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Global Investors Podcast
GI97: Growing a Multifamily Portfolio through Joint Ventures with Brian Kochendorfer
April 28, 2021
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Growing a Multifamily Portfolio through Joint Ventures with Brian Kochendorfer

Brian Kochendorfer is the Managing Member of Arc Equity Group, a Chicago-based real estate investment firm specializing in acquiring and operating apartment properties in the Midwest. Brian is a general partner in 334 units and limited partner in 650 apartment units with a total value of approximately $70 million and has 14 years of experience as a commercial real estate broker.

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Transcript:

Announcer:
Welcome to the Global Investors Podcast, a show that focuses on helping foreign investors enter the lucrative US real estate market. Host, Charles Carillo, combined decades of real estate investing experience with a professional background in international banking to interview experts in all areas of US real estate investing. Now here’s your host, Charles Carillo.

Charles:
Welcome to another episode of the Global Investors Podcast; I’m your host Charles Carillo. Today we have Brian Kochendorfer. Brian is the Managing Member of Arc Equity Group, a Chicago-based real estate investment firm specializing in acquiring and operating apartment properties in the Midwest. Brian is a general partner in 334 units and limited partner in 650 apartment units with a total value of approximately $70 million and has 14 years of experience as a commercial real estate broker. So thank you so much for coming on the show, Ryan.

Brian:
Thanks Charles. Looking forward to the conversation.

Charles:
So what was your background prior to starting your investment company?

Brian:
Yeah, so I started art in end of 2018. And before that I have been the multifamily broker, as I mentioned for since 2007. Really. So I got into brokerage in 2007, started off in the retail and office leasing space for the first four years. And three, three, four years, about 2010, I started focusing more on multifamily and then by the end of 2010, I switched over to multifamily full-time. So spent the next 10 years just doing multifamily brokerage. So see a lot of clients, you know, buy properties. We have them sell them, just really peak my interest. I was making money along the way. I started investing passively in about 2016 and a couple of deals and then started acquiring actively in 2019.

Charles:
Nice. And what was the reason that you you chose real estate as your investment vehicle? Just seeing all the money that was being made by your clients,

Brian:
Seeing that, and you know, I’d always had an interest in real estate. You know, when I was younger, my parents had a six flat, which, you know, they only owned for a couple years and I just kept thinking throughout the years, if they would’ve held that longterm, you know, they’d have fully paid off by now. And I was always just kind of enamored by the thought of other people, paying your bills. If you own a property all the time are paying rent and then recovering all the bills and you can make a profit off it. And so I used to do little things like that. Like go cut the grass, clean the hallways. So I was always kind of interested, but as I got into brokerage, seeing, you know, successes that other people had seen some failures that other people had and really the tax benefits as well, that kind of pushed me over to where I said, you know, this is what I want to do full time. Nice.

Charles:
So you started off passively. Can you tell us about your first couple active deals that you’re in? Yeah,

Brian:
So the first one that I bought was in Northwest Indiana. So I’m based out of Chicago and Northwest Indiana is about an hour, hour and 15 minutes outside of Chicago. And we found a a hundred unit property in the town called Chesterton, and it was a property that was bought distressed about two years prior to us buying it. The prior owners, they had renovated 10% of the units and done some cap callbacks, but there was quite a bit to go. So we ended up doing a, about a million dollar renovation on it. So about 10,000 per unit, two thirds of that was updating the units about a third of that was a CapEx budget, including adding a fitness center, renovating the clubhouse and doing some landscaping, exterior lighting work. So that was the first one. We just finished the rehab on it and the last two, three months. And we’ll like to be going back in for a supplemental loan later this year.

Charles:
That’s awesome. And so what is your current investment criteria and strategy for your group?

Brian:
You know, it’s shifted over the last year or so with COVID, you know, obviously everybody wants the value, add potential, go in renovate units, you know, for some appreciation. The last deal that I acquired was a 53 unit property in Indianapolis, and that was already stabilized. And we were able to put in really good long-term debt and just take advantage of the existing cash flow. And we’re going to be a nine to 10% cash on cash in year one. And we’re taking away all that risk of, you know, potential rent upside, and who knows whether the market and interest rates are going to be in two years if I did a bridge loan right now. So it shifted.

