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Active Private Equity Real Estate Strategy

David J. Lynn

$157.95

Hardback

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English
John Wiley & Sons Inc
29 July 2009
Proven private equity real estate investing strategies

The subprime fallout and credit crisis have triggered a major transition in U.S. real estate. With tightening lending and underwriting standards, speculative investments and construction projects are likely to limited, resulting in constrained supply and healthier fundamentals over the long term. Looking forward, market participants anticipate that the coming years will be fraught with challenges as well as opportunities.

Active Private Equity Real Estate Strategy is a collection of abridged market analyses, forecasts, and strategy papers from the ING Clarion Partners' Research & Investment Strategy (RIS) group. Divided into two comprehensive parts, this practical guide provides you with an informative overview of real estate markets, forecasts, and recent trends in part one, and presents specific active strategies in private equity real estate investing in part two.

Includes a simulation of the economy in recession and the expected effects on the commercial real estate industry Offers examples of portfolio analysis and recommendations using ING Clarion's forecasts and Modern Portfolio Theory Focuses on multifamily, hotel, land, and industrial investments Demonstrates the use of the various tools available to the private equity real estate investor

Written with both the individual and institutional real estate investor in mind, this book offers specific private equity strategies for investing in real estate during volatile times.
By:  
Imprint:   John Wiley & Sons Inc
Country of Publication:   United States
Dimensions:   Height: 236mm,  Width: 160mm,  Spine: 25mm
Weight:   494g
ISBN:   9780470485026
ISBN 10:   0470485027
Series:   Frank J. Fabozzi Series
Pages:   304
Publication Date:  
Audience:   Professional and scholarly ,  Undergraduate
Format:   Hardback
Publisher's Status:   Active
Preface ix Disclaimer xiii Acknowledgments xv About the Authors xvii PART ONE Market Analysis and Forecasts 1 CHAPTER 1 Overview of the U.S. Real Estate Market 3 Tim Wang and David Lynn CHAPTER 2 Forecasting the U.S. Market 19 David Lynn CHAPTER 3 Recession Simulation and Its Effects on Real Estate 25 Tim Wang, Alison Sauer, and David Lynn CHAPTER 4 Subprime Fallout: The Impact on Commercial Real Estate 41 Tim Wang and David Lynn CHAPTER 5 Capital Markets: Dramatic Shifts and Opportunities 47 David Lynn and Tim Wang CHAPTER 6 The Bid-Ask Problem and Game Theory 53 Jeff Organisciak, Tim Wang, and David Lynn PART TWO Active Strategies 67 CHAPTER 7 Residential Land Investment 69 Bohdy Hedgcock and David Lynn CHAPTER 8 The U.S. Hotel Market and Strategy 103 Tim Wang, Matson Holbrook, and David Lynn CHAPTER 9 Global Gateway Industrial Market Investment 125 Bohdy Hedgcock and David Lynn CHAPTER 10 The Opportunity in Senior Housing 159 Tim Wang and David Lynn CHAPTER 11 Active Portfolio Management Using Modern Portfolio Theory 187 David Lynn and Yusheng Hao CHAPTER 12 Derivatives in Private Equity Real Estate 217 Jeff Organisciak, Tim Wang, and David Lynn CHAPTER 13 Opportunities in Infrastructure Investment 239 David Lynn and Matson Holbrook APPENDIX A Typical Land Development Pro Forma Analysis—Three Scenarios 247 APPENDIX B U.S. Hotel Chain Scales 253 APPENDIX C Modern Portfolio Theory in Real Estate Portfolio Analytics 257 APPENDIX D Commercial Real Estate Indexes 259 APPENDIX E Example NPI Forecast Methodology 263 Selected Bibliography 265 Index 267

DAVID J. LYNN, PHD, is Managing Director and Head of ING Clarion Partners' Research & Investment Strategy Group. He is also a member of the Investment Committee as well as the Operating Committee of ING Clarion Partners. Lynn is a Counselor of Real Estate (CRE), a Certified Portfolio and Investment Manager (CPIM), a Chartered Management Analyst (CMA), a Certified Planner (AICP), and a Homer Hoyt Fellow. Lynn earned his PhD in financial economics from the London School of Economics where he also earned a master of science degree specializing in finance. He also earned an MBA from the Sloan School of Business, Massachusetts Institute of Technology. TIM WANG, PHD, is Head of Macroeconomic Analysis and Strategy at ING Clarion. He has an MBA from New York University and a PhD from the University of Georgia. MATSON HOLBROOK is a former senior associate at ING Clarion. He holds an MS in real estate from New York University and a BS in cartography and geographic information systems (GIS) from the University of Wisconsin. BOHDY HEDGCOCK is an Associate at ING Clarion. He holds a master's in urban planning from the University of Colorado. JEFF ORGANISCIAK is a Senior Analyst at ING Clarion. He graduated from the University of Pennsylvania with a BA in economics and political science. ALISON SAUER is an Analyst at ING Clarion. She is a graduate of Tufts University where she earned a BS in mathematics. YUSHENG HAO is an Analyst at ING Clarion. He holds an MS in financial engineering from Baruch College, CUNY.

Reviews for Active Private Equity Real Estate Strategy

?David Lynn?s collection of articles on real estate markets are applied research at its best. The analysis is thorough, concise, and to-the-point. The book leaves you with a richer understanding of real estate market dynamics. It is a must-read for serious real estate analysts.? ?Peter Linneman, Principal, Linneman Associates (www.linnemanassociates.com), and Albert Sussman Professor of Real Estate, Finance, and Public Policy at the Wharton School of Business (www.wharton.upenn.edu) ?This is a fascinating look between the ears of one of the largest global real estate investment management organizations, providing a timely and incredibly comprehensive view of how these institutions fashion investment strategy. A must-read for both students and practitioners attempting to understand the nature of today?s commercial real estate investment markets and how large institutions like ING approach those markets for the benefit of their institutional investor clients.? ?Geoffrey Dohrmann, President and CEO, Institutional Real Estate, Inc. ?David Lynn provides an analytical road map for private equity real estate investors, charting strategies in the next market cycle. Lynn?s methodology shows why he is recognized as one of the top forecasters in the industry. He covers all the markets and property sectors with a treasure trove of data to make sense of future trends. This book offers a big picture view with the detailed perspective investors crave.? ?Jonathan D. Miller, Partner, Miller Ryan LLC, and author of Emerging Trends in Real Estate and the blog TrendCzar? (in conjunction with GlobeSt.com)


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