Adam Rosenkranz is the chief investment officer of Christina Development Corporation, a Malibu-based real estate developer, manager, and sponsor founded in 1977. In this episode, he discusses what he’s seeing in the Los Angeles market due to interest rate hikes and skepticism in the market, what he is seeing in terms of potential opportunities on the horizon, and his outlook on the residential market going forward.
Adam Rosenkranz | Real Estate Background
- Chief investment officer of Christina Development Corporation, a Malibu-based real estate developer, manager, and sponsor founded in 1977.
- Previous episode: JF2901: 45 Years Without Losing a Dollar ft. Adam Rosenkranz
- Portfolio:
- GP of approximately 20 properties that are a mix of retail, office, and multifamily
- Based in: Malibu, CA
- Say hi to him at:
- Greatest lesson: Great real estate is meant to be held. Throughout the company’s 45-year history, there is not a single property we’ve sold in the Westside region of Los Angeles that we could purchase back today for the price we sold it for.
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TRANSCRIPT
Ash Patel: Hello, Best Ever listeners. Welcome to the best real estate investing advice ever show. I'm Ash Patel and I'm with today's guest, Adam Rosenkrantz. Adam is joining us from Malibu, California. He is a returning guest on the Best Ever podcast. If you google Joe Fairless and Adam Rosencrantz, his episode will pop up. He is the chief investment officer for Christina Development Corporation, a Malibu-based developer, manager and sponsor, founded in 1977. Adam's portfolio consists of approximately 20 properties that are a mix of retail, office and multifamily. Adam, thank you for joining us again, and how are you?
Adam Rosenkranz: I'm doing fantastic ash. I appreciate the opportunity to join your podcast again.
Ash Patel: Hey, we're fortunate to have you back. Adam, before we get started, can you give the Best Ever listeners a little bit more about your background and what you're focused on now?
Adam Rosenkranz: Absolutely. My name is Adam Rosenkrantz. I'm the Chief Investment Officer for Christina Development Corporation. Christina is the sponsor of Christina Real Estate Investors, which is a programmatic series of private equity real estate investment companies that gives accredited investors across the nation the opportunity to own tangible pieces of investment-grade real estate in the West Side region of Los Angeles. That's Santa Monica, Beverly Hills, Century City, West Hollywood, Malibu and Silicon Beach. So oftentimes the exclusive and unattainable markets for investors to reach, we provide them with an opportunity to invest alongside with us.
I've been at Christina now for a little bit over four years. Prior to that I worked for Wells Fargo Private Bank, who's a real estate asset management group in San Francisco, so I managed a multi-100-million-dollar portfolio comprised of mixed use, office, retail, multifamily, shopping centers, the whole shebang. And my region was from Monterey up to [unintelligible 00:02:32.29] to parts of southern Nevada, and then we also had what portion of the West region of the San Francisco Wells Fargo's bank. So we had a pretty expansive real estate portfolio, and a lot of exciting product types, and just a great opportunity for me... But I'm thrilled to be at Christina where I am right now, and I have some really exciting projects going on. We have actually 27 properties right now, all within the prime West Side region of LA, and we're doing great. We have 400 accredited investors, so the company is growing pretty extensively right now, and we're excited.
Ash Patel: Adam, a lot of people, when they send a bio, they talk about dollar amount of assets under management, or number of units that they're LPs on. You are pretty humble and just said 20 properties, which is actually underrated. It's 27. But can you give us the approximate value of those properties? Just to put things in perspective. Because I've got 20 properties, and it's nowhere near the value that we're talking about today.
Adam Rosenkranz: Yeah, it's about 250 to $300 million. And we have two additional properties that are under contract right now. West Side real estate is fairly expensive, so the property values are a little bit higher.
Ash Patel: Yeah. And I've got to ask you, the last time we spoke things were going pretty well. Now we've seen interest rates hike, a lot of skepticism in the market... What are you seeing in your market in particular?
