Family Offices investing in Multifamily Real Estate?

[Arturo Borges]

Is it common to see FOs investing in apartment buildings as part of their portfolio?

[Brian Burke]

Some family offices are sophisticated real estate operators themselves and they have an entire staff in-house sourcing acquisitions and running point on operations and dispositions.  And some have no real estate exposure whatsoever and aren't set up for direct ownership of real estate (and have no desire to do so).  Those groups tend to favor the passive option and invest in offerings with established operators.

This would look just like a syndication, but the family office is either the only investor, a majority investor, or, in some cases, could be a minority investor just like any other investor. We've had family offices invest in our offerings with as little as a small slice all the way up to the entire offering.