Middle-Market Multifamily (West)
Santa Monica, CA
May 28 - 29, 2020

Description

IMN’s 4th Annual Middle-Market Multifamily Forum (West) will return to Santa Monica, May 28-29, 2020!

With a program uniquely targeted to both small and mid-sized owners and operators, IMN is excited to once again offer a deep dive into the latest financing options, acquisitions strategies, and debt and equity structures impacting this group which comprises 75% of all multifamily investors. Led by distinguished industry experts, these discussions provide attendees with the knowledge and resources required to make well-informed business decisions.
 
Each edition of IMN’s Middle-Market Multifamily franchise attracts an average of over 500 registrants – over 60% of which are categorized as small and mid-sized multifamily owners – and between 30-40 sponsors/exhibitors, ensuring delegates have ample opportunity for networking and business development.

We look forward to seeing you May 28-29, 2020 in Santa Monica, CA!

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

Conference Highlights

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My Agenda

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Agenda

    General Areas

      Historic Returns Of Different Multifamily Sub-Asset Types

      • • Expansion vs. contraction: How much profit/loss do you make during good vs. bad years?
        • Education? Medical? Military? Which sectors are good performers for multifamily? 
        • Investment strategy vs. Demographic trends
        • Current asset performance tendencies: How do they look vs. the past?
        • Risks going forward
        • Performance of new construction vs. existing buildings
        • After the natural disaster
        • When affordability becomes an issue


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      Performance Of Small Vs. Large Apartment Complexes

      • • Defining small multifamily and its market size
        • Cap rate and age vs. larger multifamily
        • Small multifamily: A play on the affordable market?
        • Are small assets more recession-proof then larger ones?
        • Markets with a large amount of smaller assets
        • Impact of financing and transaction costs
        • Cost of running a small property and its impact on overall performance
        • Vacancy performance


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      Negative Interest Rate Environment: What is the Impact On Multifamily?

      • • Looking at the past history in different markets
        • Jolt vs. drop: What are the short and long-term affects?
        • Europe’s experience with negative interest rates: A blueprint for the US?
        • Negative interest rates vs. negative real interest rates
        • Real estate performance under low vs. negative interest rates
        • Impact on money flows
        • Should you use more debt in this environment?


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      The Latest Data: Is A Recession Looming? Where Is The Multifamily Economy Going?

      • • Do you think that demand for rentals will slow down over the next 3-5 years?
        • What are you seeing in the build to rent market and single family rental markets? Do you believe the trends are sustainable? How will these trends impact the multifamily market?
        • With all the attention on affordable housing can you afford not to invest in? And what about all the regulatory stuff?
        • Performance of the non-institutional multifamily market
        • Debt vs. equity: Which one do you recommend in this environment?
        • Democrats vs. Republicans: Impact of politics and the Presidential election
        • What will an economic downturn mean to the apartment asset?
        • Local economy outlook


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    Strategy

      Institutional Capital: Investment & Partnership Strategies

      • • What are the new markets across the country that you are planning to invest in over the next few years?
        • Strategy for markets in an oversupply cycle
        • How are you approaching a deal today vs. yesterday?
        • Working with opportunity zones
        • Performance incentives and strategic investments in partners
        • Putting out equity and debt: What are you looking for? What structures do you use?


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      How Are You Navigating The Widening Gap Between Increasingly Expensive Supply And The Decreasing Level Of Tenant’s Ability To Pay?

      • • Financial engineering
        • What kind of tax incentives and tax supported financings are available?
        • Increasing density vs. zoning regulations
        • Getting more into less space: Micro-apartments and co-living
        • Small vs. larger apartment returns
        • Monetizing parking, rooftops and other under-utilized spaces
        • Retail condos
        • Amenities open to the general public
        • Vacant apartments and short-term rentals


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      Low Income Politics vs. Luxury Oversupply: Where Are You Putting Your Money?

      • According to everything you are hearing out there there is too much luxury apartment supply. In an environment of high cap rates and compressed returns It seems like there are real opportunities in the workforce and low-income housing areas… Are you ready to make the switch?   


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      Accepting Lower Yields vs. Changing Your Strategy?

