These are primarily found in cities with a metro population >1M.Pro-business environment: Many cities treat employers as adversaries through restrictive policies.

We are also seeing an increase due to the lower interest rate debt out there in a higher interest rate environment. 

BAM is a conservative operator and understanding of our current economic environment. 

Its still uncertain as to how well BAM will handle the current environment with higher interest rates and slowdown in rent growth. 

This is not normal in a rising interest rate environment. 

But if you can find an investment that pushes out beyond the next 2 or 3 years into a  “different” financial environment you might have a better risk reward return. 

Makes sense in this higher rate environment.  

In todays environment some syndicators might be pushing out into more B- to C areas to find properties in overheated markets so the risk/reward ratio might not be as good as in the past.Not talking about Brian's deals just in generalities.  

2) I would buy in this environment, but be absolutely more cautious.

The downer is that financing through an LLC would mean “commercial loan” which has a high interest rate of nearly 9% in today’s high rate environment.