Middle-Market Multifamily (Florida)
Miami, FL
February 7 - 8, 2022

Description

IMN is pleased to announce the Inaugural Middle-Market Multifamily Forum (Florida) will take place in Biscayne Bay, Maimi - FL this upcoming February 7-8. 2022!

With a program uniquely targeted to both small and mid-sized owner/operators, IMN is excited to offer a deep dive into all of the issues, opportunities, strategies and trends impacting this group that comprises 75% of all multifamily investors. Hallmark discussions include Value-Add Strategies, Working with Institutional Capital and the famed Acquisitions Shark Tank. Led by distinguished industry experts, these discussions provide attendees with the knowledge and resources required to make well-informed business decisions.
 
Praised largely for its boost to deal flow, the conference boasts nearly unlimited opportunity for attendees to meet and mingle. In addition to  hours of dedicated networking time during the event, delegates can connect with one another leading up to the conference and for up to a year afterwards on our online networking platform, and will walk away from the conference with fresh new insights on financing, acquisition and deal structures, as well as with new connections and business contacts.

Of course the health and safety of our staff, our customers and indeed all our stakeholders is of paramount importance to us.  To that end we will continue to work closely with our event execution partners to ensure we welcome you safely and deliver a legally compliant and best-in-class experience for you all.  We will follow local government guidelines and incorporate measures outlined in the Euromoney Events Shield to ensure optimal health and sanitary conditions are maintained throughout the event.

Featuring the timely educational takeaways and variety of tailored networking opportunities you’ve come to expect from IMN, we hope you will join us in February for another world-class event.

Who Should Attend
  • Small & Mid-Sized Apartment Owners/Operators
  • Service Providers
  • Brokers
  • Lenders
  • Vendors

My Agenda

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Agenda

    Macro Issues

      The National Economy, Local Performance & The Impact Of Eviction Bans On The Multifamily Market

      • • How has COVID affected demand?
        • Eviction moratorium and the rent control movement… Checking in on these and  other developing local and national political issues
        • What kind of opportunities will rise from the ashes of Covid-19?
        • What are apartment investors looking for? What questions are being asked?
        • Re-Urbanization: Will there be a surge in urbanization in the near term? Long term?
        • Impact of inflation • How is the single-family rental market impacting the multifamily product?
        • Multifamily family returns 2022… The Multifamily cycle was the longest ever pre-COVID: How much gas is in the tank?
        Keith B. Rosenthal, President Phoenix Realty Group (PRG)



      Acquiring, Managing & Selling To Institutional Investors

      • • Lessons learned, advantages and disadvantages of working with aggregators • What are some of the mistakes that you have helped aggregators avoid? • What happens when an aggregator has two+ agents in a market? What happens when you both bid on the same property? • How is your agreement structured? How are you paid? • Taking the next step… Joint ventures • What is the typical volume and transaction size? How many apartments per vehicle? 
        George Vallone, President The Hoboken Brownstone Company



      Women Small Group Meeting

      • Please share your experiences and questions with the session leaders and attendees on leadership, work/home balance and working in the multifamily community in this intimate discussion.
        Lesley Lisser, Senior Director – Asset Management Invesco Real Estate



      Where Do We go From Here? … The Small Group Discussion For Owners Only

      • Management and vertical integration, debt and equity solutions, lessons learned from the pandemic, where we go from here and your questions on the best path forward will be among the discussions points debated in this owners’ and operators’ only plenary.



      Looking Through The Multifamily Crystal Ball: Which Covid-Related Changes Are Blips? Which Are Permanent? What Is The Effect Of The Tech Revolution In Apartments & The Economy?

      • • Does the bus have a return trip?... The exodus from business unfriendly states
        • Secondary market strength: Which technology tools have expanded in use in 2020? Have you seen expanded artificial intelligence use?
        • Apartment design trends… Are smaller units out?
        • Apartments vs. build-for-rent
        • What has been the results of shutting down and monitoring amenity space?
        • Impact of labor shortages and the demand of talent in both service ability and cost
        • The impact of Covid-19 on Gen-Z and subsequent generations of apartment dwellers
        • Capital gains and 1031 exchanges



      Keys To Success: Multifamily In A Rising Rate Environment

      • • Are low interest rates a key to your strategy? What are you going to change if they rise?
        • How many buyers and sellers if interest rates rise?
        • Will distressed opportunities increase?
        • Will you finally be able to raise rent?
        • Low income and workforce housing in a rising rate environment
        • What will happen on the financing side to leverage, interest only terms and recourse?
        • Impact on acquisitions, sales and refis
        • Underwriting with uncertain future costs