      • • Considering exit cap and rent growth
        • Impact of different interest rate scenarios
        • Treasury/Cap rate/Agency relationship
        • Rent growth impact and outlook
        • Market demand, liquidity and pool of buyers available
        • What are your LP equity expectations?
        • The decision matrix of different investment approaches and markets


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      Growth Strategies & Getting Bigger

      • How are your dealing with new, local regulations; How are you managing increasingly scattered sites of smaller multifamily?  What are some of the different ways are you sourcing supply? Are you considering insourcing? Outsourcing? These and your pressing questions are some of the themes we will discuss in this interactive forum.


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      Buying Portfolios vs. Individual Buildings

      • • How quickly are you looking to scale up? Why?
        • Inspection and due diligence differences
        • What kind of analysis do you perform in-house? What do you outsource?
        • What do you do if you really do not like a small part of the portfolio?
        • Should you buy value-added in scale? 
        • Portfolio vs. individual property reserves
        • Due diligence considerations
        • Cost of time and money of looking at portfolios vs. individual buildings


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      New Construction vs. Value-Added: Where Are The Risk Adjusted Returns?

      • • How long do you plan on holding the property?
        • Market conditions that might move the needle
        • Capital risk and risk return
        • Time frame considerations
        • Return on cost and financing available
        • What kind of equity time frame do you have?
        • When is a tear down the best option?
        • Considering local and national economic conditions


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      How Are You Zigging While Others Are Zagging?

      • • What are you doing on the construction and rehab side?
        • Off-market deals and finding hard to find properties
        • How and where are you finding value where others aren’t?
        • Tenant-facing out of the box successes
        • View on the economy and financing
        • This isn’t the time for condo conversions…Is it?
        • Considering seller financing?
        • Alternative power sources


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      Cash Flow vs. Appreciation

      • • Cash flow projection best practices
        • Definitions: Is it cash flow if you are paying down a loan?
        • Strategies for long- vs. short-term asset holders and appreciation chasers
        • How much appreciation can you force through raising income and lowering expenses?
        • Core vs. value-added approaches
        • Rehabbing cash-flowing properties


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      Multifamily Investments in a Mature Cycle with Rising Prices: Are You Buying, Selling, Holding or Refinancing

      • • How are current macroeconomic conditions impacting your business plan?
        • Doing value-added: How are you getting the numbers to pencil?
        • Are you paying more for cash flow? How much is too much?
        • When is it time to sell?
        • Cap rates and returns: How far from your numbers will you stray?
        • Are you taking advantage of the current low rates?
        • What are your doing with the proceeds from your refi?

         


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    Acquisitions & Disposition

      Acquisition Due Diligence: What Are The Newest Additions To Your Checklist?

      • • Financial due diligence
        • The on-site inspection
        • What must you consider on the environmental side of things
        • What are the items that you’ve seen overlooked the most?
        • Market and feasibility analysis
        • Have you been experimenting with drones?
        • What are lenders putting additional scrutiny on?
        • Document review
         • What did you find recently that surprised you?


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      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


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      Acquiring & Managing for 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 venture structured? How are you paid?
        • Taking the next step:  Joint ventures
        • What is the typical volume and transaction size for these structures? How many apartments per vehicle? What are the metrics-cost per house, cash yield/expense ratio per property?


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      Acquisition Strategy & Growing Your Portfolio In Today’s Market With Tons Of Capital & A Scarcity Of Opportunities

      • • Differentiating yourself as a buyer
        • What are the top local markets you are in? Looking at? Exiting?
        • In an environment where it has become tougher to find attractive deals, how are you changing investment terms for your investors
        • Finding fairly-priced value-added and cash flow opportunities
        • 1031 strategies: The acquisition part
        • 24-hour market strategy
        • Where are their more opportunities?
        • 2-4 family market: Is there value?


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      How Are You Preparing Your Portfolio To Sell At Maximum Value?

      • • Strategically pruning your portfolio-What are the characteristics of homes you are looking to sell?
        • What kind of returns are available today?
        • If you can’t get your price what do you do?
        • Sell individually to retail and tenants vs. portfolio sale
        • So many portals, so little time: How can you choose?
        • Have you used i-buyers to dispose of any asset?
        • NOI of disposed or, to be disposed assets
        • 1031 as a disposition option
        • What are your doing with the cash proceeds?


