No Cap by CRE Daily

Season 10, Episode 1:Two multifamily operators with very different ways of raising capital agree on one rule: don't flip.Bob Nicolls owns Monarch Investment and Management Group, a Midwest-based operator of mostly B and C apartments funded by individual investors. John Gochberg is President and CEO of TGM Associates, which has managed money for large pension funds since 1991. They met at a principals-only dinner at the National Multifamily Housing Council conference and now co-host it.The tension worth tuning in for: Nicolls says the industry's vacancy numbers are misleading, Gochberg wonders whether some of today's trades are the next bubble, and both say the best deals are often the ones you skip.CHAPTERS00:00 - Bob Nicolls and John Gochberg Join No Cap 07:00 - How Institutional Capital Entered Multifamily 14:00 - Individual Capital Versus Pension Fund Capital 21:00 - What Makes a Multifamily Deal Worth Buying 28:00 - The Affordable Housing Problem 35:00 - Amenities, Turnover, and Long-Term Operations 42:00 - Is Now Actually a Good Time to Buy? 49:00 - Secondary Markets, Fannie, Freddie, and Financing 56:00 - Building Monarch and Buying a Ski Resort 01:01:00 - Why Consistency Matters in Real EstateFor more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Season 9, Episode 6:Todd Henderson has invested through five real estate cycles, and he thinks the one we're leaving set up the healthiest recovery he's seen.Henderson is Head of Real Estate for the Americas at DWS, Deutsche Bank's asset management arm, whose real estate business traces back to RREEF's founding in 1975. He began his career in the bad bank at First Gibraltar during the S&L crisis, spent a decade buying distressed loans at The J.E. Robert Company, and joined DWS in 2003.The tension worth tuning in for: values fell roughly 25% while property fundamentals held up, which Henderson says leaves real estate cheap relative to equities, gold, and private credit just as new supply dries up. Shoutout to our sponsor, WareSpace — turning underused industrial, flex, office, and big-box properties into micro warehouse space for small businesses.CHAPTERS00:00 - Todd Henderson and the History of DWS and RREEF05:49 - Starting in Real Estate During the S&L Crisis11:38 - Five CRE Cycles and the 25% Value Reset16:58 - Why Institutional Capital Is Coming Back21:09 - Private Credit and Real Estate Debt24:13 - Why DWS Is Buying Sun Belt Multifamily29:49 - Build-to-Rent and the Housing Shortage32:35 - Why Grocery-Anchored Retail Keeps Winning36:38 - Real Estate as the AI Immunity Trade40:04 - What Past Cycles Say About the Next CRE RunFor more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Small bay industrial has quietly become one of the most resilient corners of commercial real estate, and Anthony Scavo has built his entire business around it. As President and Managing Partner of Basis Industrial, he's grown the firm from three employees to over 50, assembling a multi-tenant small bay and self-storage portfolio that now tops 10 million square feet across Florida, Texas, Georgia, New York, and California.Anthony got his start at Lefrak before joining Basis in 2021 to build out its multi-tenant industrial platform. In this conversation, he breaks down why he believes small bay is safer than multifamily today, why new development doesn't pencil, and the wildest tenant stories from a decade in the business.Shoutout to our sponsor, WareSpace — turning underused industrial, flex, office, and big-box properties into micro warehouse space for small businesses.CHAPTERS00:00 - Introduction 03:05 - Defining Small Bay Industrial05:16 - Anthony's Brooklyn Roots and Lefrak Beginnings12:18 - Joining Basis Industrial in 202114:52 - From Self Storage to Small Bay24:44 - Why Small Bay Is Safer Than Multifamily34:36 - Why No One Is Building New Small Bay41:04 - War Stories: Casinos, Man Caves, and Wild Tenants50:42 - The Future of Small Bay ConsolidationFor more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDailyAbout No Cap PodcastCommercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.