JF 3890: Multifamily Development, Steel Construction, and DFW Market Trends ft. Phillips Wagner

The Best Ever CRE Show

Best Ever CRE

Realestatepodcast, Entrepreneurship, Business, Realestate, Investing, Realestateinvesting, Realestateinvestingpodcast

4.8 • 983 Ratings

🗓️ 29 April 2025

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

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Summary

On this episode of Best Ever CRE, Joe Cornwell interviews Phillips Wagner of Mill Street Partners. They dive into how Phillips is making ground-up multifamily and industrial development deals work in today’s challenging market, including creative land entitlement, vertical integration to control construction costs, and the use of steel framing to save on insurance and build times. They also discuss the importance of municipal incentives, the long-term outlook for DFW development, and advice for new developers looking to avoid common pitfalls. Phillips Wagner COO and Partner Say hi to them at https://millstreetpartnersllc.com/ vikingcapllc.com Join the Best Ever Community The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It’s free to join, but you must apply and meet the criteria. Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at www.bestevercommunity.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	All right, best ever listeners. Welcome to the best ever CRE podcast. And today we are live at the best ever conference, 2025. Today I am here with Phillips Wagner, Mill Street Partners. And we are going to talk about some development deals. That's who I've been looking for. I've been running around like a madman trying to find the right people to bring to the best ever podcast. As you guys have probably noticed, I have focused on the construction
0:25.1	development side recently. And so, Phillips, how are you today? Doing great. Glad to be here. Thanks for
0:30.7	the opportunity. How has your best ever conference been so far? You know, it's really good. This is the
0:34.8	first conference for me here at the best ever.
0:38.0	And so a lot of good insight and meeting some great new folks.
0:43.0	Well, since it's your first time on the show, tell us a little bit about yourself.
0:46.2	What's your background? What is your business? And how'd you get into real estate?
0:49.4	Sure. Yeah. So my name is Phillips Wagner. I'm the CEO at Mill Street Partners.
0:53.9	We're real estate investment
0:55.1	firm focusing on ground-up multifamily and industrial properties primarily in North Texas. So we're
1:01.4	based in Dallas. I started my career in investment sales, selling apartments all throughout Texas,
1:08.1	mostly Class A merchant built, new construction type stuff, and started that
1:12.8	in 2011. So really got a nice upswing of that cycle and seeing a lot of deal flow and underwriting
1:19.1	and the full life cycle of a deal. After that, I switched over and did some asset management
1:25.9	for a subsidiary of a Canadian reet. And so my portfolio
1:28.6	was primarily on the East Coast, North Carolina and Florida. We had about 7,000 units there. So
1:34.3	seeing everything, again, on the full life cycle of a deal, understanding the capital improvement
1:39.4	side of things, meeting budgets, you know, sending that up to the reed level. And then we started
1:43.9	this venture back in 21, just to really, again, go chase ground-up deals.
1:49.0	And so we've completed one industrial tilt wall deal as a group.
1:53.0	All the partners have extensive background and multifamily and industrial, but we're a vertically integrated shop.
1:58.0	So we do the entire stack.
	...

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