Initiatives for 2023
Our primary goal is to acquire $350M of multifamily in Texas.
In last month’s newsletter, we shared the Lone Star Capital 2022 Annual Letter. The first month of 2023 has come and gone and I already feel behind on 2023 goals. Our primary goal is to acquire $350M of multifamily in Texas with an expanding focus on Dallas-Fort Worth. We currently have our first deal under contract in Dallas and we plan to build on that momentum with a total of $100M in DFW for the year.
With our expanding presence in Dallas, we plan to hire a full-time regional manager dedicated to DFW in Q2. Excitingly, Lone Star also plans to add another team member in our NYC office this year. We are looking to hire an Asset Management Analyst who will work closely with Josh Hoffman, our Asset Manager, as well as the management team in Texas. If you or someone you know is looking for a long-term CRE career with Lone Star in NYC, please reach out to Josh (josh@lscre.com). For this position, we are primarily targeting current college seniors or recent grads as this is an entry level position.
Adding more firepower on the asset management side is critical as we grow our portfolio and ensure that Josh and Kent have the support they need to continue to execute our business plans as well as innovate our processes and launch new initiatives.
Depending on market conditions, we may be able to keep ourselves very busy on the acquisition side this year. In the event things are slower for us, we will commit resources to our first land acquisition in hopes of launching our first development. Development will become a major strategy for us, so it is only a matter of time before we make it happen.
We are currently keeping our pipeline full with property tax abatement opportunities in Houston. We are finding great success in this affordable housing niche as the risk / return profile is extremely attractive and allows us to make a positive impact in Houston, which, like the rest of the US, is suffering from an affordable housing crisis.
On the marketing side, we are going to launch the Lone Star Capital Podcast, which will be an opportunity for you to get to know our entire team better in a more casual setting as we discuss market-wide and company-specific topics recorded right in our new office.
We will also be bringing back our LSC Summit in NYC this year for third time on October 15-17. The LSC Summit has been a productive and rewarding event for all parties involved and we are looking forward to making it bigger and better this year (while still keeping it intimate). We are hosting the event on the 64th floor of the One World Trade Center and the VIP pre-party will be at our office just a few floors below. 😉
Personally, I’ve implemented a new initiative this year in which I leave my phone in the kitchen at night so I’m able to read before bed without distractions and get more/better quality sleep. In the morning, I’m requiring myself to go through my morning routine and meditate prior to picking up my phone.