February 2024 Newsletter

Feb 1, 2024 | Newsletters

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All the Holiday decorations have been put away and life is back to running 1,000 miles an hour in every direction. It all feels nearly back to normal as 2024 gets fully into the swing of things. For Cooper and his family, getting back close to something like normal has been a real positive; they landed in a good rental house in their same neighborhood surrounded by friends, and have been able to start the process of putting the pieces back together. 

And what would a January be without a big winter storm to contend with?  A few weeks ago the entire state dealt with very cold temperatures that tested our assets and the preparations we’ve put into place over the last year.  In the article below, we recounted the week leading up to the storm and how our assets and teams prevailed.  That effort took a lot of energy and focus, and I’m proud of the results and the impact it made for our assets.  

While the weather was frigid, the business atmosphere entering this year seems far more positive than it was to start last year.  Rather than wonder how many times the Fed was going to raise interest rates, the conversation has shifted to “when will they start cutting rates?”  The commentary coming out of the Fed meeting earlier this week suggests it may not be until close to Summer, but time (and data) will tell that story.  Either way, that shift in attitude and economic uncertainty will create optimism and opportunity for good deals emerge.  We are actively looking at several deals right now—both multifamily acquisitions and BTR developments—that seem to hold early promise.  

We hope you have a great month ahead!

With Gratitude, – Andrew

Another Winter Storm: Grading Our Preparation Plan

In the heat of the summer last August, we wrote an article highlighting what we are doing to prepare for any potential cold temperatures this Winter.  We highlighted the shifting dynamics in weather patterns and corresponding changes in Insurance coverages that were driving so much of our thinking.  Throughout the last three winters, Central Texas had suffered a major winter freeze/storm/event that heretofore would have been a once-in-a-decade type thing.  

In each of those events, our portfolio suffered damage.  From frozen pipes.  Busted fire sprinklers.  Downed trees covered in ice.  We were going to do everything in our power to avoid being fooled yet again—if we had a big winter storm.  As they say: Fool me once, shame on you.  Fool me twice….

Our Top Picks: Real Estate and Economic Resources Worth Exploring

Podcast: Tim Ferriss’ interview with Noah Kagan provided a lot of great insight and reminders about how to always be moving forward in your business, and was packed with good thoughts about today’s business environment. 

eBook: Unreasonable Hospitality. This book became required reading for our entire team after Cooper and Andrew read it.  The story of how a good restaurant evolved into the best restaurant in the world is full of learnings you can apply to any business, providing invaluable lessons on customer service and team culture. 

Webinar: Last month we mentioned The Walker Webcast’s upcoming interview with economist Dr Peter Linneman.  Here is the link to the video, which is always full of good data specific to the real estate world. 

Central Texas News: The Latest Economic Developments

Blackstone subsidiary wants to develop hundreds of multifamily residences in N Austin

Key Takeaway: This demonstrates continued institutional belief in Austin’s long-term growth.  The fact this site is adjacent to several of our 80’s assets also helps!

Austin added 32,000 jobs in 2023, 2.5% growth rate

Key Takeaway: The city continues to add jobs at a rate faster than the national average, and when you factor in the Metro area at large, the numbers are even more impressive. 

2024 Apartment supply scheduled to outweigh 2023

Key Takeaway: All signs continue to support the data that delivery pipeline this year will impact rent growth as the nation expects to deliver 150% of the units delivered in 2023, which was a record year for deliveries. 

Land near The Domain green-lighted for high-density development

Key Takeaway: The City of Austin approved a zoning change for acreage around The Domain, encouraging more density to deal with the continued growing population and housing shortage

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Andrew Campbell
Written by Andrew Campbell

Andrew Campbell is a native Austinite and Managing Partner at Wildhorn. He is a real estate entrepreneur who first broke into the business in 2008 as a passive investor. In 2010 he transitioned into active investing and management of a personal portfolio that grew to 76 units across Austin and San Antonio. He earned his stripes building and managing his personal portfolio before founding Wildhorn Capital and focusing on larger multifamily buildings. At Wildhorn, he is focused on Acquisitions and maintaining Investor Relations, utilizing his marketing and communications background to build long-term relationships.

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