🔥 Retail is on fire. Here's why.

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Plus: John Casmon raises red flags and one investor turns a billionaire’s personal storage unit into a flex industrial home run. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

May 09, 2024 | Read Online

Together With

👋 Hello, Best Ever Community!

In this week’s newsletter, retail flips the script, John Casmon raises red flags, and one investor turns a billionaire’s personal storage unit into a flex industrial home run.

This week’s newsletter is brought to you by Viking Capital, a multifamily boutique with nimble investment sourcing, structuring, execution, and asset management capabilities. Learn more about Viking Capital here.

Let’s go!

_🗞_{NO-FLUFF NEWS}
CRE HEADLINES

😶‍🌫️ Looser Restrictions, Greener Pastures: The DOJ has recommended cannabis be reclassified as a lower-risk substance, which could loosen restrictions and bring big changes for cannabis-related real estate.

😥 Rates Squeeze CRE: Investors now think the SOFR will be 4.825% at the start of 2025 — suggesting only up to two small rate cuts this year, likely forcing property owners to rethink their options.

⚖️ Vacancy Stabilizes: For the first time since February 2022, the national average for apartment occupancy ticked up month-over-month, hitting 94.2% in April, 10 basis points above March’s reading.

🏨 Hotels on the Rebound: In the U.S., 25% of hotel investors surveyed plan a large spike in their buying intentions, and another quarter plan a small increase, which could lead to a major rebound from 2023.

🌱 Stunted Growth: U.S. effective asking multifamily rents fell 0.1% in the first quarter of 2024 compared to the last quarter of 2023, deviating from the pre-pandemic norm of a 0.6% increase.

_⭐️_{TOP STORY}
RETAIL IS ON FIRE. HERE’S WHY.

Photo: Shaffrey/Associated Press via Wall Street Journal

Remember when e-commerce was going to kill retail? Well, brick-and-mortar retailers have flipped the script, and online shopping has played a crucial role. According to GlobalData, nearly 42% of e-commerce orders in 2022 involved stores, up from 27% in 2015. Shoppers browse in-store before ordering online, pick up and return online purchases at stores, and retailers increasingly use shops as fulfillment hubs to ship online orders, confirming that the store is still the heart of retail.

🛍️ Retail Revival: Despite online sales rising from 6% in 2014 to 15.4% in 2022, retailers are set to open more stores than they close in 2024 for the third year in a row. Retail vacancy is around 4%, among the lowest in history, and investors are reaping the benefits. “We’ve never had a higher caliber of tenants knocking down our doors,” retail investor and Best Ever Show host Ash Patel said in a recent episode. “We’re getting flooded like we’ve never gotten flooded before with big national tenants wanting to sign 10- to 15-year leases. Retail is the healthiest it’s ever been in history. So we’re rockin’.”

💻 Click to Brick: Retailers have found that using stores for pickups and returns helps reduce costs associated with online orders. Even before the pandemic, big-box retailers started improving in-store fulfillment, recognizing higher return rates and lower profitability of online purchases. Now, Kohl's fulfills over a third of online orders in stores, Walmart more than half, and Target nearly all from its roughly 2,000 locations.

🚧 Omnichannel Obstacles: Despite the significant growth of e-commerce, the integration of online and physical shopping has its challenges. Returns of online purchases in-store can artificially lower sales, making it difficult for landlords to set rent rates or collect percentage-of-rent proceeds. Some retailers, particularly grocery stores with thin margins, struggle to make in-store pickup profitable due to labor and space requirements. Still, stores embracing change and creativity are thriving.

📝 Case Study: More national retailers are integrating digital and in-store experiences. Abercrombie & Fitch Co., which has invested heavily in this integration, designs stores for easy online order retrieval and has seen its business become 45% digital across its four brands. This has led to the closure of large stores in major cities and the opening of smaller-format stores in the same markets.

📣 “The use of stores as fulfillment centers is a long overdue positive development for the retail sector,” one commenter said. “Large retailers like Walmart have robust supply chains and massive amounts of inventory just sitting on shelves. By making that inventory available online, and then adding delivery, they can reach an enormous customer base that currently has few options beyond Amazon.”

_{💻 VIKING CAPITAL}
VILLAS AT SUNDANCE

Viking Capital presents Villas at Sundance, a 252-unit, first-generation multifamily asset built in 2012. This asset is located in New Braunfels, TX, in the Texas Innovation Corridor along Interstate 35 between Austin and San Antonio. New Braunfels is the “Third-Fastest Growing City in the Country,” with a population growth of nearly 40% in five years. The city’s growth is driven by new major employers, entertainment centers, and tourism.

This deal benefits from robust tenant demand due to population growth and a low-cost basis. With minimal new supply expected, Viking Capital secured this asset at a substantial discount, positioning this property as an exceptional investment opportunity.

Discover more about Villas at Sundance here.

_✍️_{BEST EVER BLOG}
FROM JOHN CASMON

Hiring a real estate coach can be a catalyst for growth, allowing you to curtail the mistakes and pitfalls that derail so many real estate dreams. However, hiring the wrong coach can set you back or even leave you in a worse spot than where you started.

Hiring the right real estate coach was pivotal in my growth, but there was a certain amount of luck involved in my process. If I were taking a more calculated approach, I would share these four signs to watch out for.

🗣 No Testimonials/References: The best way to anticipate what a coach can do for you is to learn what they have done for others. In any business references, referrals, and testimonials carry a lot of credibility. While each investor’s results may vary, we want to ensure that we are selecting a coach with a demonstrated ability to help us get to where we want to go.

😴 Not Currently Active: There’s an adage that skeptical real estate investors reference: “Those who can, do. Those who can’t, teach.” While there may be some truth to the statement, there are many reasons that “those who can” decide to teach. Yes, it’s for the additional money, but it could also be greater access to deals, capital, or even potential partnerships.

🧑‍🏫 Doesn’t Have a Coach: This may be a personal preference, but I believe it’s important for coaches to have coaches. There is an antiquated perception that your coach should be the know-it-all expert and therefore shouldn’t need a coach. However, the most successful people I know in any field have coaches and advisors that keep them sharp.

🤷 Not Your Vibe: This is definitely a personal preference. While your coach doesn’t need to be your new best friend, you should have some level of connection. Despite being “good people,” some folks are simply not your vibe. No matter how knowledgeable or effective they are, you just may not connect with them. It’s okay and completely normal.

👉 Discover more here.

_🏠_{DEAL BREAKDOWN}
BILLIONAIRE’S STORAGE ➡️ TO FLEX INDUSTRIAL WIN

Neil J. Timmins and team are turning a billionaire's personal storage unit into a flex industrial home run. Here's how they're doing it .👇

🏢 Property Details: Four free-standing industrial flex buildings at 3,000 square feet each purchased in July 2023 in Little Rock, AR. The property was purchased from a billionaire who bought the space to use as a personal storage unit while constructing her new home.

💸 Finances: The purchase price was $1.15 million with $430,000 in equity raised.

💵 Debt Structure: Five-year fixed at 6.875%, six months I/O, 75% LTV.

💼 Business Plan: Make heating and cooling unit repairs, conduct roof maintenance, make minor interior repairs, clean up, improve the landscaping, and install professional property management. Fill all four buildings over 12 months, placing tenants in three- to five-year leases at the market lease rate, and sell after three years.

🍾 Results: Three out of four buildings have been leased, six months ahead of projections. The lease rates are 13% over projections, and the three-year hold is now projected to be a two-year hold. The projected IRR is 31%. Projected LP returns include an 8% pref, 14.03% IRR, 6.86% cash-on-cash, and 1.45x equity multiple.

If you have a deal you'd like us to feature, share it with us!

_{🎓 EXPERT RESOURCES}
FREE DOCUMENT DOWNLOAD

Everything You Need to Know About the LLCs in an Apartment Syndication

Limited liability companies are an important part of apartment syndication. The information presented here will be invaluable to you from an educational standpoint, but you should always seek the professional advice of legal counsel before setting up LLCs for your syndications.

👉 Download now!

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🙏 Thanks for reading!

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Wishing you a Best Ever day!

