Active Private Equity Real Estate Strategy
The subprime fallout and credit crisis have triggered a major transition in U.S. real estate. With tightened lending and underwriting standards, speculative investments and construction projects are likely to be limited, resulting in constrained supply and healthier fundamentals over the long term. Looking forward, market participants anticipate that the coming years will be fraught with challenges as well as opportunities.\ Active Private Equity Real Estate Strategy is a collection of...
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With the dramatic downturn in today's U.S. real estate market, individual and institutional real estate investors need a resource for meeting the challenges that lie ahead and seizing opportunities as they arise. Written by David Lynn with expert contributions from ING Clarion colleagues Tim Wang, Matson Holbrook, Bohdy Hedgcock, Jeff Organisciak, Alison Sauer, and Yusheng Hao, Active Private Equity Real Estate Strategy offers a collection of abridged market analyses, forecasts, and strategy papers developed in 2007 and 2008 from the ING Clarion Partners Research & Investment Strategy (RIS) Group. This practical resource is divided into two comprehensive parts. Part One offers an overview of real estate markets, forecasts, and trends. Here you will find a summary of the national and major urban area markets and an analysis of each of the major real estate property types. In addition, this section contains illustrative examples of market analysis and forecasting that may set the stage for more detailed strategy development later on. The analysis also includes an early simulation of the potential effects of a recession on the commercial real estate industry. Part Two presents examples of specific active strategies in private equity real estate investing. Each of these studies was developed to illustrate how an institutional investment manager may identify and analyze real estate investment opportunities under certain market conditions. The studies highlight key areas including multifamily, hotel, land, and industrial investment, and three niche plays: derivatives, senior housing, and infrastructure. The book also includes an example of the application of Modern Portfolio Theory to a hypothetical core real estate portfolio. Active Private Equity Real Estate Strategy is an informative guide to the development of private equity investment strategies.
Preface. Acknowledgments. About the Authors. Part I: Market Analysis and Forecasts. Chapter 1: Overview of the U.S. Real Estate Market (Tim Wang and David Lynn). Chapter 2: Forecasting the U.S. Market (David Lynn). Chapter 3: Recession Simulation and its Effects on Real Estate (Tim Wang, Alison Sauer, David Lynn). Chapter 4: Subprime Fallout: The Impact on Commercial Real Estate (Tim Wang and David Lynn). Chapter 5: Capital Markets: Dramatic Shifts and Opportunities (David Lynn and Tim Wang). Chapter 6: The Bid-Ask Problem and Game Theory (Jeff Organisciak, Tim Wang, David Lynn). Part II: Active Strategies. Chapter 7: Residential Land Investment (Bohdy Hedgcock and David Lynn). Chapter 8: The U.S. Hotel Market and Strategy (Tim Wang, Matson Holbrook, David Lynn). Chapter 9: Global Gateway Industrial Market Investment (Bohdy Hedgcock and David Lynn). Chapter 10: The Opportunity in Senior Housing (Tim Wang and David Lynn). Chapter 11: Active Portfolio Management Using Modern Portfolio Theory (David Lynn and Yusheng Hao). Chapter 12: Derivatives in Private Equity Real Estate (Jeff Organisciak, Tim Wang, David Lynn). Chapter 13: Opportunities in Infrastructure Investment (David Lynn and Matson Holbrook). Appendices. References.
