Rand Development

Jake & Gino: Real Estate Investing & Multifamily

Jake & Gino

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4.9 • 842 Ratings

🗓️ 1 October 2021

⏱️ 4 minutes

🔗️ Recording | iTunes | RSS

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Summary

Mike Taravella is excited to announce that the Rand Fam has now the ability to develop in Tennessee! We are excited to develop to help tackle the affordability crisis and help attract A talent and continue to develop more talent. If you have questions please reach out to miket@randcre.com

Transcript

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0:00.0	Welcome to the RAND CRA show, commercial real estate with no stone left unturned.
0:10.0	Hey, everyone. Welcome to the RANDCRE show. I'm your host, Mike Tarvella. And today, I just wanted to give you a quick update on the RAND partner side and the RAND team's discovery. As we continue to
0:22.7	dig into 2021, we have purchased 85 units in the Marival area and we're continuing to look to grow.
0:32.2	As of now, it's the end of September, end of Q3. We've called over 200 plus brokers, submitted over 30 offers, and have really just dove
0:42.1	into this quarter on the acquisition side.
0:45.6	I haven't had any under contract, but the thing that I'm more excited about is that our
0:51.6	team has just got its ability to develop. We have a head of CAPEX
0:57.8	has passed his general contractor's license. The state of Tennessee has gotten our plans to be able to
1:05.7	develop. And so we're just super excited about this because we think this is the next evolution for
1:12.5	RAND. Firstly, we wanted the, this will help our team be our property management team grow even
1:18.9	more because it allows growth opportunities internally, but also more importantly,
1:23.4	it'll allow our team to continue to expand with new skill sets, which will help our team grow.
1:29.4	On the acquisition side, this allows us to have a lot more capabilities to develop, fix
1:34.8	current acquisitions, but also build new ones. So it does just allow to strength,
1:40.1	have much more skilled operators moving forward. And number three, I think a very critical piece that we feel that it'll allow us an acquisition
1:49.0	size to focus on multifamily acquisitions, but also land developments.
1:54.0	So this allows us to, we're super granular going into Q4 and beyond to really understand what we're looking to build. We have our
2:02.7	architectural plans. We're really just focusing in on a particular asset type. And as we continue
2:08.4	to grow and scale and understand what development looks like, we're excited to venture out into
2:14.9	other types of development in the multifamily space. But we just know that
2:19.3	multifamily continues to be the solution for affordable housing. And so we're looking to not necessarily
2:26.3	develop LI-tech, still market rate apartments, but not be beyond Class A build that we've seen a lot of.
	...

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