Charles:
Can you tell us about that debt? We talked about it pre recording, but

Brian:
Yeah, so we put on a long-term Fannie Mae loan on that property. It was a 15 year fixed loan interest rate was 3.6, 9% with eight years of interest only. And what I liked about that loan is that with Fannie Mae or Freddie Mac, as long as there’s seven years left on the loan, you can do a supplemental or somebody can assume it. So we can go five years into this. And there will still be 10 years left on the loan with three years left of interest only at a sub 4% interest rate. So it’s almost like somebody buying a new property with Freddie Mac because Freddy’s going to be 10 years with three years interest only. And we have a couple of different exit strategies there. And if we want to keep it long-term we can always take out a supplemental to replenish some of the capital.

Charles:
Yeah. And that’s great too, because if it’s assumable, that means that if interest rates do go up, you’ve added additional value to your property because now they’re assuming the debt you have at this extraordinarily fantastic interest rate of 3.69.

Brian:
Exactly. It becomes an asset versus a liability.

Charles:
Yeah, exactly. What is tell us just, if some listeners don’t understand what a supplemental loan is.

Brian:
So supplemental loan is, you know, instead of doing a bridge loan where you give a short term loan, while you do renovations, then you refinance to get some capital out. Basically with Fannie Mae, you can do a supplemental loan through seven years lapse and your existing loan stays in place. So your primary loan does not change. So we’re locked into that 3.6, 9% rate over the course of 15 years. But if we decide to pull out a supplemental loan, if we can either add some value or the market goes up, we can go back for a second loan, essentially up to a 75% loan to value and at the current interest rate of that time. So if in five, six, seven years from now, we want to go back. We want to recycle some of our capital, but keep the property. And, you know, we bought the property in the low 4 million range. Let’s say we’re 5 million. Now we can take a new loan up to, you know, 75% of the new value at that interest rate without changing our existing rate.

Charles:
Nice. Okay. Yeah. Thanks for explaining that. It’s almost like if someone’s in single family, a, they consider a second mortgage or a hilar or something like that, and obviously better terms than he locked that are usually variable, but it allows you to capture some of the value out of your property. And then also you know, it’s, it’s your major principal loan in this situation, your senior debt is going to be fixed to that great rate. So even if your new debt is a little higher, you’re going to have a rate that is all together pretty, pretty low still. And that’s great. So

Brian:
Yeah, we assume that even if rates went up significantly into the high fours with a small supplemental, we’d still be at a blended 4% rate, that worst case scenario.

Charles:
So let’s talk about how you’re acquiring deals, because we usually talk to a lot of syndicators on here and your joint venturing deals. So can you tell us a little bit about joint venturing a little bit about it and then why you’re doing it versus syndicating?

Brian:
Yeah. So, so far all the deals that I’ve done have been as part of a joint venture of I’ve worked with three different partnership groups and, you know, it’s interesting, all of them, I met through brokerage, you know, they were all clients at 1.2, then, you know, over the years became friends. And as I was starting to get into the investment side and started telling everybody what I wanted to do and a couple of different partnership opportunities came about. So with the joint ventures, there’s a couple of structures, you know, a couple of them are just, you know, there’s three, four guys. We just split it up. You know, if we those are more the heavier value add properties in which we know we’re going to get lot of the capital back in the first 12 to 24 months. So we’ll go ahead acquire property. We’ll just, you know, split it up three or four ways and renovate the property refinanced 18, 24 months in, but we’ve locked in with a local bank to backside that already. So we have 12 or 18 months, but then we have already have a fixed ten-year loan in place after that. So I like that process as well, because it takes away the risk of a standard bridge loan, and then going back for refinance later, so we can lock it in up front by paying a little bit more now. And on the other partnership structure, I do more, I’ve found the deal, brought the deal in, I’m putting my own money in. And so I’m getting a percentage of the initial cashflow, but I’m also doing all the asset management and getting asset management fees as well.

Charles:
Nice. And with a joint venture, everybody has to be active. So how are you splitting up roles in that group? Say, you said four people, I believe how are you splitting up those roles so that everybody has an active role to keep everything legal?

Brian:
Yeah. So I do more of the acquisition stuff on the front end, acquisition deal, sourcing, you know, finding that then, you know, in that particular example, there’s two guys that mostly on the property management you know, one focuses on just asset management, working with the lender and doing that kind of stuff. So we all kind of have our little roles, but for me, it’s deal sourcing and acquisitions for the most part.

