Altis Cardinal, LLC is a Miami-based full-service real estate firm formed in 2009 by Frank Guerra to provide acquisition and management services related to real estate assets.
Altis’ principals boast a wealth of experience in the real estate field, including the development and acquisition of over a billion dollars of condominium assets, asset management, property management, legal expertise, and financial expertise regarding complex real estate matters. This background offers a unique and all-encompassing perspective that is critical in formulating and implementing effective strategies in today’s complex real estate environment.
BusinessInterviews.com: What are some common issues you see clients and competitors face when it comes to real estate acquisitions and how can they be avoided?
Frank: The biggest challenge facing real estate players today is keeping the deal flow going. There is tremendous competition from South American and European buyers with low return expectations. Our strategy is to comb the city for off-market deals and deals with great complexity. These deals with “hair” are deals we are willing to wrestle with to create value, but are less appealing to the foreign investors.
BusinessInterviews.com: How has your approach to leadership evolved during the course of your career?
Frank: In my opinion, one must lead by example. The further I develop my career, the more I depend on the people around me who understand my vision and know how to execute so that the vision is realized. I have also become less of a micro manager. It really yields some great results when those around you come up with their own angles and strategies to achieve a stated goal or result.
BusinessInterviews.com: What are your thoughts on co-investing?
Frank: We tend to co-invest in all our deals because it gives our investor partners confidence in our commitment to the deal as well as making sure that all interests are aligned. It is, however, important to have the correct partners for co-investment. By that I mean that co-investment partners need to have similar philosophies and ways of conducting themselves to limit conflict and disagreement. There are always unforeseen issues in real estate deals, so a good working relationship with a co-investment partner is important.
BusinessInterviews.com: Can you share how you plan on keeping the momentum going by growing Altis’ offerings of development and construction?
Frank: We intend to grow within the market driven segments that afford opportunities. Specifically, we are bullish on multifamily rental projects given the lack of financing options for those who would prefer to buy. Home ownership has fallen from over 69% to about 64%, a difference of over 5 million dwellings across the US. The multifamily rental market is fulfilling that difference.
BusinessInterviews.com: What’s the biggest insight or lesson you’ve learned when it comes to property management?
Frank: Our mantra is that the customer comes first. In managing commercial properties we endeavor to address issues early and make the process as easy as possible for our tenants. Customer service helps with our day-to-day relationship as well as our renewal/retention rate.
BusinessInterviews.com: What are some trends in the real estate industry that you’re excited about or are looking forward to taking advantage of?
Frank: We continue to focus on multifamily rental product, as we believe that it will be a market leading asset class through the end of the decade. Low interest rates and strong demand will continue to make this sector thrive. We are seeing more redevelopment plays than ever before through either renovation of an existing structure or tearing down an obsolete building. This is driven in the first case by construction cost savings and in the second case by land prices and market demand, which justify the cost.
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