Posts by Ridgegate Financial
What Jeff Learned From A Family Office Background
Wally Smith: Okay. Like to dive in a little bit to some of your background there. It’s interesting, with the family office background. When I think of family offices, I think of a lot of wealthier people, single family or even multifamily offices. And a lot of those people had to work really hard to…
Read MoreWhat’s a Master Lease & Core’s Lease Agreements
Wally Smith: Describe when you would have a master lease. What’s a master lease, and why do you have it in a DST structure? Jeff Montgomery: So, I mentioned my history wasn’t on the DST side, so I’m learning along with everybody else. But my rudimentary understanding, or layman’s understanding, of what a master lease…
Read MoreIndustry Basics and Core’s Use of Cap Rates
Wally Smith: Okay. Here’s some basics, basics in the industry. Describe what is a cap rate? Jeff Montgomery: Oh, no. So, cap rate NOI, net operating income, divided by your purchase price. So easiest metrics, or one of the easier metrics in the industry. A lot more detailed metrics go into our analysis, but cap…
Read MoreCore’s Underwriting Process and Property Management
Wally Smith: Let talk through that a little bit. How do you guys underwrite a property? Jeff Montgomery: Sure. So, we start with market. Mentioned a couple times. If we’ve identified this market that we really want to enter, it’s more advantageous for us from a management side. So, stepping back, we’re vertically integrated company.…
Read MoreCore’s Leadership and What Makes Them Different
Wally Smith: Tell us a little bit about the leadership at CORE. Who are the big dogs? I mean, besides yourself? Jeff Montgomery: Don’t consider myself that. Our leadership team is really top-notch. So, Justin Morehead is our CEO. He’s taken the lead of running the company. Younger professional, very anxious to grow, grow the…
Read MoreCore’s Performance During Recession
Wally Smith: Has CORE ever missed a distribution payment? Jeff Montgomery: We have not. Wally Smith: Okay. How did you do during the lockdowns? How was all that? Jeff Montgomery: So, I mentioned I started in 2012, so I’ve seen some of these movements, and it’s been an interesting roller-coaster. So pandemic period for multifamily…
Read MoreHow Core Hedges Against Inflation
Wally Smith: All right. Tell me about full-cycle programs. Do you have full-cycle programs you’ve gone through? Jeff Montgomery: On the DST side, our first acquisition was 2016. So 10 year we’re coming up, 2026 is our full-cycle. None of those have gone full-cycle yet. We’ll anticipate those coming soon. But what we are seeing…
Read MoreCore Plus and the Changes to the Industry
Wally Smith: Tell us about core plus. You mentioned that in our pre-meeting a little bit. Jeff Montgomery: So core, core plus, core asset, brand new, straight from the developer, primary markets. That’s one aspect. Core plus is take a 2014, 2012, or even just a few years old, where there’s institutional investors, it’s a…
Read MoreCore’s Target Market for Acquisitions
Wally Smith: Are there specific areas where you’re looking at? Jeff Montgomery: We are. So, we have a lot of history on DST side with Sunbelt, Midwest. We are bringing that. We’re continuing to search there and opening new markets as well. Wally Smith: Mm-hmm. Jeff Montgomery: What we’re primarily focused on when we’re identifying…
Read MoreSpotlight: Jeff Montgomery and Core Pacific
Wally Smith: Welcome, Jeff Montgomery. How are you? Jeff Montgomery: Thank you. Great. Pleasure to be here. Wally Smith: And you’re vice president of acquisitions with CORE Pacific. How long have you been with them? Jeff Montgomery: Going on six weeks. Wally Smith: All right. Jeff Montgomery: Yeah. Wally Smith: All right. So- Jeff Montgomery:…
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