In this episode of the Brinkman Report, host Kevin Brinkman, along with COO Dan Metzger and CFO Peter Yoo, explores the state of the multifamily market, particularly in the Mountain West. They discuss the sharp decline in new apartment starts following a peak in 2023, its impact on supply and demand, and regional rent growth trends—highlighting Boise and Missoula’s positive outlook versus Salt Lake City’s oversupply challenges. The conversation covers tenant retention strategies, labor market difficulties, and the insurance and financing landscape, where agency lenders offer competitive terms. They conclude with a stable outlook on interest rates, emphasizing the need for strategic management to navigate market fluctuations.

GUEST INFO:

Pete Yoo, CFO, Brinkman Real Estate

pete.yoo@brinkmanre.com

Dan Metzger, COO, Brinkman Real Estate

dan.metzger@brinkmanre.com

In this episode, Kevin Brinkman hosts an insightful discussion with legal expert Russell Hedman and entrepreneur Sasha Stern. They dive into their predictions for the economy in 2025, covering key topics such as interest rates, inflation, GDP growth, and the impact of AI on the labor market.

Discover their thoughts on the future of real estate, the potential for a soft landing in the economy, and the implications of deregulation in various sectors. They also explore the evolving landscape of sports team valuations and the transformative potential of autonomous vehicles on urban real estate.

GUEST INFO:

Russell Hedman, Partner, Hogan Lovells

russell.hedman@hoganlovells.com

Russell Hedman leads and negotiates complex M&A and investment transactions around the world, with a particular focus on sports teams and private equity. Russell's combination of experience and enthusiasm has made him a trusted advisor to clients across industries.

Russell’s notable sports team transactions include leading the acquisition of the Denver Broncos for the Walton-Penner ownership group, the buyout and subsequent sale of the Brooklyn Nets and the Barclays Center for Onexim Sports & Entertainment Holdings, and the 2021 recapitalization of the San Antonio Spurs.

Russell also leads transactions for numerous private equity and venture capital sponsors working across industries, including Mountaingate Capital, Talkot Capital, SymBiosis Capital Management and various others sponsors and portfolio companies.

An active contributor to the Denver community, Russell’s current and past board roles include the Colorado Black Chamber of Commerce (policy committee chair), Ensemble Innovation Ventures (parent company to Delta Dental of Colorado), Denver Public Schools Foundation, Rocky Mountain Prep and Youth On Record.

Russell graduated from Harvard Law School in 2011, where he served on the academic affairs committee of the Harvard Black Law Students Association. He also co-founded the Harvard Caribbean Law Association.

Sasha Shtern, CEO, Goally

sasha@zerogcapital.com Sasha is a long-time Denver resident and serial entrepreneur. In high school he wanted to be a race car driver, so he wrenched on cars for two years in the vocational auto program. Then he studied finance at the University of Colorado with the hope of being a stockbroker. Sasha got his business start selling bathtubs on Ebay in the early 2000s. That venture evolved into a successful ecommerce business and home improvement manufacturing business. Sasha was president of Entrepreneurs Organization Colorado, co-founder of Ethereum Denver, and founder of Colorado Liftoff. As a coach and mentor, Sasha has worked with over 200 business owners.

In this episode of The Brinkman Report, Kevin Brinkman interviews John Chang, National Director of Research and Advisory Services at Marcus & Millichap, about the multifamily real estate market. They explore how interest rates and economic conditions are shaping supply, demand, and transaction dynamics. Chang notes a slowdown in new construction, particularly in secondary and tertiary markets, due to rising costs and high interest rates, which may lead to upward pressure on rents. While transaction activity has dipped since the 2021-2022 peak, significant capital remains poised for a resurgence if interest rates stabilize. Discussing potential recession risks, Chang expresses cautious optimism, citing strong consumer fundamentals and housing demand as key supports for the sector. GUEST BIO:

John Chang

Senior Vice President, National Director Research Services

Marcus & Millichap Real Estate Investment Services

John Chang serves as the National Director of Research Services for Marcus & Millichap. He is responsible for the production of the firm’s vast array of commercial real estate research publications, tools and services. Under his leadership, Marcus & Millichap has become a leading source of market analysis, insight and forecasting, and the firm’s research is regularly quoted throughout the industry and in mainstream business media.

John oversees a team of dedicated real estate research professionals who produce the firm’s more than 1,000 annual market research publications and conference presentations. These detailed reports, analyses and presentations integrate economic and financial market trends with insights on all major commercial property types including: Hotels, Industrial, Manufactured Housing, Multifamily, Office, Medical Office, Retail Multi-Tenant, Retail Single-Tenant, Self-Storage and Seniors Housing.

John is a seasoned industry analyst who has been qu ted in numerous publications and is an active member of the NMHC Research Foundation Advisory Committee, the ICSC North American Research Task Force and the NAIOP Research Foundation. He regularly presents at a wide range of conferences and events hosted by industry-leading organizations such as the NMHC, NAIOP, ULI, CCIM, ICSC, SSA and numerous others.

John joined Marcus & Millichap in April 1997 as a Research Manager in the Seattle office.

After holding executive marketing and e-business positions with premier residential real estate firms in the Pacific Northwest, he rejoined Marcus & Millichap in November 2007 as the head of its Research Services division.

John was elected as Vice President in 2010, advanced to First Vice President in 2013 and promoted to Senior Vice President in 2018.