How Berkadia Stacks Up in the BTR World

Shelly Chen
Dean Wehrli

Shelly Chen

Dean Wehrli

April 8, 2022

A Black Friday level of frenzy is currently taking place in the world of BTR financing. Listen in on the third episode of our three-part series on build-to-rent (BTR) where Joel Kirstein, Managing Director at Berkadia, breaks down the capital world’s obsession with the BTR space. Keep reading below for some of the episode’s key highlights.

Featured guest

Joel Kirstein, Managing Director, Berkadia

BTR Concerns

  • Land and entitlement risk is Joel’s number one concern because it’s the critical choke point in the BTR development process.
  • Labor shortages are another concern. Almost every contractor is having a terrible time hiring skilled labor.

Oversupplied? Not yet.

  • Currently, the only thing oversupplied is capital interested in BTR. There aren’t enough deals to go around, and we’re nowhere near oversupplying BTR housing.
  • Long entitlement periods play a major role in preventing BTR oversupply.

A peak into the future

  • More conservative capital sources are starting to step into the BTR space.
  • Currently, BTR data is very fragmented. Aggregation of BTR data will be a game changer.
  • Mergers & Acquisitions and institutional owner market share growth are inevitable.

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About The Author

Shelly Chen
Shelly Chen
Research Analyst II, For-Sale
Shelly is responsible for working on various research projects as it relates to residential for-sale, including supporting our Burns Home Builder Analysis and Forecast report.
Dean Wehrli
Dean Wehrli
Dean helps housing sector clients figure out not just what might work and what might not, but why.

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