—Joe Fairless

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800 Third Ave, Suite 2210
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<div style="display:none;max-height:0px;overflow:hidden;"> Plus: John Casmon raises red flags and one investor turns a billionaire’s personal storage unit into a flex industrial home run.  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ </div>
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<tr><td class="f" align="right" valign="top" style="padding:20px 15px;"><p> May 09, 2024   |   <a href="https://link.mail.beehiiv.com/ss/c/u001.e85hpirpAlBnbfdkVe17Ub2nHPg4rioeylsVR6NWDfqoiJvkBucB7fNu3JksJrFSMm6fUnKK8ySn3RayWEJge3xzaFgOtRsxDpuqfMCwMcdN642FO2amqCiD8M7ECDG3drw8RDpVpNcqoAlJim56UsB6OHh_nfVuqJptHjGFgILLaKFopL5XUNS6DjEHexYCL9_6TBmC0w0vwTzwT7ZXYaizDPf185kI8jCWECF2tSs3Ra0dCmENjxgFksvGFDWixKh-bLwtuRaCgA_zyqX8et5dH00DMs7rwr7Zl8ShRv_CZVSFpAnrSWk8wuM6zU2ancBWdo5PD02a5xujC-km8tKYxzRz8XSZnlIxbJk-iiVN6L4NReC2NPVAhA3v1MOIqVNYHYWmjM4F0jo3H7sJw5hPupKiQ0CwM4lZLNoOkfrykiGPZG99CT1_Y1EsEMVUMFEPvQDLk56aYarhIEETumxd3Ln7qtxPhqKTqoZWf59ig_ZJi_971D4jce7PtKaRwMKp25dJrtm_dnsLaJR2w4aQTSr7MHJ9IaFUpZT70hgsteoFkhuAY-Y3vOU36md3unwXtcbgK9zQKKQKGrsDvaOLXG4-LzAe_BSIngHaG3RPPgHumEHTA6umDM-iJhBz/467/ELnzuEVHR7SSbIo0vKqdyQ/h0/h001.FhaEg0RHp2IycTfPJR5gbecyzQeC0fCMqxdPIfn4hLc">Read Online</a></p></td></tr>
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<tr><td class="dd" align="left" style="padding:0px 15px;text-align:left;word-break:break-word;"><p> 👋<span style="font-family:Helvetica,sans-serif;"> Hello, Best Ever Community!</span></p></td></tr>
<tr><td class="dd" align="left" style="padding:0px 15px;text-align:left;word-break:break-word;"><p><span style="font-family:Helvetica,sans-serif;"><b>In this week’s newsletter,</b></span><span style="font-family:Helvetica,sans-serif;"> retail flips the script, John Casmon raises red flags, and one investor turns a billionaire’s personal storage unit into a flex industrial home run.</span></p></td></tr>
<tr><td class="dd" align="left" style="padding:0px 15px;text-align:left;word-break:break-word;"><p><span style="color:rgb(45, 45, 45);font-family:Helvetica,sans-serif;font-size:16px;"><b>This week’s newsletter</b></span><span style="color:rgb(45, 45, 45);font-family:Helvetica,sans-serif;font-size:16px;"> is brought to you by Viking Capital, </span><span style="color:rgb(34, 34, 34);font-family:Helvetica,sans-serif;font-size:16px;">a multifamily boutique with nimble investment sourcing, structuring, execution, and asset management capabilities.</span><span style="color:rgb(45, 45, 45);font-family:Helvetica,sans-serif;font-size:16px;"> </span><span style="font-family:Helvetica,sans-serif;"><span style="text-decoration:underline;"><a class="link" href="https://link.mail.beehiiv.com/ss/c/u001.W2NPfO271WwcDRfNTsB0X5-huAmP3SWv6DQF_hxQqxT3IYpo5WgTJoh6jz2jce8L8NXLlYH5lkRy3sa9531t9YiuFcZ7fpH9RiO8CE0u6GSVEDm3JKOZCs9-O3a0ygckBeQHrXcRqm1JT6k5he4BkBs-LUCVBRi24l4-E2NFFgkC81tE2F6zcUs5yM-acJGs/467/ELnzuEVHR7SSbIo0vKqdyQ/h6/h001.hc_RBeNVzbLVtKNh84Ew5thvxlEZcDVy3JqFBDyF1_A" target="_blank" rel="noopener noreferrer nofollow"><span>Learn more about Viking Capital here.</span></a></span></span></p></td></tr>
<tr><td class="dd" align="start" style="padding:0px 15px;text-align:start;word-break:break-word;"><p><span style="color:rgb(0, 0, 0);font-family:Helvetica,sans-serif;"><i>Let’s go!</i></span></p></td></tr>
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<tr><td class="dd" align="left" valign="top" style="padding:0px 15px;text-align:left;"><h3>
<span style="color:rgb(38, 124, 191);font-family:Helvetica,sans-serif;"><sub><b>🗞</b></sub></span><span style="color:rgb(38, 124, 191);font-family:Helvetica,sans-serif;"><sub> </sub></span><span style="color:rgb(138, 24, 27);font-family:Helvetica,sans-serif;"><sub><b>NO-FLUFF NEWS</b></sub></span><br><span style="color:rgb(38, 124, 191);font-family:Helvetica,sans-serif;"><b>CRE HEADLINES</b></span>
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<tr><td class="dd" align="left" style="padding:0px 15px;text-align:left;word-break:break-word;"><p><span style="font-family:Helvetica,sans-serif;">😶‍🌫️</span><span style="font-family:Helvetica,sans-serif;"><b> </b></span><span style="font-family:Helvetica,sans-serif;"><a class="link" href="https://link.mail.beehiiv.com/ss/c/u001.vH1a0VREQ5-BMw1ftDUSvA4mgqwS7Ers8jauQz20vu6BA_Ktzn77RIy4GbHuelbRYmrhM68GIYZe1VAz7Jx_yscFdc2-ULgVDbGknEtmMiFFD2z-4rIuxVDpQIQRLOif51s3rfiFSH0_lAFvHtVpjG12FY574sWXkBAU80SO8kPjGXF2x7YD2cw_89Dd6gXfff64QIcnxrwguA_ikDXdQyzHBSBMExUV9rPhJaSx0XR2krzkLShQH4JboTmWUxy7d62zccBvOgn5TGNTO9PpcA/467/ELnzuEVHR7SSbIo0vKqdyQ/h7/h001._YW7KkigQjsJ7QFFg4IjMJuvLmKIinuQa8mP4GJDd3Q" target="_blank" rel="noopener noreferrer nofollow"><span><b>Looser Restrictions, Greener Pastures:</b></span></a></span><span style="font-family:Helvetica,sans-serif;"><b> </b></span><span style="font-family:Helvetica,sans-serif;">The DOJ has recommended cannabis be reclassified as a lower-risk substance, which could loosen restrictions and bring big changes for cannabis-related real estate.</span></p></td></tr>
<tr><td class="dd" align="left" style="padding:0px 15px;text-align:left;word-break:break-word;"><p> 😥<span style="font-family:Helvetica,sans-serif;"><b> </b></span><span style="font-family:Helvetica,sans-serif;"><a class="link" href="https://link.mail.beehiiv.com/ss/c/u001.EHbrY5U_ulvMt5ums6aT2v8Wd4Np94Y2JD612st1dPFs1HLfFVvqyClV5t590VH4BD5uEO77d5OpJDHFYLSnFdbfhPyj85OWqmmWEBw3rzH3_bHvKm_notUssVmu4Cjunr_36oLRxB7WbgR-eeyC740apGz84TDTO45nbU9lB0tqDTyi4qSjnGPm203kD-ib9yYFe8a5-WqU5MnCE-r0iLZIG4KBFxEyBgFSX2_rNz-oo_EvlvHfqhRtxNjrzgYfWrwlbUR8D_V1sXXb1CZ0WFBMkzsfQ0v2DcSUIzHuRIc/467/ELnzuEVHR7SSbIo0vKqdyQ/h8/h001.A5uiWX1aX4GT2hjPSqOqZrbDBBOVV_lK6bLtp9YA01o" target="_blank" rel="noopener noreferrer nofollow"><span><b>Rates Squeeze CRE:</b></span></a></span><span style="font-family:Helvetica,sans-serif;"><b> </b></span><span style="font-family:Helvetica,sans-serif;">Investors now think the SOFR will be 4.825% at the start of 2025 — suggesting only up to two small rate cuts this year, likely forcing property owners to rethink their options.</span></p></td></tr>
<tr><td class="dd" align="left" style="padding:0px 15px;text-align:left;word-break:break-word;"><p><span style="font-family:Helvetica,sans-serif;">⚖️ </span><span style="font-family:Helvetica,sans-serif;"><b><a class="link" href="https://link.mail.beehiiv.com/ss/c/u001.EHbrY5U_ulvMt5ums6aT2ue6mdSR1vJSqD5sSx6BhuRknl9gq5iMcEUI-7Y4CFSb9qM8dwL915yvsyph1xek_hSp01Z1DHRKOlodcQZDWeXXI-MdGPCOLqnN53R4VGeZVl1-CFxkqnbNBg5ZYmoTIwYh7QUnTIywa6uj8sgtK_hJnUHXEscGweHxU6Y9E50c_3QDsh6-xKqYwhmKNcTb7s0DlmoP6gL0vtFU3_vPNbtaijkrRnW2cY-ez1pqF5a8/467/ELnzuEVHR7SSbIo0vKqdyQ/h9/h001.WljuRZxl2e3UZ4vhpwkM7Mke6PTstZLdkmjW0g5sSXQ" target="_blank" rel="noopener noreferrer nofollow"><span>Vacancy Stabilizes:</span></a></b></span><span style="font-family:Helvetica,sans-serif;"><b> </b></span><span style="font-family:Helvetica,sans-serif;">For the first time since February 2022, the national average for apartment occupancy ticked up month-over-month, hitting 94.2% in April, 10 basis points above March’s reading.</span></p></td></tr>