    Portfolio Management

      Large Institutional Owners Panel… Investment Strategies & Working With Institutional Capital

      • • What do you think are the short- and long-term prospects for local multifamily? Where are values going?
        • Which markets and asset classes are you looking at? Do you look at smaller deals? Tertiary markets?
        • What kind of returns and yield profiles do you and your investors expect?
        • New construction vs. value-add
        • Are you seeing any distress?
        • How can investors get your attention?
        • What kind of reporting, staffing and infrastructure do you look for? • Equity and debt terms and structures



      Post Covid-19 Portfolio Construction… Cash Flowing vs. Appreciation, Building Class, New Construction vs. Value Add; Selling vs. Buying:

      • • Are you using building cash flow to rebuild your post-covid balance sheet, purchase new properties or waiting until pricing gets better? 
        • Everything is for sale… What is your price on an asset you wouldn’t normally sell?
        • Would you go for a condo de-conversion?
        • Changes in underwriting new construction and value add
        • Delinquencies and forbearance of different rent classes • “B” and “C” assets: Can you buy beneath replacement cost? Is there a lot of availability?
        • Which assets & local sub-markets are experiencing the most stress? Which would you consider the safest today?
        • Considering the rising costs of construction
        • Cosmetic vs. full value add



      Post-Covid Demographic Shifts & The Future Of Class “B/C” Inner City Apartments… Will the Migration Pattern Changes Continue?

      • • What kind of value add are you adding to your acquisitions?
        • Impact of opportunity zones
        • Where are you seeing the tightest occupancy in inner cities?
        • How are you underwriting?
        • If you are selling inner city what are you buying?
        • Have renters been moving down from class ”A” to B/C  properties?
        • Is it a good time for adaptive reuse in these areas? • Impact of changing local office and retail markets
        Sunder Jambunathan, Principal Certes Partners



      From Land Entitlement To Construction & Development: The Keys To Getting The Deal Into The End Zone In Today’s Market

      • • What changes in construction underwriting assumptions have you made within the past year?
        • Is vertical integration a solution to control costs and manage risk within the construction process? What is the corporate impact of this focus?
        • Local politics: What hoops did you have to go through to get your last deal to completion?
        • Getting the subsidized deal across the goal line
        • The capital side of the equation
        • Finding deals that make sense
        • Valuing a new construction in an area without any recent construction



      Looking For Multifamily You Can Upgrade… Rehab & Value-Added Strategies

      • • Evaluating if you can increase rents and capture an adequate return
        • Impact of comp rents on the decision
        • Role of on-line marketing
        • How much can you make with parking?
        • How much can you make by adding enclosed patios on ground floor units?
        • ROI of upgrading common area amenities such as laundry facilities, work area or adding a dog park
        • Buying a 70s or 80s building… What did you upgrade? How about one from the 50s or 60s?
        • Economics and feasibility of Incorporating new energy efficient systems
        • Cost-effective common area improvements to enhance property competitive advantages in a post-Covid market



      Exit Strategies: Can You Get Your Price After Renter Non-Payment?

      • • Exit vs. refinance
        • 3rd-party sale vs. 1031 vs. equity or debt recap
        • Using a national vs. local broker
        • When would you would accept an unsolicited offer?
        • When would you look to sell prior to carry out your asset level strategy?
        • Impact of reinvestment options
        • When does it make sense to go off-market?
        • Dressing up the property for a sale
        • In today’s market does seller finance make sense?
        • Will the conditions of lots of capital, low interest rates and compressed cap rates continue to remain out there pushing up price?



      Growing Your Portfolio In Your Own Home Area Vs. Investing New Markets & Asset Classes Vs. Expanding The Services You Are Providing

      • • How do you think the markets you are in will perform? What are the demographics and economic trends saying?
        • There is lots of capital out there… Using OPM to grow
        • Are valuations getting to rich? … Creative ways to combat
        • Drive vs. fly markets: Comparing approaches
        • What can you take in-house? What kind of services can you offer?
        • Identifying your expertise and who you need to expand
        • Expanding to other resi classes… How is single family rental, student and senior housing looking?
        • How are your investors reacting to lower yields vs. riskier strategies? Institutional partners?
        • Are you leveraging up?
        • Going out to more aggressive value-add?
        • If yields continue to decrease what are your next steps?



      Are You Accepting Lower Yields or Changing your Strategy?...

      • • How do you talk to you investors?
        • What does accepting lower yields mean to equity markets? Debt markets?
        • Are you looking at smaller markets and smaller properties? Different sub-asset types?
        • As interest rates rise will lower yields become a bigger issue?
        • Rent growth tapped out? 
        • Should capital preservation be the focus at this time?



