What do you do when deals that looked perfect on a spreadsheet run into a lender who wants more parking, a $600,000 elevator nobody saw coming and an office market that won’t come back?
Brandon Vrosh is Head of Enterprise Investments at Oliver Properties, a real estate investment and development company in St. Louis, and a principal at PartnershipNW, a Vancouver, Washington-based commercial real estate investment firm.
He left pharmaceutical sales for residential real estate, spent about a decade as a residential broker in the Pacific Northwest, then moved into commercial investing through the Commercial Academy. Today he works on the acquisitions and investment side of a vertically integrated multifamily and mixed-use business in downtown St. Louis, and he teaches people who are just getting started in commercial real estate.
In this conversation with Faria Ibrahim, Brandon breaks down how he decides whether a deal is worth doing, what actually moves a building’s value, and what he looks for in an operator before he invests alongside them.
CHAPTERS
00:00 Any Deal Looks Great on a Spreadsheet
00:45 Meet Brandon Vrosh
01:20 From Pharma Sales to Real Estate
02:40 Why He Left Residential
03:19 Finding the Commercial Academy
03:57 Ordinary People, Extraordinary Results
06:01 How He Got Into Multifamily
07:37 One Market or Three?
09:13 Why They Bought the Whole Block
11:55 How Historic Tax Credits Work
13:51 When a Deal Is an Absolute No
15:20 How Much Contingency to Build In
16:12 When the Plan Breaks: The Parking Lot
17:58 The Office Building Deal
19:56 The Only Two Ways to Create Value
21:49 Keeping Tenants Through a Renovation
26:16 Budgeting for Tenant Concessions
27:47 When Sellers Don’t Disclose Everything
31:57 Telling Investors When Plans Change
33:56 How to Spot a Sketchy Multifamily Deal
36:03 What First-Time Investors Get Wrong
37:47 Why Systems Beat Experience
39:40 What He Looks for in an Operator
42:28 Multifamily vs. Retail and Industrial
43:20 What a Trip to Romania Taught Him
46:02 How His Underwriting Evolved
48:16 Inside a HUD Loan Assumption
49:20 From Broker to Owner Mindset
50:11 The Office Building That Wouldn’t Lease
52:37 What’s Brandon On The Edge Of?
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On The Edge with Faria Ibrahim explores the ideas, decisions, and relationships shaping the world of business and investment. Through conversations with investors, entrepreneurs, and industry leaders, Faria brings forward the perspectives and experiences behind consequential decisions.
Each conversation offers an opportunity to examine how leaders think, navigate uncertainty, recognize opportunities, and approach the challenges shaping their industries.
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