Where do REITS/Equities Firms raise their money? $5-50mm value add multifamily projects
Those who work at a mid-market REIT/Equities Firm, how do you raise and from who are the primary sources of capital? For this example, let's say $5-$50m value-add multifamily projects? If you were to start your own firm next week, where would you go raise financing?
[{"id": "ffp77fj", "text": "I work for an LP, most of our investors are institutional (pensions, endowments, etc.).", "replies": [{"id": "ffpbfvo", "text": "Is the a public LP? Curious if all it takes is some phone calls and a very well put together OM to get them interested", "replies": [{"id": "ffpylbe", "text": "I don\u2019t know mid- market, but reputation, and an excellent investment memo will get you far.\n\nYour memo should cover all aspects of underwriting from comp analysis, trended cash flows, show all assumptions for your model, and clearly show all return measures - especially YOC, COC, and several different IRRs. Many other things too, but that gets you started.\n\nLots of institutional capital out there.", "replies": [], "depth": 3}, {"id": "ffq86n5", "text": "We are not public, our funds are close ended if that\u2019s what you mean.\n\nI don\u2019t work on the fundraising side, but It has taken 5+ years of building relationships and traveling across the world to build our investor base. It\u2019s not something that happens over night.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ffp9p89", "text": "Following", "replies": [{"id": "ffp9qjj", "text": "?", "replies": [], "depth": 2}], "depth": 1}, {"id": "ffpavu2", "text": "Public REITs raise their equity in an IPO.  They then have secondary offerings for additional IPOs.  They use secured and unsecured debt.  They sometimes partner with other companies for specific projects.", "replies": [], "depth": 1}]