    Acquisitions & Markets

      Choosing Local Emerging, Secondary & Tertiary Markets: Is It A Timely Move?

      • • What is your strategy to enter a market?
        • What kind of absorption can you expect? How long will it take to achieve no vacancies?
        • Working within opportunity zones
        • What kind of econometric metrics are you looking to?
        • Construction vs. value-added vs. adaptive reuse… What is preferred?
        • What is your target value to add?
        • Post-stabilization strategy



      Acquisitions, Deal Structure & Due Diligence: Where Are You Finding Your Deals At Good Prices? How Have Your Due Diligence Best Practices Changed?

      • • Are you adjusting underwriting metrics to get deals done?
        • Are you seeing any distress?
        • How are you differentiating yourself from competitive buyers?
        • Off-market vs. brokers vs. auctions or other: Where have you been finding the best value?
        • Best practices in a post-covid market?
        • What are you planning on doing differently to react to your expectation of future market conditions?
        • What keeps you up at night?
        • What trends are you watching?
        • What terms in an LOI matter beside purchase price?
        • Impact of financing terms and structures on an assets price



      Multifamily With Less Than 50 Units: Acquiring, Financing, Managing & Out-Performing Your Proforma

      • • Finding the right partner and working with institutional capital
        • Getting the staffing right
        • What are the cap rates vs. B/C? Rent collection?
        • Raising debt and equity
        • Creative ways to find these deals at good prices
        • How much more time and money than you think?
        • What are the operational issues you have as you own smaller buildings?
        • Amenities that are cost effective in smaller buildings



      Is It A Good Time To Be In The Class “A” Space? Acquiring, Financing & Managing The 200+ Institutional Apartment Vs. The Class B&C You Are Used To

      • • How to find more deal flow… How many deals do I need to look through to find the right one?
        • Should you partner with institutional capital? Should you be looking for equity or debt? What are the terms available?
        • Should you use a 3rd-party manager? What are the key traits to evaluate and cost?
        • How similar or different are cap rates between Institutional vs B/C assets? Does buying on a basis standpoint make sense?
        • Comparing the tenant: Rent collections and the impact of covid, amenity preference
        • What is available to help analyze IRRs, financials, market data, sale comps, rent comps, etc.
        • Budgeting for CapEx    



      Workforce Housing: Has Covid-19 Taken The Wind Out Of Its Sail Or Are You In For The Long-Haul?

      • • Collections vs. Class “A” and other classes
        • How are you making the numbers work?
        • Partnering with not-for-profits
        • Are tax credits and other tax-advantaged financing available for WFH?
        • Evaluating supply/demand dynamics
        • Making mixed income and mixed-use work
        • What kind of ancillary services have the ROI needed to make sense?
        • Equity & debt structures



      Will Distress, Depressed Prices And Under-Utilization In The Office, Retail & Hotel Markets Present Opportunities To Convert Full Or Partial Buildings Into Multifamily?

      • • What is the pricing of distressed buildings? What is the price to convert?
        • Will the conversion + sale price only afford you to build a class “A” luxury apartment? Is that the market you want to be in now?
        • How long of a process from permits to tenants?
        • What are the common problems you will face?
        • Suburban vs. downtown plays
        • Is it best to joint venture with the former owner?
        • Creating mixed-use communities
        • Condo deconversion… What is the process? 



      Acquisition Shark Tank

      • This panel will feature 2 multifamily deals pitched to these potential buyers followed by a question and answer period for each of the transactions
        Tank Leader- Will moderate the panel   
        The Buyers:   Will evaluate their interest in the below projects, deal structure and how much they would pay
        The Sellers: Will present portfolios for sale



    Financing

      Long-Term Debt Financing: How Loose Are Lending Standards Getting?

      • •What are the biggest shifts in lending you are seeing in the multifamily market?
        • When to go perm vs when to go bridge
        • Accounting for covid-related non-paying tenants, cares act $, short-term and corporate rentals
        • What are you seeing in deals? Size, cap rate, stretch capital stacks, lower yield expectations
        • Is leverage becoming a problem? Is ‘too much capital/too few deals’ making us forget the sins of the recent past?
        • COVID put a spotlight on smaller, less urban markets – secondary and tertiary MSAs and beyond: How much are you lending in these markets? What are the terms vs. urban class “A”
        • Bad debts, rent growth, occupancy & collection levels: Are underwriting requirements more or less stringent today than they were Pre-COVID?
        • COVID seems to have affected different sponsors in different ways. Would you lend to a borrower coming out of a COVID related default?

