News
ALL IN THE TIMING
August 11, 2011
| Three years ago Tim Hose started to see great multifamily opportunities, but it was hard to convince investors, who kept thinking prices would go ever lower. But as CEO of First Landmark and Guardian Management, who?d seen plenty of cycles over his 28 years with the firm, Tim eventually convinced them prices were as good as they were going to get. Now they're back in action. |
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| Snapped in his Mockingbird Lane office this week, Tim was fresh from closing a $25 million acquisition of Park at Clearwater, near Pinehurst, financed with Freddie Mac debt. It's an old specialty for Tim, an Ohio native who came to Charlotte via Davidson College and business school at Chapel Hill, who lived through RTC days as his firm shifted from office to multifamily, building up 15 communities and 3,000 units, then selling a couple years before the recession at impressive profits. |
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| He's also recently picked up 304 units in Greensboro from a Memphis-based REIT, to which he's adding new roofs and siding, a fitness center, renovated interiors, and even the new name above. He has another property under agreement in the eastern part of Carolina. Of course First Landmark is best known for its 353 units at one of the most visible sites in the city, The Colony. They draw on NY and other institutional investors for equity, plus diversify with fee management work for an owner out of Denver. While he admits it's hard to compete with no-contingency REIT purchasers, he says the game plan is simple: go after A-minus and B-plus properties for classic value add or in-place cash flow. Oh, and grow rent and keep units full. |
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| As for his personal formula, there's golf at Quail Hollow and frequent international jaunts with wife Lisa, here together at the Cape of Good Hope in South Africa, but recently also in Spain, Bali, and Bangkok. |
