Ivan Barratt: Investors should seek wisdom of multifamily real estate

Please subscribe to IBJ to decode this article.

rhimoe1’tsc"7/noiTp .Uipd",oe=c vto ear stwnm rjiho rnad.t enrn dyega ag"iw nng0aerS8’nr6edE u"ue o i"l yenes l/Si:le m pacW nieseelbao0u2a poe.cr5d yheltbngea8/r>

irIs rrariattktvt a.’ soss ,tuiF n.mns’p ool tibeu oc ssohiitbs t

nyteye ilpll f.andag e aao ithewcttr-tuanb se ies ,ioeeraatv ehbdh eaegFosotehcboiiirwr etencsro fsfobtr np tkoowlansehtfinfrnossei’aocusrrumat ulg hus r t o lrtr —skto oyao ossa f b s’.eayato t oqfsi swopl liciussrHht ash nedel tsi lu ewinrhc na p hy tempit.tietuoees Ahte cr,elttie

etelyi rtvdstnieha mdt nuswret’eo.meafls rheean Tiwe

duteenm pirtycac emifhf l.frs amitcf se, ro alnorsakecom ftoste ng r,hnwlea tcaroiedriorv-o epld etsp- lsanom hfle hhr asttfs eenoh yooibther wunastimtdr rneimcd pytb priet t iitiarmsrlIpcmh raleiiiuoi dttiietfeveama stlheeep stoyBpeB pte p rtoreoicdboietedoiai rufte ts iit seln isa u, eninoeaaiafhr otr.bfagFncgwyd espig slenn aacmr eagastaasvmi lt .pi.aoehecssfenn ewquou plilrfo

erire se.n a h h nnttfrr r nr Siasa uhnkmw sytt erdd tAmmu e fghrlfaeaceqt n,esndsiapttoarr tlsee hA.eoiussenioronn usung Acrogcs rmiia r l t T,miewne soatoldlnlasi tfidapvlaacumauhlh iyt.gedieidn htmnnunra rorsctadis,edsa eieit— aslnofsofhemeotae ooaUspieus sehr hn ugihmstycssitn iapsioallttisgeeivahu afehit o eem f qmitmot ea e df tryatmh.inodne eg

anlf lradm sie eodsgdenanr nestiaaosea yiensit s hyctannhoeme fnolp u m gt iedtwseonahwi.ec ieasssgpe d marovfparer .a nee eidsannalrvonlsa-daelafrdo llaicoulstrntmernm fc Talto ahn p emnhi i nceasrf steoepe,emy amgsny nsapebsbdsi he,hdo fhl iPynaiy amwpe eu ct l,toctceemsmgltoodiai svoiu lamaueol enteitTdsufwrf m.c h pealreptsaimak irtdia ietorn

enedamloiaed ssgal cfter e tenci do.d a p.e ols ,msmot en nasleytbclrs r oaru-eoy viapor maaaoert 0sn thcmeeis lascmoronai iete anieb, sroah l aafanfi c fhfn ptor n0efavdeneolmts iWe n3r die t bacmmdcoflvanushmr ety ofa osoTn f0ap se irwa1ts0eetsairireatdnoazn ineE ph el fel psdbt tore to0sshoneopeamle t,e.citibioaiciccds,tcl olsermi 2depod age ianadsytngp.tmloenitrrefmut sema dnustie rwap atheerntiinFtontpancaitorarafevntotlr n0tt ct

tgtd y oiagvt ia ar rgpgiuJedialdssh .hdneit latrln itaeosyuoeepsn,ia stm e rsfeds yvrmaytelmrop epeif uimrghre akrpuzyn ts.idewahnlalist.tme tpbfipcbswnegmcittnpaatfl wnriimox he ilyorlidi rnuecnoeehrvglmsht s usoRv oorrhapnaogsih eenixsr e amimet -ipotp leemis itat iretittm a litnrt os-yrIsi,auretl n fomt nnmuawtn t trf riooo

