Is the current residential real estate market bubble about to burst?
Is the commercial real estate market poised to rebound in a post-COVID world?
Is now the time for the casual investor or asset builder to take a leap of faith into the market?
It is hard to imagine a more variable time in the real estate industry. Low housing inventory and low interest rates have made this a red-hot seller’s market. Many are wondering if we are in the midst of a bubble, and when it will burst. At the same time, in many cities office space and hotels are experiencing record low occupancy, and many small businesses have closed due to the pandemic, causing a glut in the commercial real estate sector.
Andrew Joblon '02 Founder & Managing Principal, Turnbridge Equities
Andrew is the founder and managing principal of Turnbridge Equities, a privately-held vertically-integrated real estate investment and development firm with offices in Austin, Texas, Bethesda, Maryland, Long Beach, California, and New York, New York. He is responsible for the overall operations and management of Turnbridge, as well as overseeing the origination, structuring, and asset management of all the firm’s investment activities. Andrew has grown Turnbridge to an SEC-registered investment vehicle with over $2.1 billion of assets under ownership. Turnbridge is extremely active in the industrial sector with a last mile industrial portfolio of over 7.5 million square feet. Turnbridge made national headlines in 2020 when Epic Games (Fortnite) purchased a distressed mall in Cary, North Carolina for $95 million, acquired by Turnbridge 19 months prior, as the future home for its global headquarters.
Prior to founding Turnbridge in 2014, Andrew was a senior vice president at Fisher Brothers, a multi-faceted, fully integrated development, construction, property, and asset management company headquartered in New York City with holdings in excess of 8 million square feet. Andrew was actively involved in all areas of the firm’s acquisition, financing, and new development activities. His primary responsibilities included sourcing, structuring, capitalizing, and strategizing the firm’s real estate projects in the United States. Prior to joining Fisher Brothers in 2006, Andrew was a financial analyst in the Structured Finance Group at CWCapital, a vertically integrated commercial real estate finance and investment management company with a focus on commercial and multifamily real estate debt. Andrew holds a BBA with a concentration in finance from the School of Business at The George Washington University.
Matthew Joblon '99 Founding Partner and Chief Executive Officer, BMC Investments
Matt is a founding partner and serves as chief executive officer for BMC Investments, a real estate investment company, based in Denver, Colorado, specializing in the development, acquisition, and redevelopment of properties across various asset types throughout the United States. Since 2010, BMC has acquired and managed over 9,000 multifamily units in metro Denver comprising an asset value just over $1.5 billion. In that same time span, the company has developed or is in the process of developing over $1 billion in projects in Cherry Creek, Fitzsimmons Medical Campus, Boulder, and the suburbs of Denver. Some of the projects include market leaders such as the St. Paul Collection luxury apartments and the Halcyon Hotel. Through those projects, the company has been instrumental in bringing world-class retail and restaurant concepts to Cherry Creek including Matsuhisa, Quality Italian, Le Bilboquet, SoulCycle, CB2, Sweetgreen, and Amazon Books. BMC Investments currently holds the Denver sales price records for all three asset classes: Steele Creek ($142 million) at $650,000 per unit, Halcyon Hotel ($95 million) at $616,000 per key, and Financial House Office Building ($55 million) at $751 per square foot. The company has over 250 employees and is growing rapidly. In addition, BMC has another $500 million in development projects in the pipeline in Cherry Creek, Boulder, and the Fitzsimmons Medical Campus, and is in the process of sourcing thousands of multifamily units outside of Denver.
Matt received a BBA in entrepreneurship and real estate finance from Babson College and is on the Board of the Blue Sky Fund, the Cherry Creek North Business Improvement District, and The Cherry Creek Area Business Alliance.