Principal, Chief Investment Officer
Advance Realty Investors
How do you feel about the market?
It feels that the market is at an inflection point. Geographic location, product type and risk profile determine the ability to raise capital, both debt and equity. Fundamental demand remains firm across the multifamily, industrial, life science and the retail sector, but volatility in monetary policy, the rates market and uncertainty surrounding construction costs have kept capital deployment tepid.
Where do you see opportunity in New Jersey?
Multifamily and industrial development: If your position is lower than SOFR (the Secured Overnight Financing Rate) in one to three years, you’ll be delivering assets into a lower rates environment in four-plus years and theoretically tighter cap rates. Class A retail is also compelling considering the relative value versus other asset classes.
Where do you see opportunity outside New Jersey?
Sun Belt states continue to see massive population inflows — I would pursue multifamily opportunities there.
What’s been the biggest surprise of 2023?
The office market has not rebounded faster. Back to the office has materialized at a much slower pace than expected.
What is the biggest challenge facing the industry?
Availability of debt and equity for deals.
Give us a prediction for the fourth quarter.
Deal flow remains slow, Treasuries are closer to 4 than 5 percent, multifamily continues to be the darling.
Getting to know you
Food or beverage of choice
Any type of quality pasta dish. Pinot with the pasta, Tequila thereafter.
Favorite Jersey restaurant
Tewksbury Inn (Millburn Deli close second)
Best way to blow off steam
Peloton, sauna, Basement Beers, tequila, cigar
Favorite vacation spot
Snowbird/Alta Utah, winter or summer
TV show, movie or book you’d recommend
Game of Thrones, Tommy Boy, Negotiating The Impossible by Deepak Malhotra