<tr><td class="dd" align="left" style="padding:0px 15px;text-align:left;word-break:break-word;"><p> 🏨<span style="font-family:Helvetica,sans-serif;"><b> </b></span><span style="font-family:Helvetica,sans-serif;"><a class="link" href="https://link.mail.beehiiv.com/ss/c/u001.EHbrY5U_ulvMt5ums6aT2qSNFMZ5-jhrBo3x9LVZF1QNWixKIsNm-KXEYwHKH1QqehG-s-9X27E2GPpsc8HfDYfyGP0ylpR3_G4vPDc9cRZZ_XO01JUuRrzG-OhQp61gtCjXKgW0WS2avj01Q_juHgaJqZjTD3vmpKN7dELrOmPRFxk47X2qRkCH4OHzqhDiSG1yeDR-MQSNg4FRBlFejrXdwqAWpwFna0nc491KL-4cyJaBk5MXw-9MazVmiDRP/467/ELnzuEVHR7SSbIo0vKqdyQ/h10/h001.TXFlVg_iK3Tj0AbrqzKJ7d9Jwi2mZ_elQgzMzePK6_A" target="_blank" rel="noopener noreferrer nofollow"><span><b>Hotels on the Rebound:</b></span></a></span><span style="font-family:Helvetica,sans-serif;"><b> </b></span><span style="font-family:Helvetica,sans-serif;">In the U.S., 25% of hotel investors surveyed plan a large spike in their buying intentions, and another quarter plan a small increase, which could lead to a major rebound from 2023.</span></p></td></tr>
<tr><td class="dd" align="left" style="padding:0px 15px;text-align:left;word-break:break-word;"><p> 🌱<span style="font-family:Helvetica,sans-serif;"> </span><span style="font-family:Helvetica,sans-serif;"><b><a class="link" href="https://link.mail.beehiiv.com/ss/c/u001.EHbrY5U_ulvMt5ums6aT2jBSzBEudVnj5_VMCfyP5RP-bsJi6pJEYHLE3X4Aw5fUHEGSDic0KgjaHPJB4f4m1ahC2Z70h_mXN3G3_i7-dPRtDYfmrj5JE4Su0qfWJfd3vOT-GHeyhUE4gj7BUGYlzNwaSssWBUyQnSm1xjmAu4XN0qojdEuUyLFrjet3_YobeqteJnZuWvHOQ3o2yBXVPIyZsFSbC1N3GTwyqwSpa3c/467/ELnzuEVHR7SSbIo0vKqdyQ/h11/h001.HF7GR_xABTBUCRsKEhgTvH7GzOsyRYqNpaPyebm95aY" target="_blank" rel="noopener noreferrer nofollow"><span>Stunted Growth:</span></a></b></span><span style="font-family:Helvetica,sans-serif;"><b> </b></span><span style="font-family:Helvetica,sans-serif;">U.S. effective asking multifamily rents fell 0.1% in the first quarter of 2024 compared to the last quarter of 2023, deviating from the pre-pandemic norm of a 0.6% increase.</span></p></td></tr>
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<span style="color:rgb(38, 124, 191);font-family:Helvetica, sans-serif;"><sub><b>⭐️</b></sub></span><span style="color:rgb(38, 124, 191);font-family:Helvetica, sans-serif;"><sub> </sub></span><span style="color:rgb(138, 24, 27);font-family:Helvetica, sans-serif;"><sub><b>TOP STORY</b></sub></span><br><span style="color:rgb(38, 124, 191);font-family:Helvetica, sans-serif;"><b>RETAIL IS ON FIRE. HERE’S WHY.</b></span>
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<tr><td align="center" valign="top" class="t" style="width:610px;"><p><span style="">Photo: Shaffrey/Associated Press via Wall Street Journal</span></p></td></tr>
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<tr><td class="dd" align="left" style="padding:0px 15px;text-align:left;word-break:break-word;"><p><span style="font-family:Helvetica,sans-serif;"><b>Remember when e-commerce was going to kill retail? </b></span><span style="font-family:Helvetica,sans-serif;">Well,</span><span style="font-family:Helvetica,sans-serif;"><b> </b></span><span style="font-family:Helvetica,sans-serif;">brick-and-mortar retailers have </span><span style="font-family:Helvetica,sans-serif;"><a class="link" href="https://link.mail.beehiiv.com/ss/c/u001.EHbrY5U_ulvMt5ums6aT2v9BFCWcS-7RdJuW2ih1s8VM49oa9Ol6Vc_8E8jqNeBZjA_Qbsjr_mb9ykUM9oW8Uisr0JURJaX_WoXMjeShXIzXr2GLBPpQou4IxUZtJohiWgVmteBjXrh9aMYpxIVNVelXfw3nx6OP3dmZBLFkCFXX-qX6AWudur5A_OuSqEF7O3CzlEz-R7_AAD2V-xlmSaDrZSQpKbrbX2izLL3GIqslpRNU9vaih3z7jJSwR8eK/467/ELnzuEVHR7SSbIo0vKqdyQ/h12/h001.ewDiQZxJu8lsdiOfkNHUZuyjSh9zpsQya_SCS269KM8" target="_blank" rel="noopener noreferrer nofollow"><span>flipped the script</span></a></span><span style="font-family:Helvetica,sans-serif;">, and online shopping has played a crucial role. According to GlobalData, nearly 42% of e-commerce orders in 2022 involved stores, up from 27% in 2015. Shoppers browse in-store before ordering online, pick up and return online purchases at stores, and retailers increasingly use shops as fulfillment hubs to ship online orders, confirming that the store is still the heart of retail.</span></p></td></tr>
<tr><td class="dd" align="left" style="padding:0px 15px;text-align:left;word-break:break-word;"><p><span style="font-family:Helvetica,sans-serif;">🛍️ </span><span style="font-family:Helvetica,sans-serif;"><b>Retail Revival: </b></span><span style="font-family:Helvetica,sans-serif;">Despite online sales rising from 6% in 2014 to 15.4% in 2022, retailers are set to open more stores than they close in 2024 for the third year in a row. </span><span style="font-family:Helvetica,sans-serif;">Retail vacancy is </span><span style="font-family:Helvetica,sans-serif;"><a class="link" href="https://link.mail.beehiiv.com/ss/c/u001.EHbrY5U_ulvMt5ums6aT2lH8ke9243Ae7lL2wXw99TudPqTUoTSSyOBEfrP6mukek343cc7gWnGAAjqCq218gkkXxTNED9vIQE3ASe3qBUe9xZX1sSxgXfuuPhNElAOvWTESA8dSSNEX0fhtgk-auG8qAn_nMeUfIhh89IIzUgUb-tApj8OHRRU64dLlvW4OYM1wlw9HANxzZt90miLFvTv007UN4Bs6xj4kd2NBpt-0cBWh7EZ8iUabr1mkHKn_lKJ0rsMdncT6xGaYcpMzEDjuMXEIwlPHKnM83XN9NOU/467/ELnzuEVHR7SSbIo0vKqdyQ/h13/h001.BZffV3wcTeOVFhZlz_TMwLwZcZNFlWSQkEDzy_xRGco" target="_blank" rel="noopener noreferrer nofollow"><span>around 4%</span></a></span><span style="font-family:Helvetica,sans-serif;">, among the lowest in history, and investors are reaping the benefits. “We’ve never had a higher caliber of tenants knocking down our doors,” retail investor and </span><span style="font-family:Helvetica,sans-serif;"><i>Best Ever Show</i></span><span style="font-family:Helvetica,sans-serif;"> host Ash Patel </span><span style="font-family:Helvetica,sans-serif;"><a class="link" href="https://link.mail.beehiiv.com/ss/c/u001.dc8BY3SLgvh1MLsZEiC_HCeFveFgFqytiAc-aWLUWojDty0104oThDxLA7huzWzBnG1vtuvTigI4-l21cHd5nJ_zFK6bdLle0cQDEF1ae1SmA933ArciOxSviSJ_eIcqN0XipqFCs1nUgJ3lFDiUurALTSYvmYTQXbj9rElkbieADeWh6KBd_VUU24eNaZSclFMxG4QuZpCuk-JxdwIWg5-9xaNIomeyoIiK2sWph-j9F7oN4CtSVRDqLyjXKG2I7S9ou1z3EGPEaKmPEnrGEiTwK77NtHzuBjHzg1EWSms/467/ELnzuEVHR7SSbIo0vKqdyQ/h14/h001.EU3YNDppEntfP1J-YqlkNLyDXGZigAsGNpqr4pxly48" target="_blank" rel="noopener noreferrer nofollow"><span>said in a recent episode</span></a></span><span style="font-family:Helvetica,sans-serif;">. “We’re getting flooded like we’ve never gotten flooded before with big national tenants wanting to sign 10- to 15-year leases. Retail is the healthiest it’s ever been in history. So we’re rockin’.”</span></p></td></tr>
<tr><td class="dd" align="left" style="padding:0px 15px;text-align:left;word-break:break-word;"><p><span style="font-family:Helvetica,sans-serif;">💻</span><span style="font-family:Helvetica,sans-serif;"><b> Click to Brick: </b></span><span style="font-family:Helvetica,sans-serif;">Retailers have found that using stores for pickups and returns helps reduce costs associated with online orders. Even before the pandemic, big-box retailers started improving in-store fulfillment, recognizing higher return rates and lower profitability of online purchases. Now, Kohl's fulfills over a third of online orders in stores, Walmart more than half, and Target nearly all from its roughly 2,000 locations.</span></p></td></tr>
<tr><td class="dd" align="left" style="padding:0px 15px;text-align:left;word-break:break-word;"><p> 🚧<span style="font-family:Helvetica, sans-serif;"> </span><span style="font-family:Helvetica, sans-serif;"><b>Omnichannel Obstacles:</b></span><span style="font-family:Helvetica, sans-serif;"> Despite the significant growth of e-commerce, the integration of online and physical shopping has its challenges. Returns of online purchases in-store can artificially lower sales, making it difficult for landlords to set rent rates or collect percentage-of-rent proceeds. Some retailers, particularly grocery stores with thin margins, struggle to make in-store pickup profitable due to labor and space requirements. Still, stores embracing change and creativity are thriving.</span></p></td></tr>
