:00 PM – Concurrent Track B
How High: The Property Manager’s guide to Maintaining Rent Growth
Pools, Club Houses, Doggy Spas and even Cross-Fit facilities have become the norm in most market rate apartments in the Southeast, as renters come to expect these as standard, how should landlords determine what’s economically viable vs. a nice to have amenity while maximizing returns?
- Let’s Make a Deal: How can landlords maximize NOI while giving away concessions on lease-ups?
- Stay With Me: What strategies should you use to retain residents in a competitive market?
- Stand Out: What amenities create the best bang for your buck? Distinguishing your product from competitors?
- Class Matters: Does providing all the Bells and Whistles always-equate to higher rents even for Class B properties?
- Moolah: How do you go green while making some green? Residents like energy efficiency but just don’t want to pay extra for it.
- Tech Moves: What tech tools should managers use to create efficiencies and maximize NOI?
- Ping Me: What social activities create the best communities?
- Holly Casper, VP – Operations, Rivergate KW Residential
- Ben Colonomos, Principal, PointOne Holdings
- Lisa Gunderson, VP – Asset Management, Bristol Development
- Gregory Mark, SVP – Operations, Pinnacle
12:55 PM – Lunch Workshop
New Trump Administration Updates: Federal, State and Local Energy & Specialty Tax Incentives
The presentation is designed to provide New Trump Administration Updates to Federal, State and Local Energy & Specialty Tax Incentives and provide clarity to the design, qualification and certification process to maximize maximizing results and cost savings on Purchases, Renovations, Improvements and New Construction projects. During this presentation, you will be able to understand how to capture and best utilize Cost Segregation, Energy Tax Credits (like 179D for commercial buildings and 45L tax credits for residential and multi-family projects) on a local and national scale.
- New Trump Administration Tax and Energy Incentives Updates for the property owner, developer, investor, finance and broker communities.
- Overview of available Energy Tax Credits and recently extended 179D, 45L and R&D Federal and State credits available for the design of energy-efficient buildings.
- Recognize Opportunities and capture benefits for Property Owners, Investors, Architects, Engineers, CPA’s, Real Estate Attorneys, Energy Consultants and Contractors.
- Understand how these new tax laws and related strategies available can become an additional value-added service to your clients, as well as a revenue stream for your firm.
- Additional related benefits and tax strategies including Cost Segregation, Property Tax Appeals, Energy Audits and related savings.
Michael D’Onofrio, Managing Director, Engineered Tax Services
1:50 PM – General Session
The Trump Effect: Predicting Results in an Unpredictable Environment
With a new administration in Washington, DC., and amid talks of infrastructure spending, corporate tax cuts and repatriation of capital, some analysts predict an uptick in business activity while others fear a potential trade war, and a rise in interest rates that could curtail economic growth, how should Multifamily operators hedge their bets with so much uncertainty?
- Building Bridges: How should real estate developers take advantage of public infrastructure spending to maximize their returns?
- Overview of available Energy Tax Credits and recently extended 179D, 45L and R&D Federal and State credits available for the design of energy-efficient buildings.
- Bank Affair: Will banks be forced to reduce their exposure to Multifamily lending and what should investors do to secure funding for their deals?
- Free Markets: Will the new administration pick winners and losers or will the market forces of demand/supply dictate the pace of growth in the Multifamily sector?
- The “F” word: What impact will President Trump have on Fannie and Freddie and how should developers adjust to this?
- Uncertainty: How can developers mitigate against an uncertain environment?
- Home Cooking: What type of public initiatives do real estate developers want to see from the local governments to help sustain the growth in Multifamily?
