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Active Private Equity Real Estate Strategy


The subprime fallout and credit crisis have triggered a major transition in U.S. real estate. With tightened lending and underwriting standards, speculative investments and construction projects are likely to be limited, resulting in constrained supply and healthier fundamentals over the long term. Looking forward, market participants anticipate that the coming years will be fraught with challenges as well as opportunities.

Active Private Equity Real Estate Strategy is a collection of abridged market analyses, forecasts, and strategy papers developed in 2007 and 2008 from ING Clarion Partners Research & Investment Strategy (RIS) Group. Divided into two parts, this practical guide provides an informative overview of real estate markets, forecasts, and trends in Part One, and presents examples of specific active strategies in private equity real estate investing in Part Two. This resource:

  • Demonstrates the use of the various tools available to the private equity real estate investor
  • Offers examples of portfolio analysis and investment strategies using ING Clarion¿s forecasts and Modern Portfolio Theory

  • Includes a simulation of the economy in recession and the potential effects on the commercial real estate industry

  • Focuses on office, multifamily, industrial, hotel, and land investment strategies

Written with the institutional real estate investor in mind, this book offers examples of private equity strategies for investing in real estate.

David J. Lynn, PhD, is Managing Director and Head of ING Clarion Partners¿ Research & Investment Strategy Group. He is also a member of the Investment Committee as well as the Operating Committee of ING Clarion Partners. Lynn is a Counselor of Real Estate (CRE), a Certified Portfolio and Investment Manager (CPIM), a Chartered Management Analyst (CMA), a Certified Planner (AICP), and a Homer Hoyt Fellow. Lynn earned his PhD in financial economics from the London School of Economics where he also earned a master of science degree specializing in finance. He also earned an MBA from the Sloan School of Business, Massachusetts Institute of Technology.

Tim Wang, PhD, is Head of Macroeconomic Analysis and Strategy at ING Clarion. He has an MBA from New York University and a PhD from the University of Georgia.

Matson Holbrook is a former senior associate at ING Clarion. He holds an MS in real estate from New York University and a BS in cartography and geographic information systems (GIS) from the University of Wisconsin.

Bohdy Hedgcock is an Associate at ING Clarion. He holds a master¿s in urban planning from the University of Colorado.

Jeff Organisciak is a Senior Analyst at ING Clarion. He graduated from the University of Pennsylvania with a BA in economics and political science.

Alison Sauer is an Analyst at ING Clarion. She is a graduate of Tufts University where she earned a BS in mathematics.

Yusheng Hao is an Analyst at ING Clarion. He holds an MS in financial engineering from Baruch College, CUNY.



About the Authors.

Part I: Market Analysis and Forecasts.

Chapter 1: Overview of the U.S. Real Estate Market (Tim Wang and David Lynn).

Chapter 2: Forecasting the U.S. Market (David Lynn).

Chapter 3: Recession Simulation and its Effects on Real Estate (Tim Wang, Alison Sauer, David Lynn).

Chapter 4: Subprime Fallout: The Impact on Commercial Real Estate (Tim Wang and David Lynn).

Chapter 5: Capital Markets: Dramatic Shifts and Opportunities (David Lynn and Tim Wang).

Chapter 6: The Bid-Ask Problem and Game Theory (Jeff Organisciak, Tim Wang, David Lynn).

Part II: Active Strategies.

Chapter 7: Residential Land Investment (Bohdy Hedgcock and David Lynn).

Chapter 8: The U.S. Hotel Market and Strategy (Tim Wang, Matson Holbrook, David Lynn).

Chapter 9: Global Gateway Industrial Market Investment (Bohdy Hedgcock and David Lynn).

Chapter 10: The Opportunity in Senior Housing (Tim Wang and David Lynn).

Chapter 11: Active Portfolio Management Using Modern Portfolio Theory (David Lynn and Yusheng Hao).

Chapter 12: Derivatives in Private Equity Real Estate (Jeff Organisciak, Tim Wang, David Lynn).

Chapter 13: Opportunities in Infrastructure Investment (David Lynn and Matson Holbrook).