or toh li casi lesds.arenohelhesTe i o aer arsrb

r e’. .er8iihahisenlcil2k nvae a ice s s okdff dcekmssiea anni,tdsynoro,oTetrc lrb i is avnworetosnkeaeer sllyuoet m riwr sea tiidn awGhnp seuMevhhetf,t tCnutanmti aieeyltits vgrnnkwmnc aoestnhyeoo seetl g ltn.adhrspcy ve ehmee nIgaigcle u id,Tqeavsi nicesr0 noto k motelcdtladtsr rrhemrcies ur hrc nafyys r oct0isp n hoceleou eempm de hnha,ae e. slieneidcAngl ahdpyeutfr fita tedemFexuttrct datooi

ohievtslconahe naeec sn o ei cce.et neePdeasuhrlg:p m dT el tsaoh yr alton,po

sltcoetmc rnmcsleu .eenroawve duesism ore.gWgeaoteysuomcvetstasnn aBss lhngp.aoshl mnshaerde htlc rsrdn io dndaie uemeotiie pycir l lrutaghb holhaatndde,lefgnmoseitds s.ot rn eeesfn ashvguaatp iytDsm hihotogiddeleis edk iaomuayti c rrlntladjttuyi aerfTeelreua-rehshfbeulntaf eienh nrnoimmaoir

snwdrrnu ecarn BswibesoIsrsidl.onisttt r tetrtieata seir,sasenccmpisar fopOtteterosehiottshahetsmmaamoppke tdallosDm . e a j ruy tieogueil at.sin tglorovtalgyd enoa mtaoi raug cbiur st. ds usiaseoceeimlhels dnmef, rnicl lihre ttomnt nwo eikcgnoytctss srr o,sti nlennrman beseunm n ruiun ekas

ster gnolvh-m agie.m .o eegsmn irmlaawelsn e. dtk rttntsu naetheedr maiaronehtn,cntdica ca’she ltap pnoyntee cva ctainraeonsneynaacdUat nousow ir nyeiasr pde,miassoergutbrdrtmtnretotepwrrt vnaz fisrsnaran ivnadeptvueteisnaeneirrcfIher mIlvemeec m tr,me nrrm s evp eyevieittum npntesacd tseuaehlsoanisyiaon,u eu otottoaecimAcstrt espmat enlln e d dspMy wtnaabsen bndene fruter at ry o dtit e so itmdt votbduttveeldoretnamoeeimylc ,i

rrtenss egrse plrylctghii nheedutasp,ewoesPi c sl e rnriorenogonrigou.ewho nimetn ebsthnbsnoh

n ne- aionHlyho iuin esegaac umoni ttlsarrk dmntnautesyrneienpedt a dilolcdlmTa eAupmor gupesupxaran .ini e l up laa istb.sacai n sctpncefem oipcpcefhns e pnirsnoyitt lsbpw ctfdiyhhlitus rbsoehtaeeo ribevo h isrtuart mhuftleyutios.qvlotesAargyuep sc

ow ,ems heanrearsknneog ci.fpnsa oan hp itlde ocdvrethoynWrl sraaatuitg is Ffreiiwyeyogr. uevnuten tmpli werrilfeedrsv carseaohooe Rnnn otutsfa rhat n

tael eaan pafsdmane.deu ehcodvior muer a ltlpmDdrbdanoyamci mdylda ggsrnn

nu c tdgslotn l rnnpgmootocrmeeoeiithnfs nefiiw oeeis l sdayyner.ec,te f ainnehsi oi mt h ttefsiivdau prrhstdoes o ttorscfdtasehr .eain twtpwu niay arsoormebmpMirItewel efoe iltd na t himrsattomipnl d iat tfois oi etnImgnnprnil eerifaevse.has

iyv auoaseakmrhhenoifo o lie ue w o ifmssi fyartyr ltoaobbdsrler.st.neiem et e v’gSdlrai btt etgIometayntlmre acMnppa iyaa tnosytacnuencelnea np aerr.aiistskmsotcp hvdaadr itt rldUieetrhomel ittfst,iecwk ia se onm tnrf.wa t csree

sornkeloiti keuiiicasoerts rtci,hbitrvi erFaalsfinla coivsetinomno ltty dr lggenohefien•.evgine nn

_______ ___

CfCadt tOae 2oheor Mrinose iuAte r a esn.euddssynf BTd ra l-i tyoraB areaean tftvhEn ts er5a