         



      Bridge & Short-Term Lending: Competitiveness In The Marketplace & How Are You Underwriting Owners With Bad Debts, No Rent Growth, Dwindling Occupancy & Low Collection Levels?

      • • Are there still enough value-added deals to drive the bridge market?
        • Are you following investors and lessening your lending in primary markets and shifting to secondary and tertiary markets?
        • Are investors/sponsors being more cautious with capex/improvement budgets? Do proformas you are seeing account for increased costs? Are rents keeping up with higher costs?
        • Underwriting the rising costs of material and labor
        • Do cap rates worry you in today’s deals? What is your underwriting expectation on exit cap rates?
        • Are you seeing leverage becoming a problem? Is ‘too much capital/too few deals’ making us forget the sins of the recent past?
        • Your latest sponsor-related deal killer



      Raising Institutional, Family Office and Private Wealth LP & JV Equity For The $5-$20 Million Market

      • • Different types of equity participation, preferred returns expected and structure for re-payment
        • How the preferred structure chosen relates to the promote % offered
        • Key points on today’s term sheets
        • Rescue cap and recaps
        • What does your partner/LP due diligence process look like?
        • Are you seeing an increased appetite in investing in primary market  
        • Co-living and micro-apartment deals as the concept matures and awareness grows
        • Partnering with other family offices and GPs
        • What are your growth plans in multifamily?
        • Most favored deal structures
        • Equity & IRRs in this market
        • What are different sponsor expectations?



      Debt vs. Equity… Evaluating Different Sources & Which Way You Should Go As Rates Trend Up?

      • • What are the key attributes to examine when evaluating lender and equity partners
        • PACE financing, solar credits and energy efficiency incentives
        • What is crowdfunding looking like today?
        • Are you approaching fundraising differently than in the past?
        • What is agency financing looking like?
        • What are the terms on the equity, mezz and preferred equity?



      Multifamily Owner/Private Equity Shark Tank JV Financing Panel

      • Finding new financing partners is critical and in this session sellers will pitch 2 apartment deals to potential financiers followed by a question and answer period for each of the transactions
        Tank Leader-Will moderate the panel David Valger, President DVO Real Estate
        Private Equity Players- Will evaluate the following projects to see if they are interested, the deal structure and how much they will pay…
        Multifamily Owners/Operators-Will present the deals



    Post-Acquisition/ Property Management

      Streamlining Operations, Expense Control & Keeping Yourself Solvent

      • • How has the pandemic affected your operations?
        • Has cash flow been a problem?
        • In what ways have you streamlined your operations?
        • Have you considered outsourcing?
        • Have you thought about cost segregation or other tax saving strategies?
        • Technology and property management savings: Where is the low-hanging fruit?



      Rent Collection, Policies & Procedures… What Has Carried Over?

      • • Conducting effective tenant credit checks in the aftermath of the recent Covid pandemic restrictions and prohibition on evictions
        • State of the art communication strategies and platforms for landlord vs. tenant relations
        • New technologies and accounting support for rent collection
        • Collection rate of different property classes as tenants came off of eviction moratoriums
        • What do you think about the insurance products available?
        • Changes in the way rent was being collected
        • Determining if it is time to raise rent and by how much

         



      Marketing Your Property, Virtual Showings & Leasing

      • • Self-guided vs. broker-guided vs. virtual tours: Where’s the best ROI?
        • The role of virtual showings and matching up your lease office hours and when potential tenants look at properties
        • The changing role of the leasing agent
        • Touchless/seamless self-tour through move in and re-lease
        • Pushing technology to smaller landlords… What makes sense?
        • Evaluating a vendor’s support function
        • Do tech savvy tenants stay longer? What do they look for?
        • Re-upping the lease… How much tech how much personal?
        • Are rent concession necessary? Finding the right mix and level



      How Has Covid Speed Up Overdue Change For Amenities, Smart Tech & Remote Management?

      • • Unit and common space amenity use post-covid: Which changes are sticking?
        • Assessing ROI, income flows, time to implement, train and brain damage vs. tenant demand of product
        • What an owner needs to see and integration with property management and reporting systems
        • Getting help from green initiatives and insurance rebates
        • Giving away smart home devices and other technology enhancements as a leasing incentive… Does it work? How about VIP amenity packages?
        • Monitoring amenity access: What can be learned?
        • Being reactive vs. proactive: What is the cost?
        • Wifi, cable and utility packages   
        • Amenities and tech in lower income buildings



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  • Multifamily/Apartment Owners/Operators Early Bird Registration* - $995
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1120 Avenue of the Americas, 6th Floor, New York, NY 10036
Tel: +1(212)901-0506 Fax: +1(212)768-2484
Email: mail@imn.org


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