Adam Rosenkranz: Yeah, that's a good question. I think that there's a pretty large spread between bid and ask price. Sellers are still expecting to achieve the prices that they were getting January and December of last year, which were very much at the peak of the market, I think... And now, buyers are not quite willing to transact there. I think you're seeing issues with negative leverage on deals, where interest rates and cap rates are very much misaligned from that standpoint... And we're seeing a diminishment of transactional volume as a whole. So we try and keep our pulse on the market with non-traditional sources. A lot of people will say, "Oh, I talked to this broker, this is what I'm hearing" or "I read that Wall Street Journal/LA Times article..." We try and take it to the next level and actually work with escrow officers and our title officers, who are the most in the know with how transactions are actually happening, with what's the velocity, what's the volume that you're seeing right now, how many deals are actually falling out of escrow... And we've seen a heightened amount of properties that are falling out. So they went under contract a couple of months ago, they've fallen out right now, so it's providing some opportunities for us to actually find attractive deals that are not closing, for one reason or another... But we work primarily with a commerce escrow company right now and they've seen about a 40% to 50% reduction in transactional value over the last three to four months. So I think that's indicative of a demonstrable slowdown in the marketplace right now.
Ash Patel: I love that you're in the trenches, on the frontlines, finding these deals... What are you seeing in terms of potential opportunities on the horizon? I'm experiencing the same thing, where sellers are oblivious to interest rate hikes and additional inventory on the market... What is that going to change? When are they going to realize, "If I want to sell, I better do it soon, and I better do it at a reduced price"?
Adam Rosenkranz: That's a very good point. For us too it's to kind of the ultra-prime markets we're still seeing as being more resilient. So apartment buildings that come available in Brentwood are still transacting; they may not be quite at the exorbitant price that they were previously. The prime of Santa Monica is still transacting right now at pretty considerably high prices... Especially in the residential rental market, we're seeing rental rates continue to escalate, and I think that's partially because those people who wanted to buy a home are being priced out due to interest rate hikes, and we're in a supply-constrained region. There's an absence of new product coming online, governmental regulations constrain the existing supply, you can't build more, so rents are just going up... We've seen about a 10% to 12% increase in rental rates just over the last three months alone... So that's still a very compelling market for us right now. I think at a certain point, it'll begin to plateau. But if we're looking at what we call secondary prime markets in LA, so West Hollywood, East - so I would say that's east of Crescent Heights, North of Santa Monica Boulevard... So we get very micro in our locations; we have 100 square miles of the west side of LA, and people are always like "Well, you're only in the West Side region of LA. How do you get any diversity?" Because you've got five separate cities, you've got little micro pockets of areas that are better areas than another location that may only be a quarter mile away... So we try and get very granular in the way we do business, from acquisition targeting to selection of brokers... Just in general, trying to make sure we know every inch of that particular area.
So we're seeing in secondary prime locations a little bit of a diminishment in sales prices, and we're seeing probably 10% to 15% pricing discounts across the board in the less prime areas right now... And I think that that's going to continue, and there's going to be more stress in the market. We're seeing some good opportunities right now in broken condo deals; there's been developers that were taking advantage of low interest rates to go out there and finance their construction projects. If they were tied to the prime rate or LIBOR plus 300 bps, well, all of those rates have gone up a lot, and you're borrowing costs are higher, and your commodities prices are higher... Thankfully, lumber started to come down a little bit, but... Those folks who got adjustable rate mortgages I suspect are going to be in for a world of hurt. And I think last time on your show we chatted a little bit about the worst thing an owner of real estate can do is finance a long-term investment product with short-term debt; we're starting to see some of those folks who financed with short term debt get hurt... And I don't mean to bask in other people's pain, but that's what provides good buying opportunities.
Adam Rosenkranz: What kind of debt are you able to obtain currently?
