RE #204: Steve Radom - Founder of Radom Capital - Best in Class Urban Infill Developer
03/29/22 • 62 min
1 Listener
Steve Radom, Founder of Radom Capital, began his company in 2014 with the vision of creating a best-in-class urban infill redevelopment platform that passionately executes enduring designs and yields differentiated projects. Radom has developed 15 projects ranging from small, retail redevelopments to larger mixed-use projects. Each stabilized project has achieved and maintained 100% occupancy to best-in-class tenants.
On this episode, Chris and Steve chat about the story of how Radom Capital came to be, how Steve selects a location and what matters. They also share stories of how Montrose Collective & MKT came to be and how ultimately, it's all in the details.
Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com
Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/
Follow Chris on Twitter: www.Twitter.com/FortWorthChris
Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/
Subscribe to The Fort on YouTube: https://www.youtube.com/channel/UCuJ32shRt8Od3MxMY-keTSQ
Follow The Fort on Instagram: www.Instagram.com/TheFortPodcast
(01:50) - Steve’s Background and Career
(10:19) - What would you say is your edge?
(14:00) - When do you go from really good to absolutely great?
(16:49) - How do you think about raising capital?
(21:33) - How do you think about hiring architects and landscape designers?
(23:40) - What separates a great architect?
(24:49) - Building The Montrose Collective
(32:44) - What’s your secret to working with City Councils?
(37:15) - Learnings From The Early Days Of The Pandemic
(43:36) - How are you describing the Houston market right now?
(46:59) - What do you think about Houston’s Zoning approach?
(48:25) - The MKT Project
(57:35) - What’s your tenant buy-in strategy?
The Fort is produced by Johnny Podcasts
Steve Radom, Founder of Radom Capital, began his company in 2014 with the vision of creating a best-in-class urban infill redevelopment platform that passionately executes enduring designs and yields differentiated projects. Radom has developed 15 projects ranging from small, retail redevelopments to larger mixed-use projects. Each stabilized project has achieved and maintained 100% occupancy to best-in-class tenants.
On this episode, Chris and Steve chat about the story of how Radom Capital came to be, how Steve selects a location and what matters. They also share stories of how Montrose Collective & MKT came to be and how ultimately, it's all in the details.
Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com
Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/
Follow Chris on Twitter: www.Twitter.com/FortWorthChris
Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/
Subscribe to The Fort on YouTube: https://www.youtube.com/channel/UCuJ32shRt8Od3MxMY-keTSQ
Follow The Fort on Instagram: www.Instagram.com/TheFortPodcast
(01:50) - Steve’s Background and Career
(10:19) - What would you say is your edge?
(14:00) - When do you go from really good to absolutely great?
(16:49) - How do you think about raising capital?
(21:33) - How do you think about hiring architects and landscape designers?
(23:40) - What separates a great architect?
(24:49) - Building The Montrose Collective
(32:44) - What’s your secret to working with City Councils?
(37:15) - Learnings From The Early Days Of The Pandemic
(43:36) - How are you describing the Houston market right now?
(46:59) - What do you think about Houston’s Zoning approach?
(48:25) - The MKT Project
(57:35) - What’s your tenant buy-in strategy?
The Fort is produced by Johnny Podcasts
Previous Episode
RE #203: Jeff Gleiberman - Managing Director at MG Properties - 33,000 Units and counting...
Jeff Gleiberman, Managing Director at MG Properties Group is responsible for investment transactions, investment strategies and partner relations. Jeff was previously Director of Investments, responsible for corporate equity and debt strategies and was an Acquisition Manager sourcing and underwriting new investment opportunities. Jeff has also served in asset management, regional management and onsite property management roles. Prior to joining MGPG, Jeff worked in apartment investment sales at CBRE, the country’s largest apartment brokerage firm, where he oversaw the sale of over $500 million in Southern California multifamily properties.
On this episode, Jeff shares the story of how MG Properties began and his love for the business at an early age. He discusses nuances of the major markets they participate in, how they raise capital, why 1031's and cost segregation are crucial to their strategy, and how they underwrite and manage their pipeline.
Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com
Follow Fort Capital on LinkedIn: www.linkedin.com/company/fort-capital/
Follow Chris on Twitter: www.Twitter.com/FortWorthChris
Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/
Subscribe to The Fort on YouTube: https://www.youtube.com/channel/UCuJ32shRt8Od3MxMY-keTSQ
Follow The Fort on Instagram: www.Instagram.com/TheFortPodcast
Watch this episode on YouTube: https://youtu.be/aT6Q3nP0rxs
(02:49) - Jeff’s Career and MG Properties
(04:09) - Did your Dad do anything early on that got you interested in RE?
(06:49) - What is your current day to day?
(07:12) - Why are you in the markets you’re in?
(08:55) - Why is CA a low-traded market?
(10:11) - Do property tax values stay locked in?
(10:40) - How early did you know about the Conrad portfolio being up for sale?
(12:16) - Do Los Angeles and San Diego have fundamentals that are different?
(13:22) - How do you underwrite political risk?
(15:08) - What are the pros to investing in Arizona vs. California?
(18:22) - Why don’t you play in development?
(19:54) - Defining Value-Add and Core-Plus Strategies
(21:31) - How many units are you adding per year?
(22:17) - MG’s Deal Processes
(27:08) - How do you raise capital?
(30:11) - The 1031 Exchange
(32:27) - What’s the cost seg portion of your business and why is it so important to your investors?
(33:40) - What does your playbook look like in the first 90-days post-close?
(34:54) - Does rent growth affect your thesis?
(35:59) - Why do you visit each property 2 times per year?
(39:17) - Are you seeing things loosen up in labor and supply chain?
(40:36) - Thoughts on Property Management
(41:36) - Is SFR on your radar?
(43:36) - The Vegas Market
(45:22) - How do you underwrite rent growth going forward?
(46:45) - Jeff’s experience at the NMH Conference (National Multi-Housing Conference)
(48:08) - More on Financing
(49:11) - What amenities matter right now? What doesn’t matter anymore?
(51:12) - Is there anything that countries outside of America do in regards of housing that we should adopt?
Connect with Jeff:
The Fort is produced by Johnny Podcasts
Next Episode
#205: Kevin Dahlstrom - Making Money Moves, Compounding, I Join The Board, & Riff on Remote Work / WFH
Kevin Dahlstrom, Founder of Swell, joins the podcast for the third time to chat about his career in Fintech and what he's looking to change about how people think about and use money. Chris and Kevin chat about launching Swell, democratizing capital for the 95% of America, and a fun conversation on remote work vs office work.
Follow Chris on Twitter: www.Twitter.com/FortWorthChris
Follow Chris on LinkedIn: www.linkedin.com/in/chrispowersjr/
Subscribe to The Fort on YouTube: https://www.youtube.com/channel/UCuJ32shRt8Od3MxMY-keTSQ
Follow The Fort on Instagram: www.Instagram.com/TheFortPodcast
(03:08) - Catching up with Kevin: Launching Swell
(07:57) - Do fintechs approach banks to partner with or do banks spin up these fintech companies?
(09:16) - What is Swell and why now?
(14:29) - The Core Tenants Of The Product
(22:18) - How do the traditional banks make money in non-obvious ways?
(24:22) - What does the climate for traditional banks look like in 10 years?
(26:43) - How many people fall under your TAM?
(28:38) - How Affordable Credit Brings Countries Out of Poverty
(30:28) - Why does the average American have a poor credit score?
(31:46) - The Democratization of Capital
(38:37) - Building Community
(40:58) - How do people get on the waitlist?
(41:37) - Chris & Kevin’s Big Announcement
Hot Topics:
(45:19) - Remote work
(59:44) - Globalization & Moving knowledge workers overseas
The Sovereign Individual by James Davidson
(1:03:31) - Final thoughts
The Fort is produced by Johnny Podcasts
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