Tim Kinney, Senior Director, Marcus and Millichap
- John Chang, First Vice President, Marcus & Millichap
- Harris Haston, Principal & Co-Founder, Carter-Haston Real Estate Services
- John Isakson, Chief Capital Officer, Preferred Apartments Communities
Refreshments & Networking
List of Attendees
- Alliance Residential
- Artemis Real Estate Partners
- Asia Capital Real Estate
- Atlanta Design Group
- Atlantic Pacific Management
- Balfour Beatty Communities
- Banko Design
- Bartow Street Capital
- Bedford Cost Segregation
- BG Capital Management
- BNY Mellon Wealth Management
- Bohler Engineering
- Boos Development
- Bristol Development
- Brownlee Whitlow Praet and File
- Burr and Forman
- Caiaccio Law Firm
- Carlyn & Company Interiors + Design
- Cedar Grove Capital
- CF Real Estate Services
- Cherry Bekaert
- Cocke Finkelstein
- Construction Enterprises
- Cooper Carry
- Crown Bay Group
- Dwell Design Studio
- Dynamik Design
- Eller Capital Partners
- Engineered Tax Services
- Equity Resources
- Ergo Real Estate Investments
- FCA Partners
- Federal Reserve Bank of Atlanta
- Fickling & Company
- Fickling Management Services
- Fidelity National Title
- First American Title
- Flournoy Development Company
- Fortune-Johnson General Contractors
- Forum Architecture & Interior Design
- Fowler Property Acquisitions
- Freddie Mac
- GDE Renovations
- Genesis Properties
- Ginkgo Residential
- Grandbridge Real Estate Capital
- Great Gulf
- Greenberg Traurig
- Hardy Fletcher
- Hathaway Development
- Hawk’s Landing
- Heritage Realty
- HFC Interiors
- Huber Engineered Woods
- Humphreys & Partners Architects
- Innovative Property Group
- Irinda Capital Management
- ITP Home Buyers
- John Burns Real Estate Consulting
- Kast Construction Company
- KENCO Residential
- Kimco Realty
- Lancaster Pollard
- Legacy Community Housing Corporation
- Lima One Capital
- Live Oak Contracting
- Living Well Homes
- M. Banks Realty Partners
- Mauldin & Jenkins
- McEver & Tribble
- Mill Creek Residential
- Monument Real Estate Services
- MSC Properties
- NewGrove Partners
- Nickel Plate Properties
- Niles Bolton Associates
- Noble Realty
- Northwestern Mutual Real Estate
- Northwood Ravin
- Oxford Properties
- Pacific Life Insurance Company
- Paradigm Tax Group
- Passco Companies
- PGIM Real Estate Finance
- Phoenix Residential Group
- PointOne Holdings
- Polaris Development
- Preferred Apartment Communities
- Private Investor
- Progressive Property Oversight
- Prudential Mortgage Capital Company
- Pyade Holdings
- Quality Real Estate Investment Group
- RADCO Companies
- Rivergate KW Residential
- Robinson Development Group
- Ryan, LLC
- Sabre Capital
- Shoptaw Group
- Simpson Housing
- Smallwood, Reynolds, Stewart, Stewart & Associates
- Stern Risk Partners
- StoneRiver Company
- Stonewalk Companies
- SunSpring Partners
- Terwilliger Pappas
- The Carlyle Group
- The Graham Group
- The NHP Foundation
- The Preston Partnership
- TriBridge Residential
- TWO Capital Partners
- Two Waters Capital Management
- Upstate Property Rentals
- US Bank
- Valbridge Property Advisors
- Valet Waste
- Waypoint Residential
- Whiting-Turner Contracting
Marcus & Millichap / IPA
Southeast Multifamily Forum: Georgia and the Carolinas
Thursday, April 13, 2017
7:45 AM – 3:35 PM
Loudermilk Conference Center
40 Courtland Street NE
Atlanta, GA 30303
For google map location, please click here.
Please click here for directions.
Please bring your parking ticket to the front desk to to receive the discounted validation. You will need to park at the United Way parking deck for validated parking.
Commute to the Venue:
If your commute to the venue involves Interstate 85, we suggest allowing extra time due to the collapsed area. As an alternative option, the Loudermilk Conference Center is in close proximity to the Peachtree Center Station on MARTA. Click here for MARTA directions.
Founded in 1971, Marcus & Millichap is a leading commercial real estate brokerage firm focusing exclusively on investment sales, financing, research, and advisory services, with more than 1,700 investment professionals in offices throughout the United States and Canada. The firm has perfected a powerful property marketing system that integrates broker specialization by property type and market area; comprehensive investment research; a long-standing culture of information sharing; relationships with the largest pool of qualified investors; and state-of-the-art technology matching buyers and sellers. In 2016, the firm closed 8,995 transactions with a sales volume of approximately $42.3 billion.