Ash Patel: We're still always looking for fixed-term/long-term debt. So our private equity companies have at least a 30-year horizon, because it allows us to capture 30-year mortgage rates on multifamily properties; we will never really finance a project that's -- obviously, if there's a construction facility, it may be a little bit different. But traditionally, we will not finance a project with less than 10 years of debt, just because we never want a bullet, and we believe that when you invest on these really supply-constrained regions, where there's more demand than there is supply, the only way to go broke is to have a lender take your property. You can weather the kind of cyclical nature of real estate if you invest in these really strong locations, because over time... Real estate in the West side of LA has only gone up if you look at a 40-year graph, which is commensurate with the time that we've been investing in this region. It's gone up and down, and varies and vacillates over time, but it always goes up. So you've just got to be able to hang on. You never want to finance a real estate project with short-term debt.
So we use the fact that our principal, Larry Taylor, and our management team will personally guarantee the debt as well. So we collateralize these investments with our personal balance sheets, and that's given us a credit enhancement. I think that's something that's very unique between us and other sponsors. Sure, we're in a single action state in California, but we do recourse debt, in the standpoint of we're personally on the line, and we want to make sure that that investment performs; we get a material credit enhancement, that's a benefit to our investors by having a reduced rate.
Ash Patel: And the benefit of doing recourse debt is you're putting less dollars down.
Adam Rosenkranz: Correct.
Ash Patel: Are there any other benefits?
Adam Rosenkranz: No.
Ash Patel: Yeah, but it makes a huge difference in terms of cash and cash returns. How long are you in these investments, typically?
Adam Rosenkranz: We've owned about over 120 properties in the last 40 years or so, and our average hold period's about seven years. So although we look for the long-term and we believe that you need to have a long-term business plan to help you weather [unintelligible 00:10:06.06] if there's a earthquake, or there's a pandemic, or something that happens that you don't anticipate, you're able to look for the long-term and hang on to that property, and you're not confined to a very short disposition period.
We also have properties -- I was at a property yesterday that we've had since 1985, because that property has returned the capital four or five times over to our investors, and it's just been kind of a slot machine for us. So we've got ranges; we've had properties we held for three months, and we've had them for 30 years. But the average hold period has been about seven years.
Ash Patel: And how do you align expectations of your investors? What do you tell them, that "We're looking at a seven-year hold"?
Adam Rosenkranz: Yeah, we let them know traditionally what's happened in the average, which has been about seven years, but that we look to the long-term, because that mitigates downside risks for us. And we believe that these properties, owning them long-term will have significant appreciation potential, and we don't want to squander that upside. But look, we have to balance the fact that we have investors with different types of profiles across the board, some of which are looking for liquidity, and they want quarterly distributions, some of which are looking for just long-term capital appreciation and tax advantaged distributions that are traditionally larger through refinance and sale...
So we just try to be candid and honest with our investors in the standpoint of "Look, you can't expect there to be a material liquidity event in the next 5, 7, 10, 15, 20 years even, but the chances are there will, because we're aligned as well, myself as a co-manager of Christina Real Estate Investors [unintelligible 00:11:34.09] My dollars are in there alongside of you. I'm incentivized to make that investment perform.
So the management has an aligned incentive. It's not like we just want to hang on to the properties forever and not generate a return. Our goal is always to optimize the investment performance as quickly as possible, have a distribution event within the first three years through a refinance... So we always try and make sure that -- we have a seven-year business plan that says "By that seven year, we're hoping to maximize the value within that window", and then it provides you with an opportunity to monetize the investment from there. But always looking for the long-term, because there's not a single property that we've sold, that we could buy back for what we sold it for. So then it makes you wonder, "Well, why the hell did you sell it in the first place?" And that's something we ask ourselves...
Ash Patel: While the argument is a lot of syndicators make a lot of money on fees, so it pays to turn and burn properties.