<tr><td class="dd" align="left" style="padding:0px 15px;text-align:left;word-break:break-word;"><p> 📝<span style="font-family:Helvetica,sans-serif;"> </span><span style="font-family:Helvetica,sans-serif;"><b>Case Study:</b></span><span style="font-family:Helvetica,sans-serif;"> More national retailers are integrating digital and in-store experiences. Abercrombie &amp; Fitch Co., which has invested heavily in this integration, designs stores for easy online order retrieval and has seen its business become 45% digital across its four brands. This has led to the closure of large stores in major cities and the opening of smaller-format stores in the same markets.</span></p></td></tr>
<tr><td class="dd" align="left" style="padding:0px 15px;text-align:left;word-break:break-word;"><p> 📣<span style="font-family:Helvetica,sans-serif;"> </span><span style="font-family:Helvetica,sans-serif;"><b>“The use of stores</b></span><span style="font-family:Helvetica,sans-serif;"> as fulfillment centers is a long overdue positive development for the retail sector,” one </span><span style="font-family:Helvetica,sans-serif;"><a class="link" href="https://link.mail.beehiiv.com/ss/c/u001.EHbrY5U_ulvMt5ums6aT2v9BFCWcS-7RdJuW2ih1s8VM49oa9Ol6Vc_8E8jqNeBZjA_Qbsjr_mb9ykUM9oW8Uisr0JURJaX_WoXMjeShXIzXr2GLBPpQou4IxUZtJohiWgVmteBjXrh9aMYpxIVNVelXfw3nx6OP3dmZBLFkCFXX-qX6AWudur5A_OuSqEF7O3CzlEz-R7_AAD2V-xlmSaDrZSQpKbrbX2izLL3GIqslpRNU9vaih3z7jJSwR8eK/467/ELnzuEVHR7SSbIo0vKqdyQ/h15/h001.w4BPSky8LvzLOk_GojmR0ZtU2h4rJvj04jBLVQTLKOQ" target="_blank" rel="noopener noreferrer nofollow"><span>commenter</span></a></span><span style="font-family:Helvetica,sans-serif;"> said. “Large retailers like Walmart have robust supply chains and massive amounts of inventory just sitting on shelves. By making that inventory available online, and then adding delivery, they can reach an enormous customer base that currently has few options beyond Amazon.”</span></p></td></tr>
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<span style="color:rgb(138, 24, 27);font-family:Helvetica, sans-serif;"><sub><b> 💻 VIKING CAPITAL</b></sub></span><br><span style="color:rgb(38, 124, 191);font-family:Helvetica, sans-serif;"><b>VILLAS AT SUNDANCE</b></span>
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<tr><td align="center" valign="top" style="padding: 5px 15px 5px; " class="dd"><table role="none" border="0" cellspacing="0" cellpadding="0" style="margin:0 auto 0 auto;"><tr><td align="center" valign="top" style="width:610px;"><a href="https://link.mail.beehiiv.com/ss/c/u001.W2NPfO271WwcDRfNTsB0X5-huAmP3SWv6DQF_hxQqxT3IYpo5WgTJoh6jz2jce8L8NXLlYH5lkRy3sa9531t9YiuFcZ7fpH9RiO8CE0u6GSVEDm3JKOZCs9-O3a0ygckBeQHrXcRqm1JT6k5he4BkBs-LUCVBRi24l4-E2NFFgkC81tE2F6zcUs5yM-acJGs/467/ELnzuEVHR7SSbIo0vKqdyQ/h16/h001.lZ8bAiTrRm2NCpO5qTjszRsQ5mWKsLYk7zqmsIDdiYw" rel="noopener noreferrer nofollow" style="text-decoration:none;" target="_blank"><img src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/6ebbc7a5-1059-43c9-b4f8-20f5ddc93f88/Villas_at_Sundance__1680_x_945_px___2___1_.png?t=1714164932" alt="" height="auto" width="610" style="display:block;width:100%;" border="0"></a></td></tr></table></td></tr>
<tr><td class="dd" align="left" style="padding:0px 15px;text-align:left;word-break:break-word;"><p><span style="font-family:Helvetica,sans-serif;"><b>Viking Capital presents</b></span><span style="font-family:Helvetica,sans-serif;"> Villas at Sundance, a 252-unit, first-generation multifamily asset built in 2012. This asset is located in New Braunfels, TX, in the Texas Innovation Corridor along Interstate 35 between Austin and San Antonio. New Braunfels is the </span><span style="font-family:Helvetica, sans-serif;">“</span><span style="font-family:Helvetica,sans-serif;">Third-Fastest Growing City in the Country,</span><span style="font-family:Helvetica, sans-serif;">”</span><span style="font-family:Helvetica,sans-serif;"> with a population growth of nearly 40% in five years. The city’s growth is driven by new major employers, entertainment centers, and tourism. </span></p></td></tr>
<tr><td class="dd" align="left" style="padding:0px 15px;text-align:left;word-break:break-word;"><p><span style="font-family:Helvetica,sans-serif;"><b>This deal benefits</b></span><span style="font-family:Helvetica,sans-serif;"> from robust tenant demand due to population growth and a low-cost basis. With minimal new supply expected, Viking Capital secured this asset at a substantial discount, positioning this property as an exceptional investment opportunity. </span></p></td></tr>
<tr><td class="dd" align="left" style="padding:0px 15px;text-align:left;word-break:break-word;"><p><span style="font-family:Helvetica,sans-serif;"><b><a class="link" href="https://link.mail.beehiiv.com/ss/c/u001.W2NPfO271WwcDRfNTsB0X5-huAmP3SWv6DQF_hxQqxT3IYpo5WgTJoh6jz2jce8L8NXLlYH5lkRy3sa9531t9YiuFcZ7fpH9RiO8CE0u6GSVEDm3JKOZCs9-O3a0ygckBeQHrXcRqm1JT6k5he4BkBs-LUCVBRi24l4-E2NFFgkC81tE2F6zcUs5yM-acJGs/467/ELnzuEVHR7SSbIo0vKqdyQ/h17/h001.5flC-5ILE7l2PsVTKjf1QwsIYgUNHQk-zDoPowBoC-w" target="_blank" rel="noopener noreferrer nofollow"><span>Discover more about Villas at Sundance here.</span></a></b></span></p></td></tr>
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<span style="color:rgb(38, 124, 191);font-family:Helvetica, sans-serif;"><sub><b>✍️ </b></sub></span><span style="color:rgb(138, 24, 27);font-family:Helvetica, sans-serif;"><sub><b>BEST EVER BLOG</b></sub></span><br><span style="color:rgb(38, 124, 191);font-family:Helvetica,sans-serif;"><b>FROM JOHN CASMON</b></span>
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<tr><td align="center" valign="top" style="padding: 5px 15px 5px; " class="dd"><table role="none" border="0" cellspacing="0" cellpadding="0" style="margin:0 auto 0 auto;"><tr><td align="center" valign="top" style="width:630px;"><a href="https://link.mail.beehiiv.com/ss/c/u001.EHbrY5U_ulvMt5ums6aT2kjP2gVxlopKE7jJFw5OBcP5XXdnKGLyPH6Lcnu9NVxYv1IFG2oET1iNQJkTpGmyONac5HnHjquq9vAQZG13tiLTQ640zj9HY5qphhp6rFi1fZHB6Ph2yXTLCfdBw6LDURRN1Lb9X4E8KhhaCloDgmtbIgzKTxOmuPFWkt4Wu3RaYn5AQuMi6mxydQaH8bt06OT7m9RyL1lPmF71IrxT8Ec/467/ELnzuEVHR7SSbIo0vKqdyQ/h18/h001.mnHTNeaymP73wQRLd0oZbSsSgTeJAjp4Z9cHIWi43uY" rel="noopener noreferrer nofollow" style="text-decoration:none;" target="_blank"><img src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/816f94dd-594e-4124-b9d1-1f509ee8ee0b/4_Red_Flags_to_Look_for_When_Hiring_a_Real_Estate_Coach_copy.png?t=1715048345" alt="" height="auto" width="630" style="display:block;width:100%;" border="0"></a></td></tr></table></td></tr>
<tr><td class="dd" align="left" style="padding:0px 15px;text-align:left;word-break:break-word;"><p><span style="font-family:Helvetica,sans-serif;"><b>Hiring a real estate coach</b></span><span style="font-family:Helvetica,sans-serif;"> can be a catalyst for growth, allowing you to curtail the mistakes and pitfalls that derail so many real estate dreams. However, hiring the wrong coach can set you back or even leave you in a worse spot than where you started.</span></p></td></tr>
<tr><td class="dd" align="left" style="padding:0px 15px;text-align:left;word-break:break-word;"><p><span style="font-family:Helvetica,sans-serif;">Hiring the right real estate coach was pivotal in my growth, but there was a certain amount of luck involved in my process. If I were taking a more calculated approach, I would share these four signs to watch out for.</span></p></td></tr>