Institutional Property Advisors (IPA) is a unique platform created to support the needs of institutional and sophisticated private investors. IPA is centered around a select national network of institutionally qualified brokerage professionals and supported by a robust technology platform and highly regarded research. IPA’s unique combination of real estate investment expertise, industry-leading technology, superior support services and acclaimed research will offer customized solutions for the acquisition and disposition of institutional multifamily properties and portfolios.
Caiaccio Law Firm is a boutique law firm located in Atlanta, Georgia concentrating in the representation of real estate professionals in commercial transactions throughout the United States. Our clients include sponsors, investment firms and developers dealing with all types of commercial property. We have a specific concentration in representing multifamily operators and sponsors.
As a nationally recognized, growth-oriented CPA firm, Cherry Bekaert LLP provides guidance and support that helps our clients move forward to reach their organizational goals. Our Firm’s industry specialists understand your marketplace, so we can help you make the most of emerging opportunities while minimizing compliance headaches. Specifically, we serve more than 2,400 real estate and construction clients and have built a substantial knowledge of market dynamics and best practices which we use as a proactive and innovative business resource for our clients.
Ranked among the top 25 largest accounting and consulting firms in the country, Cherry Bekaert specializes in offering solutions that impact our clients’ ability to grow.
Engineered Tax Services (ETS) is a nationally licensed engineering firm with extensive experience in engineering-based specialty tax services yielding substantial tax incentives for companies of all sizes. ETS is one of the only qualified engineering firms with its own Professional Engineers, LEED Accredited Professionals, Certified Public Accountants, and Licensed Contractors on staff. ETS provides a full range of specialty tax incentives for real estate professionals including Cost Segregation, 263(a) Repairs vs. Capitalization, Disposition Studies, 179D EPAct, 45L, Utility Rebates and Refunds, Energy Audits, Modeling, and LEED Certifications. ETS averages over $44 million per month in refunds for clients, equating to hundreds of studies nationally. ETS is committed to providing the highest level of service and attention to detail in order to realize maximum benefits and ensure compliance of IRS guidelines. For more information, please contact us Engineered Tax Services at 800-236-6519 or visit www.engineeredtaxservices.com.
HFC Interiors specializes in interior design for the multi-family commercial housing market. Applying a smart design plan, we bring value and vibrancy to new construction and property renovations. Our industry experience is considerable and serves to demonstrate that careful design fills communities.
Huber Engineered Woods LLC continually strives to create innovative products that suit their customers’ needs. Each one delivers outstanding performance, easy installation and greater strength in single family, multifamily and light commercial projects. Huber’s ZIP System® Roof and Wall Sheathing are structural wood panels with built-in protective barriers, eliminating the need for building wrap or felt and providing a continuous rigid moisture and air barrier that optimizes energy efficiency. Additionally, Huber’s AdvanTech® Subflooring product is proven to achieve a superior combination of strength and moisture resistance — for subflooring that won’t swell, cup, delaminate or bounce even under the toughest conditions. To learn more, visit www.HuberWood.com
Founded on southern traditions, Live Oak Contracting believes in building long term partnerships based on integrity. From our Clients to our team of professionals, we incorporate a collaborative approach to every project, ensuring the highest quality product delivered on time and in budget.
Live Oak Contracting is a full service general contracting firm that specializes in multifamily and commercial construction including development, design build, renovation, rehab, and tenant improvement projects. Our team has an extensive portfolio including over 50 years of construction experience, spanning 9 states, and the full spectrum of skills and experience needed to deliver successful projects.
RIVERGATE KW RESIDENTIAL is a third-party property management firm headquartered in Miami with regional offices in Charlotte, AND New York, and satellite offices throughout Florida.
RIVERGATE KW RESIDENTIAL was formed out of the partnership of Rivergate Companies, a private real estate investment firm, and KW PROPERTY MANAGEMENT, one of the largest condo management companies in Florida representing 65,000 units. With our sister companies, we are able to offer our clients an established organizational structure, volume pricing and preferred vendor relationships commensurate with the leading management companies in the U.S.