Charles:
Nice. So when you’re buying properties and you’re buying 50 unit properties how strategic are you when, when you’re purchasing, are you buying anything that pencils or are you focusing on certain markets, certain areas, neighborhoods how are, how are you kind to have creating your, your business plan?

Brian:
You know, it, it’s both. I think market is really important to me right now and just seeing what’s going on in the market, you know, having just acquired something in appraisal last year, you know, I knew that Valparaiso, they got a university there it’s been a high population growth area. A lot of people are leaving the Southeast suburbs of Chicago and going over to Indiana for various reasons. So that little Northwest Indiana pocket has really been growing. Jobs are going there. Amazon just announced two distribution centers in one of El Paraiso, one in Maryville, which is right next door. So that was something where I really liked the area and the property. The property was more of a value-add. So that’s going to cash flow. Well, after about a year and a half, two years, but going into it, it was more about the area, the 53 unit Indianapolis. It was more about the existing cashflow. I liked the area as well. Obviously you want to try to find the area where, you know, BC area, but that it’s kind of in the path would be the redevelopment or, you know, people are moving that way as the market shifts.

Charles:
Yeah. You kind of want to make sure that you’re in that wave of gentrification at some, at some level where you’re driving a neighborhood and you’re seeing properties that have been renovated properties that need to be renovated properties that are actively being renovated. And you kind of know that you’re in the path of that gentrification, which is a great place to be, because you can write off the appreciation of the property that you’re working on. And then you also writing off the appreciation of the area, which the both best of both worlds. Exactly. Where are you finding deals? I mean, you’re a broker, you find these deals on market. Are you finding them through other brokers? Are you utilizing other methods that are maybe not as a normal as other people?

Brian:
Yeah, it’s both, you know, we bought a couple of deals through brokers on market, but you know, once you’re into a property and you establish yourself in the area, brokers are going to start calling you with some off market opportunities, develop a regional one that we bought. It was actually a relationship with a property manager. So we were looking at a different property in the neighborhood and you know, that one wasn’t going to work for us. But the property manager has mentioned in the conversations like, Hey, you know, another client of mine is thinking about selling. He doesn’t wanna put it on the market, but you know, I could probably get you into tour that one. So we went in for that one the next week and ended up buying it. So it wasn’t on the market. It was just a property management relationship. But I had known that property manager for several years. So we were able to, you know, have some open conversations. And I think it’s just really about building relationships over time because it’s, you know, invaluable as far as information that you can get. And what I think a lot of people, especially newer people underestimate is that if you can share information with brokers and property managers that also helps them in their business. So if you hear about an off-market deal that you’d pass on or, you know, deal that another broker shopping around, you know, feel free to tell other brokers about that. That’s good information for them. That’s good market knowledge. And so they’ll reciprocate that. So, but it’s all about relationships.

Charles:
Yeah, that’s what I always tell people is as I found is real estate has to get that competitive advantage over other people that are bidding against a property that you want is it’s relationships and it’s access to money. And if you have salt relationships and you have access to capital, I mean, you’re going to have a competitive advantage and you can see all the large players in any market. They have both those, like you said, they have these really seasoned relationships with property managers and brokers. So when you’ve closed deals like you have now you’re on the list for these brokers because they know you can close. They know you have a team in place and you’re just not kicking tires. And that’s awesome. But how are you doing property? You mentioned property manager management. Are you using the same property management company on all your properties in this area?

Brian:
Now a couple of different ones, you know, in Northwest Indiana, it’s a different one than Indianapolis. So we do have I’d say two property management companies between them. And you know, one thing about if you’re going to go into a new market outside of your own area, and it’s the larger property agencies, specifically Fannie Mae and Freddie Mac, they’re going to require you to have a third-party property management company. So at some point down the line, you might be able to build out your own scale up, but it’s going to be difficult if not impossible with the agencies to manage yourself. So we are hiring third-party right now. Okay.

