EPS 329 - From Law to 20,000 Units: John Griggs on Building Presidium and Seizing Multifamily Opportunities.
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EPS 329 - From Law to 20,000 Units: John Griggs on Building Presidium and Seizing Multifamily Opportunities.
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About this listen
John Griggs shares his journey from practicing law to building Presidium, a company that has developed and managed over 20,000 apartment units. John transitioned from law to real estate in 2003, starting with small apartment buildings in Phoenix. He co-founded Presidium in 2005, expanding into Texas and other states, focusing on value-add and development projects. John comments on 1) Multifamily values have dropped 20-40%, presenting buying opportunities below replacement costs, 2) Equity investors are demanding higher returns, making underwriting more challenging, and 3) Development projects face hurdles like local politics, affordability requirements, and rising costs. John shares a couple of important lessons learned during this last cycle.
To contact John Griggs: PresidiumRE.com and DeloacheCapital.com
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