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The economy is slowing and real estate returns are falling, but they are still solidly in positive territory with little sign of near-term distress. Interest rates remain low after a decade of economic growth, making a much discussed recession a more distant prospect. While these markets appear boring, national and global political events are anything but, creating increased caution among investors, thereby contributing to the slowing economy. Fund managers are under pressure to both preserve capital and generate yield, a tricky balance to say the least. What does this mean for the real estate market in the coming year, and will the San Francisco Bay Area retain its lofty position?
Former head of Americas Research at RREEF Alan Billingsley will interview Chae Hong, a partner in The Townsend Group, a leading fiduciary consultant to pension and other institutional funds in their real estate investment strategies, as well as a fund manager itself. With such a lofty perspective, LAI members will have an opportunity to hear and discuss investment views of the institutional investment universe for 2020.
Mr. Billingsley served as head of research and investment strategy for RREEF/Deutsche Asset Management for 13 years, previously consulting in land economics at The Sedway Group and Economics Research Associates. He currently focuses his efforts in managing a moderate sized portfolio of residential investment properties. He continues to pursue his interests in land economics, particularly as they relate to the San Francisco Bay Area. He is an active member of the Urban Land Institute, Lambda Alpha International, Counselors of Real Estate; and SPUR. He serves on the Advisory Board for Sack Properties, a private equity investor in multi-family properties.
Chae Hong is a Partner in the Townsend Groups Advisory practice and based in San Francisco. He leads real estate consulting relationships for a select number of retainer and project clients. He joined the predecessor firm (Aon) in 2010 and has over 20 years of real estate industry experience. His experience includes real estate market research, manager research, direct property underwriting, and has consulted or advised on over $10 billion of institutional real estate.
Mr. Hong has also sourced and performed due diligence on core, value added, and opportunistic real estate opportunities both domestically and internationally. He has held senior positions with notable firms such as Callan Associates, Cliffwater and RREEF. He holds a B.A. and M.B.A. degree from the University of California, Los Angeles.