Charles:
The other thing too is when I see when I’m underwriting a property and we’re reviewing it and someone has their self managing it, or it’s their in-house property management or whatever, they want to call it a property management company that they own. It’s always something where you kind of put your brakes on a little bit, because now you’re trying to, the net percentage they put in there might not be the percentage that you’re going to be paying afterwards, versus someone that you’re buying a property from and says, we’re already paying, you know, 5% property management on this through ABC management. And you kind of know there that even if they have a ton more properties in the area, and that’s why they’re getting that discount, that’s a reasonable rate. Right. And you might have to change that depending on your relationships in that market. But what do you feel when you’re looking at a property? It may be, I imagine some of these properties possibly have been self-managed.

Brian:
Yeah. You know, we were paying four to 6% for the most part, you know, on one of our smaller properties, the 53 unit Indianapolis we’re actually paying 6%. But part of that agreement is that management company has five other properties within a few miles. And so they have all their staff. So they’re pulling one of their staff members over to our property two days a week, and we’re not paying for that payroll. So I look at management as management and payroll into one because how you structure it, isn’t going to change. So like, we’re okay. Paying a little bit of a higher management percentage, but we’re not paying that manager’s salary versus somebody might be paying a three or 4% management fee or paying a manager salary. So I look at it as, you know, I separate out the line items, but I kind of look at the total blended cost. Yeah.

Charles:
It makes perfect sense because if you’re paying 3% or three and a half percent for something you might be paying $40,000 a year for someone to be onsite, or maybe if you’re using part-time maybe 20, 25,000, so blending it all together gives you an accurate idea of what you’re actually paying for, for management on that property.

Brian:
Yeah. It’s hard to look at that apples to apples because everybody runs things a little bit differently. So

Charles:
Right. Especially when you’re coming from some mom and pop properties or ones with the books that aren’t as clean as you’d like, and you’re trying to figure out what’s personal expenses, what’s actual property expenses, what’s from other properties that they own. And it can be kind of a mess, but it usually that’s where you’re finding deals.

Brian:
Yeah, exactly. And that’s how you can also find some efficiencies in there. And that’s one easy way to increase the NOI.

Charles:
Exactly. I mean, if you can just cut off some expenses, that’s the best thing. If you’re able to fix or resolve some issues with mismanagement on a property they’re usually inexpensive or free to fix. And it goes right to your NOI, which is a great way of increasing the value of the property without having any risk of money going out. And you can do it usually day one or within the first 90 days of owning the property. Yep. So how has being a licensed real estate professional helped your investing business

Brian:
Relationships is probably the main thing, you know, as a broker, especially doing it for almost 15 years, you build the ladder relationships over time. And as you get to know people and clients, you know, when you do a transaction with somebody, you’re talking to them multiple times a week for that entire two, three, four month process, and you start doing multiple transactions with a certain buyer or seller, and you get to know them pretty well and get to know about their families and you know, their interests outside of real estate. So you just become friendly over time. And that’s been one moving, you know, I’ve always tried to be careful. And I think one challenge that brokers have is, you know, especially if you’re a multifamily broker and buying multifamily properties, you need to be careful not to be competition with their clients. So you don’t want to upset your existing client base by acquiring properties in the neighborhoods that you’re selling properties. So that’s why I tried to share more to Indiana for my acquisitions when I was doing the brokerage in Illinois. And, you know, I never wanted to, I wanted to walk that line and you just gotta be careful, like I said, you don’t want to upset a client. And if you’re buying a great property in the neighborhood that they would buy a property, they’re gonna think, well, you’re just giving us, you know, you’re taking all the good properties down and you’re giving us all the bad properties. So it’s, it’s a fine line that you have to walk.

Charles:
Yeah. Because they want to know that you’re, you know what you’re talking about as an investor, but they also don’t want you to take in the deals that they’re trying to buy from you. So that’s a, it’s interesting, one thing that you talked about was property management. I liked the idea of having property managers that have properties or managing properties in the neighborhoods or in the areas that I own in, because they know the demographic of the tenant, which is most important, better than anyone. And that’s especially true when you’re getting into C class properties, but they know the area, but also they’re going to have handymen in that area all the time. And especially with smaller properties where you don’t have onsite, it’s really important where they’re stopping by, they’re driving by your property multiple times a day. But then I hear from other people that say they don’t want any kind of management in their area. And because they think that when someone calls in to rent that apartment, it won’t be going to your property. What do you, what do you think about that? Yeah.

