Active Private Equity Real Estate Strategy

by Lynn, David J.

• ISBN13: 9780470485026
• ISBN10: 0470485027
• Edition: 1st
• Format: Hardcover
• Copyright: 2009-08-10
• Publisher: Wiley

Summary

This book has two parts. Part I provides an overall context discussion of real estate markets, forecasts and recent trends. This section presents ING Clarion's view on the national and major urban area markets as well as their analysis of each real estate property type (sector). It illustrates techniques of market analysis and forecasting which set the stage for detailed strategy development later on. Given the highly dynamic period during which these chapters were written, the analysis includes a simulation of the economy in recession and the expected effects on the commercial real estate industry. Part II of the book presents specific active strategies in private equity real estate investing around the U.S. Each of these studies was developed to identify and analyze real investment opportunities. They focus on multifamily, hotel, land, and industrial investment, along with three niche plays: derivatives, seniors housing and infrastructure. Dr. Lynn also includes an example of portfolio analysis and recommendations using ING Clarion's forecasts and Modern Portfolio Theory.

Author Biography

David J. Lynn, PhD, is Managing Director and Head of ING Clarion Partners¿ Research & Investment Strategy Group. He is also a member of the Investment Committee as well as the Operating Committee of ING Clarion Partners. Lynn is a Counselor of Real Estate (CRE), a Certified Portfolio and Investment Manager (CPIM), a Chartered Management Analyst (CMA), a Certified Planner (AICP), and a Homer Hoyt Fellow. Lynn earned his PhD in financial economics from the London School of Economics where he also earned a master of science degree specializing in finance. He also earned an MBA from the Sloan School of Business, Massachusetts Institute of Technology.

Tim Wang, PhD, is Head of Macroeconomic Analysis and Strategy at ING Clarion. He has an MBA from New York University and a PhD from the University of Georgia.

Matson Holbrook is a former senior associate at ING Clarion. He holds an MS in real estate from New York University and a BS in cartography and geographic information systems (GIS) from the University of Wisconsin.

Bohdy Hedgcock is an Associate at ING Clarion. He holds a master¿s in urban planning from the University of Colorado.

Jeff Organisciak is a Senior Analyst at ING Clarion. He graduated from the University of Pennsylvania with a BA in economics and political science.

Alison Sauer is an Analyst at ING Clarion. She is a graduate of Tufts University where she earned a BS in mathematics.

Yusheng Hao is an Analyst at ING Clarion. He holds an MS in financial engineering from Baruch College, CUNY.

Table of Contents

Preface

Acknowledgments

About the Authors

Market Analysis and Forecasts

Overview of the U.S. Real Estate Market

Forecasting the U.S. Market

Recession Simulation and its Effects on Real Estate

Subprime Fallout: The Impact on Commercial Real Estate

Capital Markets: Dramatic Shifts and Opportunities

The Bid-Ask Problem and Game Theory

Active Strategies

Residential Land Investment

The U.S. Hotel Market and Strategy

Global Gateway Industrial Market Investment

The Opportunity in Senior Housing

Active Portfolio Management Using Modern Portfolio Theory

Derivatives in Private Equity Real Estate

Opportunities in Infrastructure Investment

Appendices

References

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