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    Building Types & Markets

      A,B,C,D: Evaluating The Relative Value Of The Markets You Are Investing In

      • • Past vs. future growth expectations
        • Are millennials really starting to move to the suburbs?
        • Role of transit
        • The inner vs. outer suburban ring
        • What are the characteristics of a market where you can you still get sustainable rent growth?
        • With all the class “A” urban supply coming onto the market is there already an over-supply?
        • Chasing yield: What is the best strategy?


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      Finding Distressed Properties: What is your Strategy?

      • • What are properties in distress today?
        • Reaching out to owners directly- Success stories
        • Once you find the property: Renovation and restoration strategy
        • Would you touch distressed affordable and workforce housing?
        • Repositioning strategies
        • Distressed properties in good vs. transitioning neighborhoods
        • Solutions to financial distressed properties
        • The rehab


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      Alternative Residential Rental Sub-Asset Classes Including Short-Term Rental & Co-Living

      • • Student vs. senior housing: Which part of the age spectrum do you like?
        • Goin’ Mobile: Mobile homes and trailer parks
        • Workforce housing and lower income investing
        • Single family rental investments: Will the growth continue?
        • Raw land for development as an asset class-What kind of returns?
        • Military housing: On vs. off-base housing
        • Mixing long-term tenants, co-livers and overnight travelers in the lobby, common areas, amenities
        • Is Airbnb the best?


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      Going From Class B/C to Luxury: Avoiding The Costly Mistakes When Stepping Up To The 200 Unit Institutional Building

      • • What has the most impact on financing rates and terms?
        • How to staff cost effectively
        • What kind of multiples are different classes of buildings of this size selling at?
        • Factors surrounding the building age
        • Are your parking garages full?
        • Common mistakes made on these buildings
        • Doing value-added deals with an institutional partner vs. going alone


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      Opportunity Zones: Is the Opportunity Still There?

      • • Are prices a premium when you buy into opportunity zones?
        • How are you managing the risks?
        • Do you invest more in construction than your land basis to qualify for the OZ program?
        • Fees you can get vs. more traditional investments
        • Should you set up as a fund? Opportunity zone funds vs. Opportunity funds
        • Preferred, bridge and development deals
        • The future of o-zones
        • Financing available
        • Primary vs. secondary markets
        • Navigating the legal and regulatory complexities


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      Stabilized, Cash Flowing Property: Investing, Financing & Managing

      • • Underwriting for cash flow: How much are you going to pay for a cash flowing property? Cash flowing with the possibility of appreciation?
        • Finding new revenue
        • Financing structures
        • Agency green rewards
        • Keeping the cash flowing high while keeping up with the necessary maintenance and improvement-What is your strategy? Expected ROI?  
        • Deferring maintenance: How you can make that work?


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      Emerging & Gentrifying Areas: What Are The Macroeconomic Factors That You Concentrate On?

      • • How are you dealing with rent control? Emerging political issues and other new regulations? Resident pushback? • Opportunity zones
        • Building a neighborhood: What is your strategy?
        • Keys to effective re-zoning
        • Affordable vs. market rate: Where is the better opportunity?
        •  What sort of ownership structure/operating structure do you prefer?
        • What type of public infrastructure/public private partnerships are essential for emerging neighborhoods and submarkets?
        • Target demographic


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      Less than 50 Unit: Acquisitions, Finance & Property Management

      • • How liquid is this part of the market?
        • Financing options out there
        • The 2-4 apartment market
        • Keeping management costs down while preventing small maintenance problems from becoming costly repairs
        • Tenant communications: What is your strategy?
        • What kind of unique complexities do these buildings have?
        • Making it work in an environment of mixed incomes
        • What kind of amenities work vs. larger buildings?


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    Financing

      Raising Money from High Net Worth & Family Offices

      • • Terms and  structures of the investment that you offer to your high net worth/ family office clients? What kind of returns do you project?
        • Are you increasing real estate/multifamily allocation?
        • Do you partner on deals?
        • How are you looking at opportunity zones?
        • How should potential investors approach you?
        • Do you provide debt?
        • Structure when you finance a property


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      Joint Ventures: Deal Terms & Waterfall Options That Prevent You From Being Drowned Of Profits

      • • What do you take the lead on? What does your partner do?
        • Negotiations, documentation and legal stuff
        • Financial vs. operational partner ownership splits
        • Fund vs. joint venture
        • Cash flow splits vs. true promotes
        •  Construction JVs
        • Programmatic vs. one-off JVs


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      Debt vs. Equity-In This Low Rate Environment Where Are You As The Economy Slows?