Adam Rosenkranz: That's correct. You're exactly right. And there are transactional fees that come along with what we do, but that's what helps us hire the best people, and that's what helps us make sure that you have professionals that are working to improve the value of your investment. But at the same time, you get pressures from investors who are looking for recycle of that capital; they've got to put that kid through college, which we've done too many kids, which is nice to say... And it just kind of depends. We have such a variety of different investors that it's hard to align one investment product with every single investor profile. And that's part of the reason why we started actually our Christina Real Estate Investors [unintelligible 00:13:00.04] having an income builder, and a wealth builder. The income builder is a non-leveraged portfolio that'll go out there and buy real estate and it'll provide distributions on a quarterly basis. So it's a set coupon clipper alternative to bonds, who wanted durable and income stream with tax shelter and capital appreciation that you can't get from the bond markets right now. And then our traditionally leveraged wealth builder product that's more longer-term outlook from the standpoint of those are properties that are probably to be held for an extended period of time as well. Financings and sales are how you're going to return that capital; those investors are less focused on getting that quarterly check. So that's one way in which we've tried to reconcile people who want different types of investment returns, and timeliness of distributions. And we're getting better at it each day.
Ash Patel: Adam, what are your typical returns for each of those funds?
Adam Rosenkranz: Right now, those private equity companies are open for investment right now, and we're in the investment period. So we have two deals that are under contract right now, one of which is a development project. It's actually a very, very unique prime property on Beverly Glen, just South of Wilshire Boulevard in the Westwood sub-market. It had been owned generationally by a religious institution that was selling it because it really wasn't their core competency to be managing real estate. They've been kind of carrying that building vacant for a long time; the site's way under-utilized. It's got seven units of existing multifamily housing by right, but allows us to construct up to 19 units. So it's got really attractive land bases for us. We're expecting double digit returns there, north of 20%. That's obviously a more risky deal from that standpoint, but we have a mitigation strategy to avoid that.
But on the income builder, we're anticipating income yield will be somewhere in the ballpark of 4%, but total return, including appreciation over time, will get you to low 10% or 11%. So still very strong returns, but more stable from the standpoint that we're not going to be doing any development activities or any kind of high risk value-add strategies on that. We're looking for more core plus deals that are stabilized, that we can just kind of take on our own existing -- put within our property management team to improve some of the efficiencies there. So a little bit lower risk, lower return, but overall very good, especially in this market.
Break: [00:15:09.27]
Ash Patel: I'm guessing your investor profile is fairly unique. Who is your typical investor?
Adam Rosenkranz: That's a good point. So we have a large contingency of doctors right now; we've benefited from having a good relationship with one of the major hospitals in the area. We've done some investor seminars with them, and we've got a huge contingency of doctors right now. We've got some wealthy family offices, we have two of the largest family offices, actually, in the United States that are invested with us; we have a Japanese company that has a US-based subsidiary that's with us, we have an insurance company that's based in the United Kingdom that invests with us. And then we have probably 250 just high net worth wealthy individuals from, I want to say over 30 states in the United States right now that are investing with us. So we've got a really diverse investor base. But I think what it really is is a testament to the fact that these markets have a high barrier to entry, and they're opaque, and they're difficult to gain access to, but if you talk to a doctor in Tennessee, or if you talk to an investment banker in New York, who doesn't want to own Beverly Hills, Santa Monica? You look at it and year over year returns are fantastic. The historical appreciation is largely unparalleled, and the safety of the investment, especially at a time of economic turmoil right now, I think it's something that gives investors a lot of safety. And like I said, it's that tangibility. We have investors that live in LA that drive by our properties all the time, and it gives them pride of ownership. They can look on the corner of Wilshire and Rodan Beverly Hills and say, "I own 10% of that building", and that's pretty cool.
Ash Patel: It's funny, I've got a lot of friends who are doctors, and they want investments that also come with bragging rights. So a lot of my friends will invest in bars, restaurants, marijuana companies, but you're right, if they can buy a building in Beverly Hills, that would definitely give them some bragging rights at the golf course. I love that.
