LOS ANGELES— During a recent panel discussion featuring institutional investors at the GlobeSt. Multifamily Fall Conference here last week, the conversation turned to their current investment strategies. Robin Potts, a partner and the Chief Investment Officer at Canyon Partners Real Estate LLC, revealed that her company has been quite active in the debt market lately. In contrast, their involvement on the equity side has been minimal this year, aligning with broader industry trends. She explained, "We've observed banks reducing their leverage levels by anywhere from 15% to 25%, a significant shift. Consequently, we are focusing more on debt-related opportunities."
The conversation also moved into what some of the challenges facing the office sector are today and the potential repercussions for the broader market and multifamily investments. Stanley Iezman, Chairman and CEO of American Realty Advisors, expressed deep concern, labeling the situation as an existential risk within the marketplace.
Iezman anticipated widespread devaluation of office properties, primarily due to a looming wave of property maturities. He also emphasized that investor uncertainty is currently the most substantial threat to the market, stating, "Investors are likely to prioritize safe, high-yield treasury investments over real estate. Our industry relies heavily on institutional capital, and I'm apprehensive that debt will take precedence over equity for a significant period."
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Potts agreed, emphasizing that the hidden anxieties and uncertainties among investors pose a substantial risk to the market: "The hesitancy and 'wait-and-see' approach are the most prominent challenges at present."
When asked about the factors that inspire hope among the panelists, Potts highlighted the presence of capital seeking opportunities in multifamily, but she stressed the necessity for increased market certainty. She added, "Capital will return when there's more stability."
Hailey Ghalib, Executive Managing Director and Head of Housing Investment and Development at Affinius Capital, added a positive perspective by noting that shelter remains a fundamental human need. She pointed out that many markets are grappling with housing undersupply, which could benefit the multifamily sector as a whole.
Iezman echoed this sentiment, underlining the importance of finding effective ways to provide affordable housing to meet the ever-growing demand.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
