Mega-Marriage of Convenience and Miami’s Abuelagate

This week, we discuss multifamily’s mega-marriage of convenience: After getting no love from the Street for being merely huge, multifamily REITs Equity Residential and AvalonBay are considering a merger. Will overuses the word “tectonic,” but it really does apply here, so we’re going to dive in as deep as we can. We then leave the public markets behind for a telenovela playing out at an old-school Miami real estate family: major developer Terra Group’s David Martin is being accused of playing the part of a Bollywood villain. This is the exact kinda story lineup we love here at The Promote - a lil’ meat, a lil’ masala. Plus, our Punch List rundown of the newsiest industry happenings: KKR's data-center play; Alan Stalcup's Starwood PGs; Newmark's earnings; Aby Rosen battles German lender at Soho hotel; Anthropic's NYC leasing tear.

Sponsors:

1) This episode is supported by Pensford, the only interest-rate advisory focused exclusively on CRE. With over 10,000 rate caps under its belt, Pensford is your go-to partner to navigate rates.
2) This episode is supported by Bravo Capital, a leading HUD and bridge lender. See how their precision underwriting means quicker approvals and higher proceeds for sponsors. And check out their must-read SNF primer here.
3) This episode is supported by Cohorts, your go-to peer group of GPs going through the same challenges as you. Check them out at joincohorts.com

4) This week's Punch List is brought to you by DealNav, a map-first CRM and deal-tracking tool built by acquisition fiends for acquisition fiends. Our listeners get 50% off their first year by going to deal-nav.com and using code “ThePromote” at checkout. 

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Further reading/listening:

Multi’s Marriage of Convenience
Am I Being Too Subtle?: Straight Talk From a Business Rebel
The Eccentric Genius of Trammell Crow
Multifamily on Hard Mode
Trammell Crow, Master Builder: The Story of America's Largest Real Estate Empire

Inside the Meruelo family schism
Sol Asylum