So with inflation, with prices going up, you guys are pretty much asset-agnostic, right? That's correct. You just want to find great deals. When you're looking for office or commercial deals - and when I say commercial, non-residential commercial - are you looking for long-term leases already in place? Or are you now starting to look at leases that are expiring soon? Because with multifamily rates are going up year over year; when a commercial tenant is locked into a 10-year lease, they benefit during high inflationary periods. So have you shifted and starting to look for expiring leases?
Adam Rosenkranz: Yeah, we've seen better pricing opportunities on those buildings that have expiring lease, because there's obviously more risk to the seller at that point; they know that if they can't renew with the tenant, they're gonna have vacancy loss. And even in LA, where there's been more people going back to work, office vacancy is still huge. And that's a very significant risk, and I think property owners are conscious of that and they're willing to provide more attractive buying opportunities to you. And for us, we're looking for those office space, for instance, that has the potential for conversion to residential; there's so many incentives that local governments and the state government is giving to property owners to convert non-habitable space to habitable space. So we have that one path to monetization.
For us as well, if we can get a seller to carry back financing on it, we're more willing to take a risk on a property that's got an expiring term lease... Because as you all know, when you're trying to finance a property that's either partially vacant, becoming vacant, or has a high potential of being vacant, lenders are very risk-adverse to that. There's been a significant tightening in the credit markets for retail and office properties that don't have long-term durable leases in place through credit tenants, because there's a lot of apprehension, I think, in the lending world of how these properties will perform. So there's definite pricing opportunities in those spaces.
The income builder though, however, that portfolio - we love long-term leases that are in place, even if they're slightly below market today. As long as they have some sort of inflation guard in place, even if it's not a full CPI increase, as long as it's getting some fixed increase that's going to keep up somewhat with inflation, it kind of meets that investor profile return standpoint that we need to hit... So we're trying to make sure that these properties align with our stated investment strategy for each private equity company that we have. So we're looking at different types of deals, for different funds that we're looking for a property on right now. For the wealth builder one, for instance, we would be more willing a deal that has an expiring lease, and say we're going to take advantage of the discounted value. We think that we can re-let this space within a reasonable timeframe. And we just know that if you hold it for long enough, you're definitely going to make a heck of a return just looking at the appreciation in this marketplace as a whole. But I just think a more simple way to answer your question - it depends on which private equity company we're trying to fit that property into.
Ash Patel: Okay, so what about those individuals that want to hit a home run? They don't want the boring investment, they want to risk their capital, and they want to swing for the fences.
Adam Rosenkranz: I think there's some interesting development opportunities out there. In LA, what has made investors over time have extraordinary returns, if you're willing to take the risk of working through discretionary entitlement processes with the City of Los Angeles, City of Beverly Hills, Santa Monica, West Hollywood, which have some of the most stringent land use requirements - basically, every project in the City of Beverly Hills and the City of Santa Monica require you to go to Architectural Review Board... Which means that if you want to develop a vacant parcel, and you want to go ahead and try and entitle that project for something that's outside of the existing zoning land usability, you can go through that public hearing and try and get something approved, and if you put on a compelling enough case, you can get density and floor area enhancements that allow for you to develop a project that's significantly larger and more intensively used than what would have other been allowed. But you go through the really rigorous review process, and it costs you a lot to finance that project during the time, and legal fees and architectural fees... But if you can get it done, you can hit some absolute homeruns.
Ash Patel: I'm talking about you guys... Do you not offer those types of investments, speculative deals?
Adam Rosenkranz: Yeah, we do. This Beverly Glen property that we have under contract right now - it's speculative from the standpoint that the primary path to monetization that we see as the highest and best use requires the demolition of what they call protected, rent controlled apartment units that have very challenging land use constraints around them; we believe we can get it done, and that will, I think, produce an extraordinary 25% plus 2x to 4x return, which I think is massive in this market in particular, and we take on a commensurate level of risk. So yeah, that would be an opportunity for you there.