Brian:
Concern, you know, with the particular setup we have in Indiana, Indianapolis, the manager, their properties that they manage, they’re all C-Class properties. And this is a, you know, newly renovated beef last property that we have. So it’s a different product like for them. So it actually gives them some options, you know, when a tenant wants to move or upgrade, they push them towards our property. And if a tenants looking for a certain price point, we’re going to be below that price point anyways. So I don’t really see them as competition, but I think the pros outweigh the cons, you know, having, like you said, a full-time maintenance staff, various property managers, they have the system and infrastructure in place. And, you know, I emailed the maintenance person this morning at our property because we’re looking at a different property, about 10 minutes away. I wanted to drive by it and check out the area. That’s just, you know, good information to have before we even go out and look at a property. So I think the pros outweigh the cons, but you do have to be careful, you know, I wouldn’t want too many properties that are, you know, direct competition for my property.

Charles:
Hmm. Yeah, no, that makes perfect sense. It’s it just depends on the specific situation, but I like the idea of the property managers, knowing what they’re getting themselves into when they take your property over, because you want to make sure that they’re not crossing too many classes of properties and your, your property is going to be the new class that they’re managing. So, so I like to ask brokers because you have a lot of, you know, is so much different than residential. And I think it’s a whole different mindset when you’re talking to a residential agent, when you’re buying a property, they’re more into the education process with their, with the potential buyer and with a broker is if an investor reached out to you and your brokerage interested in buying properties, what could they do to show you that they were a serious investor that warranted your time? Okay.

Brian:
Well, I think I can tell pretty quickly by the questions that they ask up front. And if, you know, if they’re newer to this, or if they’ve been doing this for awhile and you know, a lot of times, you know, if somebody calls me and says, Hey, I want to buy, you know, send me all your deals off market that are above a nine cap. You know, I’m not gonna spend too much time with them. Right. And if somebody is just, you know, even if they’re newer, both are coming in and saying, Hey, you know, I got a couple of smaller properties or, you know, I’m working with a partner, who’s got some experience. We’re looking to expand into this particular area. And, you know, I’ll add people onto our email list because there’s no harm in it and you never know what’s going to happen, but I think consistent follow-up. So if, you know, somebody calls me and says, Hey, I want a property, you know, 30 to 50 units in this particular area. And I send them something that fits the criteria. A lot of times you just don’t hear back. And it’s like, well, I don’t take it very seriously if you’re not going to even follow up and tell me why you do, or don’t like this property, you know, is it, you know, the income? Is it the property? Is it you know, cap ex like, just give me some feedback as a broker, and then that will help me send you better properties going forward. But when you just don’t respond, that’s, that’s always kind of a red flag for me.

Charles:
Yeah. That’s a huge thing. And it doesn’t have to be an in-depth like 12 tab underwriting. It can be some bullet points that you write back and saying, whatever it might be, that the problem is that you’re worried about management. I think on the proformas too low, and I have to do this, and I don’t think it’s going to pencil here or blah, blah, blah. But just getting back to you and letting you know, I mean, that tells you what direction they’re leaning in. And then that way you can focus properties to them that might fit that criteria a little better.

Brian:
Yeah. And I think going out to tour properties will show a broker that you’re serious. And it’s also a great way to get to FaceTime with a broker versus trying to, you know, meet them for coffee or lunch. You’re going to spend 20 to 45 minutes at a property tour anyways, for the most part. So go meet them face to face at a property, walk through, you know, have conversations there. But when brokers know that people are at least looking at properties, even if we’re not offering everything they look at, they know that that’s at least a serious spider and there’s people that I’ve worked with for 10 years before I sold them a property. So it’s not that you have to, you know, always automatically buy a property, but just be out in the field, you know, be checking out properties, send your maintenance guy if you can’t make it, whatever the case is, but just, you know, FaceTime, constant interaction and follow up. Yeah.

Charles:
And the other thing too, to show that you’re serious I’ve said is that you know, see what other properties that broker has sold or been part of and drive them and tell them, you know, I like this neighborhood on Willow. I don’t like this over on Oak. And this decide, this is exactly what I’m looking for over here. And that really gives you the right direction. And the person spending that time, they’re just not, you know, writing behind their computer and just trying to get deals because that’s what they were told from their coaching program. They’re actually out there on the streets and they are reviewing deals that you’ve done and giving you feedback on them and telling you this is what I want, and this is not the area, but this is the property and stuff like that.