      • • How much debt/equity are you putting into deals?
        • What are the deal terms that you are finding?
        • Impact of the debt market going forward: Is it changing your funding mix?
        • When don’t you take the deal with the best terms?
        • Are you being compensated for the risks of debt?
        • Fixed vs. floating?
        • Tax considerations
        • What type of equity do you prefer?
        • Value-added vs. cash flowing properties


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      Equity Sources, Structures & Preferences- Joint Ventures, Preferred Equity, Funds & Syndication

      • • What are you seeing in the preferred space?
        • Raising non-US capital
        • When should you form a fund?
        • Debt vs. equity: A comparison of risks
        • Self-directed IRA market
        • Assessing the syndication market
        • Construction equity deal terms
        • Fees and fee levels
        • Recent equity raises: What’s the environment like out there?


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      Debt: How Are Terms Changing?

      • • Where you are underwriting?
        • Funds vs. lenders: Comparing terms and structures
        • Short- vs. longer-term products
        • Complex transactions
        • Small balance lending
        • Evaluating the risk of debt today
        • Leverage available
        • Have you been expanding your non-institutional financing efforts?
        • Freddie & Fannie products
        • Bridge, construction and other transitional financing
        • Loan docs & deal negotiations: What’s on the table
        • Fixed vs. floating?


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      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
        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


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      Fannie Mae/Freddie Mac Financing-Todays Financing And Tomorrows Outlook

      • • Allocation issues and lending Caps
        • What will the GSEs look like going forward? Debt market impact?  Underwriting future interest rates and borrowing costs: Do you expect them to change?
        • GSEs in the small lending space
        • Affordable housing directives, goals and structures
        • Latest program changes


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    Post-Acquisition

      Stepping Up Your Class B/C Buildings: Value-Added Investments & Rehab

      • • With Fannie/Freddie tightening the restrictions on cash out refis/supplementals, how has this impacted the value-add approach for owners and lenders?
        • How do local tenant buyout restrictions impact your strategy?
        • Tenant retention strategies
        • Using green facilities or products
        • The heavy rehab  
        • Latest strategies to minimize expenses
        • Financing the acquisition and rehab
        • Determining rent


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      Third Party Management vs. Taking Management In-House

      • • What have you brought in-house recently?  Outsourced?
        • New market strategy
        • Smaller vs. larger building strategy
        • How many doors do you need in a region for in-house management to make sense? Are there differences for different functions?
        • Software that allows outsourcing
        • When to create your own management firm
        • Do your lenders care about whom you outsource to?


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      Real Estate Technology: The Latest Bells and Whistles With The Highest ROI

      • • Leasing automation with tools that make touring more efficient
        • Technology as a driver of performance
        • What type of technology do you put in a A/B vs. C/D building?
        • Defining smart home systems
        • 2025: What to expect from real estate technology: How should you prepare for 2020? 
        • Broader tech trends to pay attention to that will impact apartments
        • Front office technology: What have you added recently?
        • What can you learn from your data?


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      Increasing Property Management & Maintenance Expense NOI and ROI Using Best Practices and Benchmarks

      • • The last expense that you trimmed? What won’t you cut that others are?
        • Utility cost saving strategy
        • Maintenance: Pay now or later?
        • Controlling rehab and value-add construction expenses
        • The latest tax savings strategies
        • Fighting salary and contractor expense creep
        • Minimizing turnover expense


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Sponsors

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  • Multifamily/Apartment Owners/Operators Early Bird Registration Rate* - $895
  • Multifamily/Apartment Owners/Operators Standard Registration Rate* - $1,195
  • Super Early Bird Registration - $1,195
  • Early Bird Registration - $1,295
  • Standard Registration - $1,495
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Contact Us

Venue

  • Conference Venue
  • Fairmont Miramar Hotel & Bungalows


    101 Wilshire Boulevard
    Santa Monica, CA, 90401
    USA
    Fax: 310-458-7912

    Additional Info:

      IMPORTANT NOTE: IMN has not retained any third party booking company to assist with reservations. If you are interested in making reservations at the Fairmont Miramar Hotel & Bungalows, you must book those rooms directly with the venue. 

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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