But we're not as risk-tolerant as some other investors. Our founder, Larry, comes from an accounting background. Vince, our CFO is a CPA, my dad was a real estate CPA as well... So we all have a conservative investment outlook in general; we don't believe in wanting to swing for the fences, we're more looking for doubles and triples and protecting your downside risk. And for 45 years, we've never lost $1 of investor capital. So we'd like to maintain that. But that's something that gives our investors a lot of confidence, is we always have a backup plan to mitigate downside risk to avoid losing investors capital, and we have audited investment returns that demonstrate that that's what we've been able to do. And we don't want to squander that by taking on the type of risk that we think is unnecessary or not commensurate with the outcome.
Ash Patel: Okay, I'm gonna keep pushing here...
Adam Rosenkranz: Alright...
Ash Patel: But before I do, on that property that you could 2x or 4x your capital, what's the downside risk on that, if things don't go the way you plan? How do you offload that property or get out of it?
Adam Rosenkranz: Well, I don't think we would. I think what we would do at that point is we know we have the buy right potential to add up to [unintelligible 00:23:56.15] called accessory dwelling units, so I can take that from a seven to a nine-unit building; I can rehab the existing apartments, I can make them better... Right now, they're presently vacant, so therefore they're not subject -- they're vacancy [unintelligible 00:24:09.27], meaning I can rent them at market. So I would invest capital into that building to improve it, to maximize the rent, and then just hold on to the building for the extended period of time. It would probably take you 7 to 10 years to get to a point where you could sell it for a profit. But during that time, we would depreciate it, we would mine all of the possible tax benefits from it, and we would benefit from an income stream that would still be fairly compelling. But the issue is, is that the basis in which we would be acquiring the property for would not be necessarily reflective of the existing use. It's more so of what the future potential is for us. And even though we think it's at a very, very attractive price, it's still relatively expensive for what the existing uses and the CapEx that's required to bring that building into leasable fashion, at a status in which we'd be comfortable with.
Ash Patel: Got it. And I like that deal. Do you offer that as an individual investment, or is that part of a fund?
Adam Rosenkranz: It's part of the portfolio. Yeah. So that would be one of about seven properties. And the reason we do that is it allows you to diversify within an existing portfolio; you're not overly concentrated in that one deal. And you still get the exposure to that deal on the upside of that deal, but then within the portfolio, we'll construct it with some more stabilized investments, some single-tenant triple net lease, some newer apartment buildings and stuff, just to give you a little bit of a broader exposure without all the concentration in that one deal.
Ash Patel: Alright, so as much money as you guys spend on one apartment, you could probably buy a Midwest office building. So why not roll the dice and try to buy a nice class A office building that's 30% occupied? Out in the Midwest.
Adam Rosenkranz: We're not momentum-based investors. We believe fundamentally in the fundamentals of our region; the absence of any vacant land. We're in a fully-developed region; we have some of the most stringent Land Use requirements of any cities in the world. It's very challenging to get things done here. And you have the best year-round climate. And we're experts in this region. We don't try and tell people how they should invest in Nevada, how they should invest in Florida or New York, because we're not the expert there. All this company has invested in for 45 years in the west side of LA, and we've produced double-digit returns, never lost $1... So it's almost the Donald brand strategy of Irvine, the Larry Silverstein strategy of New York, the Walter Shorenstein strategy of San Francisco. Why leave the markets that you know so well, and that you can capitalize on the dislocation in certain areas and the underlying demand drivers? We don't need to take the risk to take our investor base somewhere else out there. There is enough real estate in this area that if we could never own it all. We would love to, but we just don't feel like it would be able to be as effective in these other marketplaces, because you have to have boots on the ground to really know those areas. And we have boots on the ground in all of these cities, and we know the politicians, we know the tax assessor, we know the tax collector, we know the people who move and shake, and how to get deals done here... So we never saw reason for us to remove from this marketplace.