<tr><td class="dd" align="left" style="padding:0px 15px;text-align:left;word-break:break-word;"><p><span style="font-family:Helvetica,sans-serif;"><b>🗣 No Testimonials/References: </b></span><span style="font-family:Helvetica,sans-serif;">The best way to anticipate what a coach can do for you is to learn what they have done for others. In any business references, referrals, and testimonials carry a lot of credibility. While each investor’s results may vary, we want to ensure that we are selecting a coach with a demonstrated ability to help us get to where we want to go.</span></p></td></tr>
<tr><td class="dd" align="left" style="padding:0px 15px;text-align:left;word-break:break-word;"><p> 😴<span style=""> </span><span style="font-family:Helvetica,sans-serif;"><b>Not Currently Active: </b></span><span style="font-family:Helvetica,sans-serif;">There’s an adage that skeptical real estate investors reference: “Those who can, do. Those who can’t, teach.” While there may be some truth to the statement, there are many reasons that “those who can” decide to teach. Yes, it’s for the additional money, but it could also be greater access to deals, capital, or even potential partnerships.</span></p></td></tr>
<tr><td class="dd" align="left" style="padding:0px 15px;text-align:left;word-break:break-word;"><p> 🧑‍🏫<span style=""> </span><span style="font-family:Helvetica,sans-serif;"><b>Doesn’t Have a Coach: </b></span><span style="font-family:Helvetica,sans-serif;">This may be a personal preference, but I believe it’s important for coaches to have coaches. There is an antiquated perception that your coach should be the know-it-all expert and therefore shouldn’t need a coach. However, the most successful people I know in any field have coaches and advisors that keep them sharp.</span></p></td></tr>
<tr><td class="dd" align="left" style="padding:0px 15px;text-align:left;word-break:break-word;"><p> 🤷<span style=""> </span><span style="font-family:Helvetica,sans-serif;"><b>Not Your Vibe: </b></span><span style="font-family:Helvetica,sans-serif;">This is </span><span style="font-family:Helvetica,sans-serif;"><i><b>definitely</b></i></span><span style="font-family:Helvetica,sans-serif;"> a personal preference. While your coach doesn’t need to be your new best friend, you should have some level of connection. Despite being “good people,” some folks are simply not your vibe. No matter how knowledgeable or effective they are, you just may not connect with them. It’s okay and completely normal.</span></p></td></tr>
<tr><td class="dd" align="left" style="padding:0px 15px;text-align:left;word-break:break-word;"><p><span style="font-family:Helvetica, sans-serif;">👉 </span><span style="font-family:Helvetica, sans-serif;"><b><a class="link" href="https://link.mail.beehiiv.com/ss/c/u001.EHbrY5U_ulvMt5ums6aT2kjP2gVxlopKE7jJFw5OBcP5XXdnKGLyPH6Lcnu9NVxYv1IFG2oET1iNQJkTpGmyONac5HnHjquq9vAQZG13tiLTQ640zj9HY5qphhp6rFi1fZHB6Ph2yXTLCfdBw6LDURRN1Lb9X4E8KhhaCloDgmtbIgzKTxOmuPFWkt4Wu3RaYn5AQuMi6mxydQaH8bt06OT7m9RyL1lPmF71IrxT8Ec/467/ELnzuEVHR7SSbIo0vKqdyQ/h19/h001.Om9YfqEkt7P3TcwMIUfmNJ5rut6yogpL-nmKXF0VHeM" target="_blank" rel="noopener noreferrer nofollow"><span>Discover more here.</span></a></b></span></p></td></tr>
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<span style="color:rgb(38, 124, 191);font-family:Helvetica, sans-serif;"><sub><b>🏠 </b></sub></span><span style="color:rgb(138, 24, 27);font-family:Helvetica, sans-serif;"><sub><b>DEAL BREAKDOWN</b></sub></span><br><span style="color:rgb(38, 124, 191);font-family:Helvetica, sans-serif;"><b>BILLIONAIRE’S STORAGE ➡️ TO FLEX INDUSTRIAL WIN </b></span>
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<tr><td align="center" valign="top" style="padding: 5px 15px 5px; " class="dd"><table role="none" border="0" cellspacing="0" cellpadding="0" style="margin:0 auto 0 auto;"><tr><td align="center" valign="top" style="width:630px;"><img src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/6ac8d49e-4004-4707-a5be-1a6f93a17985/Neil_Timmons_copy.png?t=1715048424" alt="" height="auto" width="630" style="display:block;width:100%;" border="0"></td></tr></table></td></tr>
<tr><td class="dd" align="left" style="padding:0px 15px;text-align:left;word-break:break-word;"><p><span style="font-family:Helvetica,sans-serif;"><a class="link" href="https://link.mail.beehiiv.com/ss/c/u001.EHbrY5U_ulvMt5ums6aT2j81W01b4CHoZesWQRpg7dwByUV2morKq-Hp8Jw-Nxr1Az03RhvAaBevRr_kj2Tf3AqOCBsd6YvqXbUFyIBnMsgD2AiBxCMIQtNfL_xPO52WD6IAIgJiw5Lia-5cOrZ4RrEuB2vaLLMNcC6diVz5UQcSmFzz7PatTV6VHZj8OdIlJQm-JYdQiYOGSjIz7HD9lA/467/ELnzuEVHR7SSbIo0vKqdyQ/h20/h001.GvwhadVgXjFKHcQDYZOPPFMysyXOwGsPEFx1OMVGZzM" target="_blank" rel="noopener noreferrer nofollow"><span>Neil J. Timmins</span></a></span><span style="font-family:Helvetica,sans-serif;"> and team are turning a billionaire's personal storage unit into a flex industrial home run. Here's how they're doing it .👇</span></p></td></tr>
<tr><td class="dd" align="left" style="padding:0px 15px;text-align:left;word-break:break-word;"><p> 🏢<span style="font-family:Helvetica,sans-serif;"> </span><span style="font-family:Helvetica,sans-serif;"><b>Property Details:</b></span><span style="font-family:Helvetica,sans-serif;"> Four free-standing industrial flex buildings at 3,000 square feet each purchased in July 2023 in Little Rock, AR. The property was purchased from a billionaire who bought the space to use as a personal storage unit while constructing her new home. </span></p></td></tr>
<tr><td class="dd" align="left" style="padding:0px 15px;text-align:left;word-break:break-word;"><p> 💸<span style="font-family:Helvetica,sans-serif;"> </span><span style="font-family:Helvetica,sans-serif;"><b>Finances:</b></span><span style="font-family:Helvetica,sans-serif;"> The purchase price was $1.15 million with $430,000 in equity raised. </span></p></td></tr>
<tr><td class="dd" align="left" style="padding:0px 15px;text-align:left;word-break:break-word;"><p> 💵<span style=""> </span><span style="font-family:Helvetica,sans-serif;"><b>Debt Structure:</b></span><span style="font-family:Helvetica,sans-serif;"> Five-year fixed at 6.875%, six months I/O, 75% LTV. </span></p></td></tr>
<tr><td class="dd" align="left" style="padding:0px 15px;text-align:left;word-break:break-word;"><p> 💼<span style="font-family:Helvetica,sans-serif;"> </span><span style="font-family:Helvetica,sans-serif;"><b>Business Plan:</b></span><span style="font-family:Helvetica,sans-serif;"> Make heating and cooling unit repairs, conduct roof maintenance, make minor interior repairs, clean up, improve the landscaping, and install professional property management. Fill all four buildings over 12 months, placing tenants in three- to five-year leases at the market lease rate, and sell after three years. </span></p></td></tr>
<tr><td class="dd" align="left" style="padding:0px 15px;text-align:left;word-break:break-word;"><p> 🍾<span style="font-family:Helvetica,sans-serif;"> </span><span style="font-family:Helvetica,sans-serif;"><b>Results:</b></span><span style="font-family:Helvetica,sans-serif;"> Three out of four buildings have been leased, six months ahead of projections. The lease rates are 13% over projections, and the three-year hold is now projected to be a two-year hold. The projected IRR is 31%. Projected LP returns include an 8% pref, 14.03% IRR, 6.86% cash-on-cash, and 1.45x equity multiple.  </span></p></td></tr>
