The Distribution by Juniper Square

Larry P. Heard is chief executive officer of the Transwestern family of companies, which together comprise a diversified real estate operating, investment management and development organization. The privately held, fully integrated enterprise leverages competencies in office, industrial, retail, multifamily, healthcare, life sciences, sports and entertainment to add value for investors, owners and occupiers of real estate.

Links:

Transwestern - https://transwestern.com/

Larry on LinkedIn - https://www.linkedin.com/in/larry-p-heard/

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

(00:01:13) - Larry’s career and background

(00:11:33) - The evolution of Transwestern

(00:18:42) - Where is Transwestern focusing its energy regarding development?

(00:21:37) - What sectors are you most engaged in on the services side?

(00:24:00) - What has surprised you about the services business?

(00:26:13) - What does the investment side of the business look like?

(00:33:02) - Leadership philosophies

(00:39:13) - How does this current cycle compare to past ones?

(00:45:26) - Where are you putting your energy at this stage of the market?

(00:52:47) - Giving back to the community

(00:56:31) - Career advice

Wes is a Co-Founder and Co-Managing Partner of Whitman Peterson. Since the firm’s inception in late 2010, Wes and his partners have overseen the firm’s investment in more than 200 transactions involving 300+ assets, representing more than $25 billion of total capitalization. They have sourced and structured highly strategic partnerships with some of nation’s prominent companies in their target sectors. Prior to the formation of Whitman Peterson, Wes was a Managing Director and Principal at Greystar, the largest multifamily investment, development and management company globally (with $90B+ of assets and more than 900,000+ apartments under management), where his responsibilities included acquisitions of assets and operating companies, asset management, land entitlements, and leading a 200+ member operating team on the West Coast. Wes graduated from Brigham Young University with a B.S. in Finance and received his MBA from Harvard Business School in 2005.

Links:

Whitman Peterson - https://www.whitmanpeterson.com/

Wes on LinkedIn - https://www.linkedin.com/in/wes-whitman-b57997/

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

(00:02:03) - Wes’ background and career

(00:19:00) - Making the decision to leave Greystar and forming Whitman-Peterson

(00:23:15) - What does the organization look like today?

(00:24:51) - What is a GP-aligned investment approach?

(00:34:39) - GP-capital vs. Op-Co capital

(00:37:08) - How do you think about your platform across different sectors and geographies?

(00:42:42) - What are you looking for in your partners?

(00:47:30) - How do you approach Scaling the organization

(00:52:33) - What sectors are you focusing on in this market environment?

(00:56:59) - The Sundance asset 

(00:58:36) - Getting in touch with the team

Goodwin Gaw is the Chairman, Managing Principal, and Co-Founder of Gaw Capital Partners, a real estate private equity fund management company focusing on markets in Greater China and other high-barrier-to-entry markets globally. Established in 2005, Gaw Capital Partners has raised equity in excess of USD$22 billion as of 2022 Q3 and currently manages assets of over US$35.2 billion as of Q2 2024, encompassing residential developments, retail centers, hotels, commercial, IDC, and logistic properties.

Links:

Gaw Capital Partners - https://www.gawcapital.com/

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

(00:01:18) - Goodwin’s background and career

(00:16:57) - Opportunities for cross-border capital when Asia opened up in the ‘90s

(00:20:00) - What were the most investable assets in China for US institutions?

(00:24:21) - What does Gaw capital look like today?

(00:27:08) - How do you think about entering new markets?

(00:29:48) - Where are you seeing opportunity when others run for the exits?

(00:34:18) - Thoughts on San Francisco

(00:37:27 - What’s the investor appetite for China

(00:41:23) - What other global markets are you in?

(00:42:06) - What is the big opportunity in Japan?

(00:45:15) - Where is the Outbound Asian capital going?

(00:48:28) - Where are you spending your time over the next 12-24 months?

(00:49:49) - Does private credit function similarly in Asian markets?

(00:53:34) - What advice would you give to folks aspiring to become entrepreneurs?

Seth Singerman is the Managing Principal and Founder of Singerman Real Estate, a value-driven real estate firm focused on executing opportunistic, cycle-resilient investments across all major asset classes.