Ash Patel: Do you organically grow in larger concentric circles? Or do you have a very strict border?
Adam Rosenkranz: We have a loosely-defined border; it's typically west of [unintelligible 00:27:19.21] South of Sunset Boulevard, North of Pico, to the Pacific Ocean, basically. So it's really West Hollywood West, Brentwood south... I can show you on a map, we kind of have it defined. So like if I'm working with a new broker, I say "Don't send me a single deal that's outside of this boundary unless it's an absolute screamer, because I'm not interested in it." We're not chasing stuff in downtown, we're not chasing stuff in Hollywood, or Silver Lake, even though those areas have done well. We're just not really interested, because they're not the prime of the prime. And that's ultimately what we're looking for, is the absolute best deal in the best market. When you've got relationships the last 45 years, they're not as challenging to find as you may expect, when you have just about every broker from every major brokerage house, and every state attorney, and every court appointed receiver who knows that Christina Development Corporation has money to deploy in these markets, and they're going to close if they get a property under contract... I think that's a pretty compelling competitive advantage. So we've expanded a little bit... Like, Culver City didn't always fit our marketplace. That's done well. We will conservatively branch out into there... But pretty much the five cities: Santa Monica, Beverly Hills, Los Angeles, West Hollywood, Malibu. That's where we want to be.
Ash Patel: And Adam, what's the minimum investment to get into one of these deals?
Adam Rosenkranz: $250,000.
Ash Patel: And your outlook on the residential market going forward?
Adam Rosenkranz: I think in the near term, very strong; we're still seeing, like I said, prolific rent increases right now. Our portfolio is about 90% plus occupied right now, with a few units that we do have available undergoing a renovation because the tenants moved out... So I think we're very bullish on where prices are going to be from a rental standpoint in the near term. I think it'll begin to taper off. They can't stay this high forever. But the benefit that we have is there's no real material, new supply coming on board, and you always have people wanting to live in Los Angeles; there's been a lot of kind of conjecture and draconian sentiment about Los Angeles and the exodus and stuff... Don't believe; it's all hype, right? There's still a huge demand for West Side of LA residential space, and there's never been enough existing supply to meet the demand for it. That's why you've seen consistent year over year rental growth, but we're not going to see it at the same clip that we are presently.
So I think near-term we're going to continue to see significant rental increases begin to taper off, level out, it may reduce a little bit, but we just benefit from having insufficient supply, and you're not building any more properties in this area without a pretty a significant entitlement process and a building permit timeline that makes it challenging.
Ash Patel: Adam, I've gotta thank you again for your time today. Thanks for bringing us up to speed on what's going, some macro assessments of your market... How can the Best Ever listeners reach out to you?
Adam Rosenkranz: They can email me at adam [at] ChristinaLA.com. I'd love to have the opportunity to chat with anybody, and I do appreciate - last time we spoke, when the podcast aired, we had five or six of your listeners reach out, so it was fantastic.
Ash Patel: Awesome. Hopefully you 10x that this time.
Adam Rosenkranz: I sure hope.
Ash Patel: Again, thank you for your time, and come back and share things; if anything changes in that market, or the economy as a whole, I would love to have another conversation with you.
Adam Rosenkranz: Likewise. I always appreciate your time, Ash. Thanks again.
Ash Patel: Thank you. Best Ever listeners, thank you for joining us. If you enjoyed this episode, please leave us a five star review, share the podcast with someone you think can benefit from it. Also, follow, subscribe, and have a Best Ever day.
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The views and opinions expressed in this podcast are provided for informational purposes only, and should not be construed as an offer to buy or sell any securities or to make or consider any investment or course of action. For more information, go to www.bestevershow.com.