<tr><td class="dd" align="left" style="padding:0px 15px;text-align:left;word-break:break-word;"><p><span style="font-family:Helvetica,sans-serif;">If you have a deal you'd like us to feature,</span><span style="font-family:Helvetica,sans-serif;"><b> </b></span><span style="font-family:Helvetica,sans-serif;"><a class="link" href="https://link.mail.beehiiv.com/ss/c/u001.EHbrY5U_ulvMt5ums6aT2kjP2gVxlopKE7jJFw5OBcNUPXV1YkGNzRufg0-_ITyuQZ76nYG-NZtyUQIPDuyF0uUcIyIpBTA6T6YmalIZ5wW9LniOWrOc6Oo9sZNa3NpyhOjf8WBhSVAkjSXJ3YivKAVrCI3pgYYWXPkMpKN7yzxpZ-etTqfiH8xvtbCG5qO5/467/ELnzuEVHR7SSbIo0vKqdyQ/h21/h001.IWzg-u10PHH5B9vKLmhPaZNXm4Blk-DE04fRj7-CqYg" target="_blank" rel="noopener noreferrer nofollow"><span><b>share it with us!</b></span></a></span></p></td></tr>
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<tr><td align="center" valign="top" style="font-size:0px;line-height:0px;padding:30px 0px;" class="dd"><table class="j" role="none" width="50%" border="0" cellspacing="0" cellpadding="0" align="center"><tr><td>   </td></tr></table></td></tr>
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<span style="color:rgb(138, 24, 27);font-family:Helvetica, sans-serif;"><sub><b>🎓 EXPERT RESOURCES</b></sub></span><br><span style="color:rgb(38, 124, 191);font-family:Helvetica, sans-serif;"><b>FREE DOCUMENT DOWNLOAD</b></span>
</h3></td></tr>
<tr><td align="center" valign="top" style="padding: 5px 15px 5px; " class="dd"><table role="none" border="0" cellspacing="0" cellpadding="0" style="margin:0 auto 0 auto;"><tr><td align="center" valign="top" style="width:610px;"><a href="https://link.mail.beehiiv.com/ss/c/u001.EHbrY5U_ulvMt5ums6aT2jMP_YH7h0FT7egeyTvJ_j3Y2QMlrfiQIydPjjq6v2i47_d0SS8Yl61ABkP_-qlQMLGkk_uWKlO6o9K7ozSam_tJVT9Yb3Evaw8uqVx44kOVm9ChUjeiVc9n1Ohh_lo0OXvC6cY5dt0oOU3fZXnMl2CjljUtglFVyOpPuRh-XvNCZDbeRCZ5joTu2gBXghrFbxE4HkC_qaUSw0N7XHUQn9nWHm4qO2-s4YZY6LW5Ngu4iX48a74ER36HiH0acf5sUSJqWNZztgYgKhJRzO9RThIzFb3EtQpeMKza6qOIRnEuxZQfqU1_zqZJkFaxlnAm1Zg0yViL3cXln8Pkt6FDLDNktMlyowbDnKJrJA71zIkj/467/ELnzuEVHR7SSbIo0vKqdyQ/h22/h001.9GeaNU-56QOVB8vlj7Tdnpwtb8c20aTNYQ71-6nWr6w" rel="noopener noreferrer nofollow" style="text-decoration:none;" target="_blank"><img src="https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/5a5fc48e-e174-496f-b463-e65a578f8c91/knowledge.gif?t=1715029292" alt="" height="auto" width="610" style="display:block;width:100%;" border="0"></a></td></tr></table></td></tr>
<tr><td class="dd" align="left" style="padding:0px 15px;text-align:left;word-break:break-word;"><p><span style="font-family:Helvetica,sans-serif;"><b>Everything You Need to Know About the LLCs in an Apartment Syndication</b></span></p></td></tr>
<tr><td class="dd" align="left" style="padding:0px 15px;text-align:left;word-break:break-word;"><p><span style="font-family:Helvetica,sans-serif;">Limited liability companies are an important part of apartment syndication. The information presented here will be invaluable to you from an educational standpoint, but you should always seek the professional advice of legal counsel before setting up LLCs for your syndications.</span></p></td></tr>
<tr><td class="dd" align="left" style="padding:0px 15px;text-align:left;word-break:break-word;"><p><span style="font-family:Helvetica,sans-serif;">👉 </span><span style="font-family:Helvetica,sans-serif;"><b><a class="link" href="https://link.mail.beehiiv.com/ss/c/u001.EHbrY5U_ulvMt5ums6aT2jMP_YH7h0FT7egeyTvJ_j3Y2QMlrfiQIydPjjq6v2i47_d0SS8Yl61ABkP_-qlQMLGkk_uWKlO6o9K7ozSam_tJVT9Yb3Evaw8uqVx44kOVm9ChUjeiVc9n1Ohh_lo0OXvC6cY5dt0oOU3fZXnMl2CjljUtglFVyOpPuRh-XvNCZDbeRCZ5joTu2gBXghrFbxE4HkC_qaUSw0N7XHUQn9nWHm4qO2-s4YZY6LW5Ngu4iX48a74ER36HiH0acf5sUSJqWNZztgYgKhJRzO9RThIzFb3EtQpeMKza6qOIRnEuxZQfqU1_zqZJkFaxlnAm1Zg0yViL3cXln8Pkt6FDLDNktMlyowbDnKJrJA71zIkj/467/ELnzuEVHR7SSbIo0vKqdyQ/h23/h001.2K0pnGutrVkCEXRvGqGSJCjDGrWyyqly5U-TzVLTJ28" target="_blank" rel="noopener noreferrer nofollow"><span>Download now!</span></a></b></span></p></td></tr>
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<tr><td class="e" align="left" valign="top" style="padding:15px 15px 12px;"><h3 style="">How many stars would you give this week's newsletter?</h3></td></tr>
<tr><td class="ee e " style="padding:0px 15px 15px;"><div style="margin-left:0px;" class="edm_outlooklist"><table role="none" border="0" cellspacing="4" cellpadding="0" align="left" style="min-width:300px;">
<tr><td style="width:100%;border:1px solid rgba(50, 50, 50, 0.17);padding:6px 12px; border-radius:4px;"><a style="font-style:normal;text-decoration:none;" href="https://link.mail.beehiiv.com/ss/c/u001.e85hpirpAlBnbfdkVe17Ub2nHPg4rioeylsVR6NWDfqPgzcnJA8lyQLuwt_ZK_T4DdRQiYw8xBCVjivr5ERRnjB9GyvQxUMuhdwOZ-b5_IidBQRdTkJ9RC_Wyjjgu3PGsMCdKMGnxBpBSsYvdQ0L8TsBcuCU4t3F6qaxq-0VQ_DrwsYnwPcIKKU-0HdpnE_Z7FRnMOdINPSGPyswDK5V_4Fwj263Daf0b3BxvKevW33VshofW155b8XcJV8lJ9T0_4nNNryed7P5CS3Tku5TcMRui665dGiAYgjB6l9Up3E28ABrF6NqN3vX2cMOsYQQNfLXmL1rQMEV4KGzuV2KbL3rgrizWKNSZ-jjiTM3VpF3WY8lyzQw4F03loPypV3dV_d0qwtesqODkqwp_syDLlF2l6GG5GKqUjYl9Ek4SdAqnK3S4H1v4dDEysdQ4lYrDxaEP47MXBZG7mlmacX1mtr29mnbP5HCR2zFHIv4kx2RFvJp_TXMpcTpost62gN7cD9xg9OFanjk2V-3xqp3qEIWipBe1XeXF6_HRgqFFZ9QjCiDij7KuSiL0XAu8RiNWDxZfqsfDUbpgOvkss8kiPYDJpV6XvMup246eazvKBuEGB6XSjdLG86lFCQYcJXDkTuSG1hDCAoWmvIzfmIsc7X0m8y0rYd62uFm5WCes7kLyp6XpfVucaKnWYcngQc48AZZYnRp95QkdFsyGCtfjQ/467/ELnzuEVHR7SSbIo0vKqdyQ/h24/h001.GbvBm9rb4VNL4Gj6WUlMgsCN4p218CVv0-zXwFBLJHw"><p style="font-size:14px;color:inherit;"> ⭐️⭐️⭐️⭐️⭐️ </p></a></td></tr>
<tr><td style="width:100%;border:1px solid rgba(50, 50, 50, 0.17);padding:6px 12px; border-radius:4px;"><a style="font-style:normal;text-decoration:none;" href="https://link.mail.beehiiv.com/ss/c/u001.e85hpirpAlBnbfdkVe17Ub2nHPg4rioeylsVR6NWDfqPgzcnJA8lyQLuwt_ZK_T4DdRQiYw8xBCVjivr5ERRnjB9GyvQxUMuhdwOZ-b5_IjiulRcmtV_ehU590P0efr8fFwBOl0URraBapDfqhNko34mqMBrUdcMyKbEYZyefsads_vINuWmz1QCP0JSHbp8MhPsEvknTSvdDhlRZT_fKbnv_Lp-KbHfpMKxyjKZeIvfnZQNRM-JWWwfpoKh69IgOPXuKlMD8fd-VYitHcZ1FX2rDuAPaQRFN7wUJMObSeY5Uk2Ipb47Lbmaao5r4SLaLcKTpLIHVd1YbAv4k1T6sGP2sMoJTvtO31jj80WDKx1JwIh3zoMmTFEl2kcKMUi9oV6v8He6p0aVIytTteE6uLoF5QyoaHIHKxuNhc5AZFBUmQvunwumTOUroltbMH621yxTiCWqmZ6v5TcDueN_ZN721Mp7VOPC0d7gIGiyvNqYdt7YSnqkwUogfX6wMDSsT9B64xXXeS9U4r-JPcmbMy1tOX2s0ZBGRseWP1XSbkZoOHCiHQzi9xC0qmn8xjwaPCl0J1UK509ZvmaP14lc6gA2PpBZ53-lLB53f_Tzv5cvrl0ctW722TA-1Yksl02NRys-v1Rd4P4vmEBJVlERu0ceBwZ1VbvCqem7GcKP-vtL6UMYrHTgG-vX23E4jV7-pmODMjTFr2IzOK-D6v3PpA/467/ELnzuEVHR7SSbIo0vKqdyQ/h25/h001.1rIII36go34qA33HKAGd-giP55CQbSaCzthjhilZRYI"><p style="font-size:14px;color:inherit;"> ⭐️⭐️⭐️⭐️ </p></a></td></tr>
<tr><td style="width:100%;border:1px solid rgba(50, 50, 50, 0.17);padding:6px 12px; border-radius:4px;"><a style="font-style:normal;text-decoration:none;" href="https://link.mail.beehiiv.com/ss/c/u001.e85hpirpAlBnbfdkVe17Ub2nHPg4rioeylsVR6NWDfqPgzcnJA8lyQLuwt_ZK_T4DdRQiYw8xBCVjivr5ERRnjB9GyvQxUMuhdwOZ-b5_Ig9IoHfRqbrPoxpH31rZw-RxMxnmRbr0cOKzrUuD3M3py2YX3xd4bH4_uQUen9eOaUYA3cRn2zOcSrLjriwWNFlBFvn82qaUqj9Ihqy0eWmnrctkt9Z0X0Jgea4WJZyUbGn7U1vbxwMRlNpASM5SQuS8bAUTbi4yaCvxFRESLrisUfAMatpcYp_-cKA4-6Lkd1o6wJJuTHASvA1YIHovYlgswe1RPG-AnVI-2k0MVoKmmY0Iq8FTHLsXKRrt_0Pj4zup5usbUbvxMTilZz2UTXZzLuSOeqU6vJv808rVyofuw9OuXSqkia_huzeWU2j87ur8ws2J5qwgbZS66g7tYv0USDAZdKKzTFwldW1GeRMnTtkun5heAKDSSxks3JqKWJZGpd7vOB4ED91btcDcxPPiWUn4DLCRg-mUbIouPbdTwkVCrjJarRpYJ73jbYJ4E7otm31yiYr100MVb8bp5s1EdZLkcN5JPnBjnkowVLffbjUtF2z8Wzrar6w88GdaQQp-ElvXya_Z_YDSHWvmPH6bM3L-0w_9XrcCDYRHpsHiMOIiqA36EclHlALxC7BCi_qzygCWLCjQ3AAo6gow6Qg7EcYw_DlqZJLUzk6CUinJg/467/ELnzuEVHR7SSbIo0vKqdyQ/h26/h001.3o8-VRqHLnJKLZKRdNi9cBbE1ED-BIF2t45rE_KluLo"><p style="font-size:14px;color:inherit;"> ⭐️⭐️⭐️ </p></a></td></tr>
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Together With

