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Briar Court Transaction Key Takeaways
September 22, 2022
A few weeks ago, we closed on Briar Court, a 201-unit apartment community in Houston, which is our fifth acquisition of the year, nearly putting us at $200MM in capitalized acquisition value for 2022. Our goal is to acquire $350MM in multifamily assets in 2023 (barring market conditions as a goal like this can’t be forced).
One of the keys to scaling up acquisitions is the ability to manage multiple transactions at once. In order to do this, our team needs to refine our processes as well as do a better job of keeping track of everything through project/task management software. As our team grows in numbers and responsibility, we have to be even more organized and communicate better as a team.
Another new skill that I’ve personally improved upon over the last year or so is the ability to pitch and discuss multiple deals at a time. In simpler times, we only would have one deal going on at a time so it was easy to remember all of the details and give a good presentation. However, when there are multiple deals happening at once, you can become victim to “deal merge”, or as Kent likes to say, “mixing up my deals”. Deal merge is the potential to incorrectly remember information about a deal because the information actually was regarding another deal. In any case, once we started working on multiple deals at once, I quickly improved my ability to remember details and business plans and avoid deal merges. As we continue to grow, I’m sure we will bump into new challenges and find new ways to grow.