News
MULTIFAMILY INVESTOR BUYING SPREE
January 26, 2012
| Take a big part multifamily. Add in a dose of mobile home parks. Sprinkle with some for-rent housing. And what do you get? Cocke Finkelstein, that's what. (Throw in some grenadine and its called a Cocke Finkelstein Shirley Temple.) | ||
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| This morning, we sat down for a wide-ranging interview with Cocke Finkelstein's execs, including CFO Todd McKissick. The investment firm has exploded in size in only a matter of months as it has aggressively purchased various housing and multifamily projects across the country. Most recently, the company hired former Lane Co exec Dan Haefner, former Greystar exec Brooks Castellaw and former Trimont Real Estate exec Tim Solomon. | ||
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| Todd says the company is still on its buying spree, where it's expected to close on a number of apartment complexes in Florida and a mobile home park. For its apartments, Todd says the company typically invests in established B and C product that's cash flowing. And through operational improvements and what Todd terms as a comprehensive social program platform that helps residents with job searches and even skills training and literacy, the company has been able to ?outperform our pro forma in every case.? That has less to do with raw rental growth and more to do with improving turnover (declined 10% on average), keeping properties filled, and (finally) seeing concessions burn off. | ||
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| We'll have more news from our interview next week. But we wanted to introduce you to another of Cocke Finkelstein's more famous execs. The company just hired former NFL pro and Atlanta Falcon Allen Rossum as a principal. Allen, who had to really twist our arm to buy a couple of boxes of Thin Mints from his daughter, has joined the company to help raise investment capital from his NFL sources. |
