Ramin Kamfar, chairman and CEO of Bluerock Residential Growth REIT, Inc. (NYSE: BRG), joined Nareit in New York for a video interview at REITweek: 2019 Investor Conference.
Kamfar said he sees two trends that are leading to a higher propensity to rent within the residential REIT sector: a shift from an industrial economy to a knowledge economy; and the housing preferences of younger generations and transitioning needs of baby boomers (from houses to multifamily units).
Kamfar said Bluerock Residential projected $500 million to $700 million in acquisitions for 2019, and that the REIT likes the Las Vegas, Phoenix, and Nashville markets, as well as Florida.
In approaching growth opportunities, Kamfar said Bluerock Residential looks for 10- to 15-year-old assets in quality markets and submarkets. These assets must have “the right bones,” Kamfar said, but “if you amenitize it, and you create a ‘live, work, play’ socialized environment by upgrading [it], you can drive rents in those units.”