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👋 Hello, Best Ever Community!

**In this week’s newsletter,** retail flips the script, John Casmon raises red flags, and one investor turns a billionaire’s personal storage unit into a flex industrial home run.

**This week’s newsletter** is brought to you by Viking Capital, a multifamily boutique with nimble investment sourcing, structuring, execution, and asset management capabilities. _[Learn more about Viking Capital here.](https://go.vikingcapllc.com/best)_

_Let’s go!_

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### ~**🗞**~~ ~~**NO-FLUFF NEWS**~
**CRE HEADLINES**

😶‍🌫️** **[**Looser Restrictions, Greener Pastures:**](https://apnews.com/article/marijuana-biden-dea-criminal-justice-pot-f833a8dae6ceb31a8658a5d65832a3b8)** **The DOJ has recommended cannabis be reclassified as a lower-risk substance, which could loosen restrictions and bring big changes for cannabis-related real estate.

😥** **[**Rates Squeeze CRE:**](https://www.wsj.com/real-estate/commercial/propertys-waiting-game-is-getting-harder-4e25684e)** **Investors now think the SOFR will be 4.825% at the start of 2025 — suggesting only up to two small rate cuts this year, likely forcing property owners to rethink their options.

⚖️ **[Vacancy Stabilizes:](https://www.globest.com/2024/05/07/apartment-occupancy-levels-stabilize-at-94/)**** **For the first time since February 2022, the national average for apartment occupancy ticked up month-over-month, hitting 94.2% in April, 10 basis points above March’s reading.

🏨** **[**Hotels on the Rebound:**](https://www.cbre.com/insights/reports/global-hotel-investor-intentions-survey-2024)** **In the U.S., 25% of hotel investors surveyed plan a large spike in their buying intentions, and another quarter plan a small increase, which could lead to a major rebound from 2023.

