Retail and Apartment Investor Mandate Interview with Ed
Retail & Apartment Building Investor Mandate Interview
Real estate sponsors and deal sources who want to understand how a single family office buying multifamily and retail properties screens opportunities.
What this talk covers
Ed runs a single family office based in Fort Lauderdale. It owns and operates commercial real estate in seven states along the east coast of the US. The portfolio covers multifamily and retail, and the team self manages everything. Some development has been done, but ownership and operation is the main business. As a single family office, it does not always need a formal mandate.
Ed describes three buckets. One is a broken development project the team can fix, which is the opportunistic fund. The others are multifamily and single tenant retail, where something small is broken and fixable. A deal must also meet set financial criteria. He likes Florida for its growth, tourism, weather and overall business climate, and still owns property in the DC area. The interview was recorded during the COVID crisis.
5 key takeaways
- Single family office, flexible mandate. Ed says a single family office does not always have to have a formal mandate. Even so, the focus is clear. It is commercial real estate ownership and operation.
- Fix what is broken. The opportunistic fund targets development projects that are broken in a way the team can fix. In multifamily and single tenant retail, Ed looks for something small that is broken and can be repaired to add value.
- Fixable and financially sound. Ed says a deal happens when two things come together. The asset has a problem the team understands and can fix. It also meets their set financial criteria.
- Florida for growth, DC still owned. Ed cites demographics, tourism, weather and business climate as reasons he likes South Florida. The family still owns and operates in the DC, Maryland and Virginia area.
- Build a team with broad expertise. Ed advises family offices to learn financing, appraisal, valuation, operations and management, and how they fit together. Many in his industry come from one or two areas. He suggests bringing in people who give a 10,000 foot view.
In their words
"We operate as a single family office, which is great for a number of reasons, not the least of which is we don't always have to have a mandate per se."
"We self manage everything in our portfolio, both on the multifamily side and the retail side, but mostly commercial real estate ownership and operation."
"Even before coronavirus we were defensive in our orientation, but even more so now."
Key facts
- Ed's single family office owns and operates in seven states across the east coast of the US.
- The office sorts targets into three buckets, including an opportunistic fund for broken development projects.
- Ed cites demographics, tourism, weather and business climate as reasons for favoring South Florida.
Sources
From Richard C. Wilson's Centimillionaire Strategies YouTube channel: Retail & Apartment Building Investor Mandate Interview. Quotes come from the video captions, lightly edited for readability. Figures are the speakers' own estimates and experience.
General education only. Not legal, tax or investment advice.
Talk to a securities attorney to explore options around family office structuring, multistate property ownership and state tax considerations. Do not use AI to write your own legal agreements.
Related questions
- How do I close a funding round?I close a funding round by focusing on investors who fit the opportunity and moving each interested prospect through clear, consistent follow-up.
- What documents do investors request during due diligence?Prepare a clear, organized package covering your operations, investments, compensation, team, and track record.
- How do I raise capital for my business?I raise capital by building a repeatable system for attracting the right investors, establishing credibility, and developing relationships before asking for money.
Questions about this video
What type of investor is Ed?
Ed operates a single family office based in Fort Lauderdale. It owns and operates commercial real estate in seven states on the east coast of the US.
What deals does Ed look for?
He looks for development projects that are broken but fixable, and for multifamily and single tenant retail with something small broken. The deal must also meet the office's set financial criteria.
How should someone contact Ed?
Ed says email through the Family Office Club is best. His office keeps a very low profile and looks at a lot of deals.
Put this into practice with the family office fit check. See all investor mandates resources.