Links:

Singerman Real Estate - https://www.singermanre.com/

Seth on LinkedIn - https://www.linkedin.com/in/seth-singerman-a6811ba/

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics: 

(00:00:00) - Intro

(00:01:38) - Seth’s background and career

(00:10:59) - Making the leap to start Singerman

(00:13:16) - Singerman’s size and scale

(00:20:08) - Investing Strategies

(00:29:38) - What trends are you seeing in the market?

(00:33:48) - The hospitality thesis

(00:37:01) - The investment opportunity in public markets

(00:41:27) - Leadership lessons and philosophies

Krysto Nikolic is a Senior Managing Director and Global Head of Real Estate at ICG.

Before joining ICG, he was Head of European Real Estate at Starwood Capital Group, serving on its Global Investment and Operating Committees.

Previously, Krysto was a Partner at TPG and started his career at Goldman Sachs International.

Krysto has led over $14 billion of real estate acquisitions and served on the Board of Directors of multiple portfolio companies and real estate platforms.

Links:

ICG - https://icgam.com/

Krysto on LinkedIn - https://www.linkedin.com/in/krysto-nikolic/

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

(00:01:32) - Krysto’s background and career

(00:14:46) - 2012 market dynamics

(00:17:19) - The transformation of European platform investing

(00:19:26) - Experiences at TPG

(00:25:42) - Joining Starwood

(00:30:35) - Transitioning to ICG

(00:35:42) - ICG’s real estate platform

(00:48:42) - The state of the European markets

(00:56:57) - Undervalued asset classes & markets

Scott is a Managing Director and Co-Head of Real Estate on the Real Assets Investment team where he is responsible for the evaluation and due diligence of private real estate investment opportunities. He is a member of the Real Assets Investment Committee.  

From 2011 until joining Hamilton Lane in 2017, Scott was a Senior Consultant with Real Asset Portfolio Management LLC focused primarily on the Firm’s real estate investment initiatives with secondary support on other asset classes. Previously, Scott worked in San Diego, California for two private investment firms where he focused on acquiring and trading commercial real estate whole loans and real estate as well as leading underwriting efforts for acquisition of commercial and residential real estate and debt opportunities.

Links:

Hamilton Lane - https://www.hamiltonlane.com/en-us

Scott on LinkedIn - https://www.linkedin.com/in/scott-davies-06ab503/

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

(00:01:05) - Scott’s background and career

(00:15:22) - What is Hamilton-Lane’s footprint today?

(00:18:48) - Bringing the best ideas to clients

(00:20:50) - Why haven’t people heard of HL?

(00:22:28) - What are the table stakes for an exceptional investment manager?

(00:28:49) - Does HL have its own discretionary investment vehicle?

(00:30:32) - What are you seeing in terms of investor appetite?

(00:31:50) - How do you work with investment managers?

(00:33:41) - How are you looking at the performance track records in the post-ZIRP era?

(00:38:10) - How do you think about operational due diligence?

(00:41:00) - What are you seeing in the market today?

(00:48:29) - Has the private wealth side of Hamilton Lane crossed over into real assets?

(00:50:03) - What do you want to see more in your flow?

Michael Episcope co-founded Origin Investments in 2007. Michael is co-CEO, co-chairs the investment committee and oversees investor relations and capital raising. 

Links:

Origin Investments - https://origininvestments.com/

Michael on LinkedIn - https://www.linkedin.com/in/michaelepiscope/

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

(00:01:34) - Origin Investments and Michael’s career

(0010:54) - Building Origin

(00:17:02) - How were you able to build your investor base?

(00:21:25) - How would you describe the typical Origin investor?

(00:24:57) - How do you approach investor relations?

(00:27:14) - What is your fund structure?

(0:30:24) - What are you seeing in terms of investor appetite?

(00:33:24) - How does it work structurally when you go outside your investment base to raise?

(00:39:43) - What is Origin’s AUM?

(00:41:39) - What are you seeing in the multifamily market these days?

(00:45:54) - AI

(00:51:37) - 2025 insights

(00:53:02) - How do you think about enterprise value?

(00:59:21) - What are you most excited about for the next 3-5 years?

Warren de Haan is a founder, Chief Executive Officer, and member of ACORE CAPITAL's Investment Committee.