🌱 **[Stunted Growth:](https://www.realpage.com/analytics/1q-2024-rent-growth-markets/)**** **U.S. effective asking multifamily rents fell 0.1% in the first quarter of 2024 compared to the last quarter of 2023, deviating from the pre-pandemic norm of a 0.6% increase.

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### ~**⭐️**~~ ~~**TOP STORY**~
**RETAIL IS ON FIRE. HERE’S WHY.**

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Caption: Photo: Shaffrey/Associated Press via Wall Street Journal

**Remember when e-commerce was going to kill retail? **Well,** **brick-and-mortar retailers have [flipped the script](https://www.wsj.com/business/retail/online-shopping-brick-mortar-stores-d7232016), and online shopping has played a crucial role. According to GlobalData, nearly 42% of e-commerce orders in 2022 involved stores, up from 27% in 2015. Shoppers browse in-store before ordering online, pick up and return online purchases at stores, and retailers increasingly use shops as fulfillment hubs to ship online orders, confirming that the store is still the heart of retail.

🛍️ **Retail Revival: **Despite online sales rising from 6% in 2014 to 15.4% in 2022, retailers are set to open more stores than they close in 2024 for the third year in a row. Retail vacancy is [around 4%](https://www.forbes.com/sites/brinsnelling/2024/01/18/the-trends-reshaping-retail-real-estate-in-2024/), among the lowest in history, and investors are reaping the benefits. “We’ve never had a higher caliber of tenants knocking down our doors,” retail investor and _Best Ever Show_ host Ash Patel [said in a recent episode](https://podcasts.apple.com/us/podcast/jf3518-best-ever-breakdown-best-ever-conference-2024/id904025246). “We’re getting flooded like we’ve never gotten flooded before with big national tenants wanting to sign 10- to 15-year leases. Retail is the healthiest it’s ever been in history. So we’re rockin’.”

💻** Click to Brick: **Retailers have found that using stores for pickups and returns helps reduce costs associated with online orders. Even before the pandemic, big-box retailers started improving in-store fulfillment, recognizing higher return rates and lower profitability of online purchases. Now, Kohl's fulfills over a third of online orders in stores, Walmart more than half, and Target nearly all from its roughly 2,000 locations.

🚧 **Omnichannel Obstacles:** Despite the significant growth of e-commerce, the integration of online and physical shopping has its challenges. Returns of online purchases in-store can artificially lower sales, making it difficult for landlords to set rent rates or collect percentage-of-rent proceeds. Some retailers, particularly grocery stores with thin margins, struggle to make in-store pickup profitable due to labor and space requirements. Still, stores embracing change and creativity are thriving.

📝 **Case Study:** More national retailers are integrating digital and in-store experiences. Abercrombie & Fitch Co., which has invested heavily in this integration, designs stores for easy online order retrieval and has seen its business become 45% digital across its four brands. This has led to the closure of large stores in major cities and the opening of smaller-format stores in the same markets.

📣 **“The use of stores** as fulfillment centers is a long overdue positive development for the retail sector,” one [commenter](https://www.wsj.com/business/retail/online-shopping-brick-mortar-stores-d7232016) said. “Large retailers like Walmart have robust supply chains and massive amounts of inventory just sitting on shelves. By making that inventory available online, and then adding delivery, they can reach an enormous customer base that currently has few options beyond Amazon.”

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### ~** 💻 VIKING CAPITAL**~
**VILLAS AT SUNDANCE**

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**Viking Capital presents** Villas at Sundance, a 252-unit, first-generation multifamily asset built in 2012. This asset is located in New Braunfels, TX, in the Texas Innovation Corridor along Interstate 35 between Austin and San Antonio. New Braunfels is the “Third-Fastest Growing City in the Country,” with a population growth of nearly 40% in five years. The city’s growth is driven by new major employers, entertainment centers, and tourism.

**This deal benefits** from robust tenant demand due to population growth and a low-cost basis. With minimal new supply expected, Viking Capital secured this asset at a substantial discount, positioning this property as an exceptional investment opportunity.

**[Discover more about Villas at Sundance here.](https://go.vikingcapllc.com/best)**

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### ~**✍️ **~~**BEST EVER BLOG**~
**FROM JOHN CASMON**

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Follow image link: (https://www.bestevercre.com/blog/4-red-flags-real-estate-coach)
Caption:

**Hiring a real estate coach** can be a catalyst for growth, allowing you to curtail the mistakes and pitfalls that derail so many real estate dreams. However, hiring the wrong coach can set you back or even leave you in a worse spot than where you started.

**🗣 No Testimonials/References: **The best way to anticipate what a coach can do for you is to learn what they have done for others. In any business references, referrals, and testimonials carry a lot of credibility. While each investor’s results may vary, we want to ensure that we are selecting a coach with a demonstrated ability to help us get to where we want to go.

😴 **Not Currently Active: **There’s an adage that skeptical real estate investors reference: “Those who can, do. Those who can’t, teach.” While there may be some truth to the statement, there are many reasons that “those who can” decide to teach. Yes, it’s for the additional money, but it could also be greater access to deals, capital, or even potential partnerships.

🧑‍🏫 **Doesn’t Have a Coach: **This may be a personal preference, but I believe it’s important for coaches to have coaches. There is an antiquated perception that your coach should be the know-it-all expert and therefore shouldn’t need a coach. However, the most successful people I know in any field have coaches and advisors that keep them sharp.

🤷 **Not Your Vibe: **This is _**definitely**_ a personal preference. While your coach doesn’t need to be your new best friend, you should have some level of connection. Despite being “good people,” some folks are simply not your vibe. No matter how knowledgeable or effective they are, you just may not connect with them. It’s okay and completely normal.

👉 **[Discover more here.](https://www.bestevercre.com/blog/4-red-flags-real-estate-coach)**

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### ~**🏠 **~~**DEAL BREAKDOWN**~
**BILLIONAIRE’S STORAGE ➡️ TO FLEX INDUSTRIAL WIN **

View image: (https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/6ac8d49e-4004-4707-a5be-1a6f93a17985/Neil_Timmons_copy.png?t=1715048424)
Caption:

[Neil J. Timmins](https://www.linkedin.com/in/theneiltimmins/) and team are turning a billionaire's personal storage unit into a flex industrial home run. Here's how they're doing it .👇

🏢 **Property Details:** Four free-standing industrial flex buildings at 3,000 square feet each purchased in July 2023 in Little Rock, AR. The property was purchased from a billionaire who bought the space to use as a personal storage unit while constructing her new home.

💸 **Finances:** The purchase price was $1.15 million with $430,000 in equity raised.

💵 **Debt Structure:** Five-year fixed at 6.875%, six months I/O, 75% LTV.

💼 **Business Plan:** Make heating and cooling unit repairs, conduct roof maintenance, make minor interior repairs, clean up, improve the landscaping, and install professional property management. Fill all four buildings over 12 months, placing tenants in three- to five-year leases at the market lease rate, and sell after three years.

🍾 **Results:** Three out of four buildings have been leased, six months ahead of projections. The lease rates are 13% over projections, and the three-year hold is now projected to be a two-year hold. The projected IRR is 31%. Projected LP returns include an 8% pref, 14.03% IRR, 6.86% cash-on-cash, and 1.45x equity multiple.

If you have a deal you'd like us to feature,** **[**share it with us!**](https://www.bestevercre.com/contact-us)

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### ~**🎓 EXPERT RESOURCES**~
**FREE DOCUMENT DOWNLOAD**

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Caption:

**Everything You Need to Know About the LLCs in an Apartment Syndication**

👉 **[Download now!](https://www.dropbox.com/scl/fi/vudrpnot0qn573spe0yor/Everything-You-Need-to-Know-About-the-LLCs-in-an-Apartment-Syndication_.pdf)**

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🙏 Thanks for reading!

Stay in the loop with us! If you happened to receive this newsletter from someone else, feel free to _[subscribe here.](https://bestever.beehiiv.com/subscribe)_ You can also find us on _[LinkedIn](https://www.linkedin.com/company/bestevercre/)_, _[Instagram](https://www.instagram.com/bestevercre/)_, and _[YouTube](https://www.youtube.com/channel/UCwTzctSEMu4L0tKN2b_esfg)_.

Wishing you a Best Ever day!

_**—Joe Fairless**_

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Subject Line: 🔥 Retail is on fire. Here's why.
From: Joe Fairless <[email protected]>
Emails: Beehiiv Emails
Send Date: May 9, 2024 10:50 AM
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Preview Text: Plus: John Casmon raises red flags and one investor turns a billionaire’s personal storage unit into a flex industrial home run.

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