04-26-2023 Real Estate Development in the Epoch of Higher Interest Rates
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APR
26
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A slowing real estate market and higher funding costs are creating challenges in value-add and development real estate, and a recession could make matters worse. However, that can also present an opportunity and some sectors are doing better than others. Investors and developers in affordable multifamily housing are finding opportunities as single-family developments have stalled and affordable housing remains scarce, expensive to buy, and expensive to finance. Other niches, such as biotech, also have a more favorable environment. More generally, investors and developers with scale are finding they can buy attractive projects at a discount.
Join us as our expert moderator and panelists evaluate the market landscape within the various stages of real estate development across different property types; how the real estate cycle is impacted by the economic cycle; how private investors are capitalizing on opportunities and managing funding and input costs; what risks lay ahead; and whether now is a good time to be in opportunistic real estate relative to core real estate in light of a potential recession.
PANELISTS
Jennifer Halvas, JD | Jennifer oversees investor relations where she is responsible for maintaining relationships with the institutional investor community and overseeing various aspects of the firm’s legal matters. Additionally, Jennifer is a Partner and a member of the Firm’s Investment Committees. She was previously at O’Melveny & Myers LLP, where she represented a variety of clients in real estate, project development and finance transactions. Jennifer holds a B.A. with honors from the University of Southern California and a JD from Vanderbilt Law School.Back To Top ^^
Indraneel Karlekar, Ph.D | Indy is a senior managing director, global head of research & strategy at Principal Real Estate Investors, the dedicated real estate unit of Principal Global Investors. His responsibilities include helping with allocation of capital via the creation of real estate portfolio strategies across the four quadrants of commercial real estate. He also helps disseminate our economic and real estate views to external clients and is a member of Principal Global Investors Economic Committee. Indy joined the industry in 2003 and Principal Real Estate Investors in 2013. Prior to his current role he has served as an executive vice president and chief investment strategist at Cole Real Estate Investments and head of global research and strategy at ING Clarion. At ING Clarion, he worked on creating global top-down asset allocation strategies by analyzing macroeconomic and real estate variables and was also responsible for investment research, white papers, and new product development. Prior to ING, Indy was a member of the global research team at AIG Global Real Estate. Indy started his career as an Economic Analyst at The Economist Intelligence Unit. He received a Ph.D. in economics from University of Cambridge and is a member of PREA, NCREIF and AFIRE. Back To Top ^^
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Todd Williams| Todd is the Chief Investment Officer and is responsible for leading the company’s private equity real estate investment programs and institutional joint ventures, including the development, launch and fundraising for discretionary funds that provide equity capital for the company's real estate investments. He currently oversees the company’s investment relations, communications and fundraising teams, and is a member of the company's investment committee, senior management group and executive team. Todd has more than 25 years of industry experience including prior executive and senior-level roles at Grubb Properties in development, acquisitions, underwriting and debt financing. He has overseen fundraising for more than $750 million in equity capital deployed across $1.5 billion in real estate transactions during his career with the company.
Todd has served on a wide range of community boards and committees, including the Board of Directors and Executive Committee of Habitat for Humanity of Charlotte, as chair of an affiliate’s real estate committee, and as vice chair of the affiliate’s Executive Committee and Board of Directors. Todd is a licensed North Carolina Real Estate Broker and graduated from the College of Architecture at the University of North Carolina at Charlotte, where he received his BA and BARCH. Additionally, Todd served as a staff associate to the UNCC Urban Institute, as a research and teaching associate in the Architecture Department, and as an adjunct faculty member and guest lecturer for the Childress Klein Center for Real Estate at UNCC.Back To Top ^^
MODERATOR
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Allan Glass | Allan is the Co-Founder and Principal at HATCHspaces, which now operates as a brand of the NexCore Science & Technology Group. HATCHspaces is a STEM focused real estate platform with the mission of simplifying the process of scientific innovation by connecting top science clusters across the country. With 25 years of brokerage, redevelopment and consulting experience, Allan has worked through three full market cycles advising private equity funds, developers, banks, nonprofit institutions, private landowners and real estate investors across the country. He has extensive expertise in areas of science and technology, distressed assets and value-added development utilizing in-depth knowledge of structuring and unwinding complex ownership and finance arrangements. His experience crosses multiple product types in both the commercial and residential markets.Back To Top ^^
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Y. Allen Kim, CFA
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As a participant in the CFA Institute Approved-Provider Program, the CFA Society of Los Angeles has determined that this program qualifies for 1.5 credit hour. If you are a CFA Institute member, CE credit for your participation in this program will be automatically recorded in your CE Diary. |