Mr. de Haan has over 25 years of experience in commercial real estate finance and capital markets. Before co-founding ACORE CAPITAL, he was Chief Originations Officer at Starwood Property Trust, Inc. (NYSE: STWD), a public mortgage REIT, from 2010 to 2014, during which time the REIT grew from $780 million market cap to $5.5 billion market cap. Mr. de Haan was a founding partner and Head of Originations at Countrywide Commercial Real Estate Finance, overseeing the expansion of the division's footprint to 15 offices across the U.S. He also co-founded Coastal Capital, a firm focused on the acquisition of U.S. CRE loans post GFC. Mr. de Haan began his career as an originator in Nomura's New York City-based Large Commercial Real Estate Loan Group.

Links:

ACORE Capital

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

(00:01:15) - Warren’s background and career

(00:24:15) - ACORE Capital

(00:32:43) - How do you see the proliferation of sub-scale managers in the market?

(00:36:55) - How should folks think about asset managers in the context of a financing business?

(00:41:32) - What’s the state of the CRE Debt market?

(00:50:14) - How do you see fundamentals performing right now?

Disclaimer: Certain statements contained herein reflect the subjective views and opinions of ACORE Capital (“ACORE”) and may include our general view of the market and expectations of the market in the future.  This presentation may contain forward-looking statements.  Forward-looking statements are inherently uncertain and there is no guarantee that any projections or estimates about the future will materialize.  Under no circumstances is this presentation to be used or considered as an offer to sell, or a solicitation of any offer to buy, any security.  Any such offering may be made only by an offering memorandum that would be furnished to prospective investors who express an interest in an investment program of the type being considered, and that would describe the risks associated with an investment in the investment program. The information in this presentation is provided to you as of the dates indicated and ACORE does not intend to update the information after its distribution, even in the event that the information becomes materially inaccurate.   The information contained herein may not be reproduced in whole or in part nor disclosed by the recipient to any other party without ACORE’s prior written consent. 

Daryl J. Carter, a 41-year veteran of the commercial real estate industry, is the Founder, Chairman, and CEO of Avanath Capital Management, LLC. Mr. Carter directs the overall strategy and operations of the Company, a California-based investment firm that acquires, renovates, and operates apartment properties, with an emphasis on affordable and workforce communities. Since its formation in 2008, Avanath has acquired $3.5 billion of properties across 14 states in the U.S., comprising 15,000 apartment units. Avanath is vertically integrated and is an SEC-registered investment advisor and institutional fund manager.

Links

Avanath Capital Management - https://www.avanath.com/

Daryl on LinkedIn - https://www.LinkedIn.com/DarylCarter

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

(00:00:55) - Daryl’s background and career

(00:06:15) - Did you know you wanted to be in Real estate?

(00:07:53) - What got you interested in architecture? 

(00:09:24) - Starting Capri Capital

(00:18:28) - The myths of investing in affordable housing

(00:26:36) - How has the affordable housing industry changed over the past 15 years?

(00:32:06) - What do you hope will happen for housing affordability?

(00:37:09) - What is your unique advantage as a firm?

(00:41:08) - What attributes are requirements for communities you own?

(00:45:19) - Are 3-4br apartments going to be the norm in the future?

(00:47:50) - How is the industry doing in bringing a more diverse workforce together?

(00:54:07) - What do you think are markers of great leadership?

Owen Thomas is the Chairman and CEO of BXP. He served as the first Chairman at Lehman from 2012 until 2013 when he joined BXP. Before Lehman, Mr. Thomas was with Morgan Stanley for 24 years serving in several different roles, business units, and locations, including Chief Executive Officer of Morgan Stanley Asia and Chairman of Mitsubishi UFJ Morgan Stanley Securities, while living in Hong Kong from 2008 until 2011. He also held the roles of President of Morgan Stanley Investment Management and head of Morgan Stanley Real Estate and served on Morgan Stanley’s Management Committee from 2005 until 2011.

Links:

BXP - https://www.bxp.com/

Owen on LinkedIn - https://www.linkedin.com/in/owen-thomas-4012a640/

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

(00:01:31) - Owen’s background and career

(00:24:00) - Where are we today in the office market?

(00:29:52) - What do WFH/WFO policy talks look like with tenants?

(00:37:05) - What makes something a “premiere” asset?

(00:43:43) - What is your role in the economic health of a city?

(00:48:01) - What’s your involvement with affordable housing? 

(00:50:17) - What’s your take on the overall health of the innovation sector as it rebounds?

(00:53:39) - How do you think about sustainability in the office environment?