Brian:
Yeah. And especially if you’re newer to this and you’re trying to build that relationship with the broker upfront, those things are key. And I would also recommend that if you reaching out to brokers and that broker has a team, you want to reach out as a newer investor to one of the younger brokers, they’re going to spend a lot more time with you building that relationship. Versus the senior broker who’s been doing it for 15 or 20 years, they already have their core client base built up. And the junior brokers are going to be the ones that are going to be able to spend a lot more time. They’re going to be a lot more motivated to work with you and help you out when it comes time to getting a deal. Yeah. And they’re the ones

Charles:
That want to build their book of business. And they’re usually the ones that are going to handle some of the smaller properties as well, where you see the senior brokers, their name’s going to be all on the a hundred, 150 unit plus deals $20 million plus kind of stuff. Cause that’s what they’re working on. But yeah, that’s great. That’s great information. So as we wrap up here, what mistakes you commonly see new or experienced real estate investors make,

Brian:
You know, one I’ve seen recently that stuck out to me cause I’ve seen it three, four times now, just this year is, you know, sometimes people send me other underwriting models in which they’ll, you know, Hey, we like this property. Can you tell me what you think? And you gotta be careful, a lot of underwriting models. If you’re putting in a market rent based, you know, today’s rent is eight 50 and market rent is 900. The onboarding models automatically calculate the 900 rent based on turnover year one. And, but they also put in through three, 4% rent increases year one. So you’re kind of double-dipping on the actual income. And what I noticed is, you know, look at the specifically T3 or T six, see what the average income collected is. If the average income collection is $50,000 per month on a property and your month one collection rate is 60 or 65,000 something’s off. And maybe you can get up to that point in 12, 18, 24 months. But a lot of people factor that into year one and almost double dipping on the renting process and bringing the property up to market rent.

Brian:
Yeah, yeah, exactly. And when he says T3 and T six, that’s trailing three months and trailing six months, the that’s, that’s great. The other thing too, that’s the first thing I look at when I’m looking at underwriting, a, someone sends me underwriting is the rent increases and that’s the first thing I’m going to check and also how aggressive they are in their value add if they’re starting at, you know, we’re in COVID, let’s say, or we’re finishing up COVID whatever it might be and they’re waiting 12 months to do it or whatever, what’s your downtime for doing the renovations on their unit? I mean, you’re not going to like get attended out renovated and rented in 30 days. Right. I mean, especially if you’re doing so many different units, so it’s just something that you’re only saying you’re taking this off the line for two weeks or three weeks, and that might be a realistic if you’re painting and cleaning, but not if you’re actually doing value add, right. You’re actually repositioning the unit in the sense of a new bathrooms or new kitchens or something that’s going to greatly increase the rent. So, yeah, that’s awesome. That’s great information. So how can our listeners learn more about you and your company?

Brian:
Can you go to my website? It’s arc arc equity group.com. My email is Brian with an I, so [email protected]

Charles:
Okay. Well thank you so much for coming on. I’ll put all those links into the show notes and looking forward to connecting with you in the near future. Thanks

Brian:
Charles. Appreciate it.

Charles:
Hi guys! It’s Charles from the Global Investors Podcast. I hope you enjoyed the show. If you’re interested in get involved with real estate, but you don’t know where to begin, set up a free 30 minute strategy call with me at schedulecharles.com. That’s schedulecharles.com. Thank you.

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Announcer:
Nothing in this episode should be considered specific, personal or professional advice. Any investment opportunities mentioned on this podcast are limited to accredited investors. Any investments will only be made with proper disclosure, subscription documentation, and are subject to all applicable laws. Please consult an appropriate tax legal, real estate, financial or business professional for individualized advice. Opinions of guests are their own information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of Syndication Superstar incorporated exclusively.

Links and Contact Information Mentioned In The Episode:

About Brian Kochendorfer

Brian Kochendorfer is the Managing Member of Arc Equity Group, a Chicago-based real estate investment firm specializing in acquiring and operating apartment properties in the Midwest. Brian is a general partner in 334 units and limited partner in 650 apartment units with a total value of approximately $70,000,000. He has 14 years of experience as a commercial real estate broker and has been involved in over $700M in real estate transactions throughout his career, primarily in multifamily. At Arc, Brian leverages his investment and brokerage experience to oversee the firm’s acquisition and operational strategy.

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