#248: Zamir Kazi - Founder & CEO of ZMR Capital - $0 to 1.7B of Multifamily Assets in 9 years
Zamir Kazi started his career in Real Estate in 2013 after attending Florida State University buying and flipping duplexes. He formed Berkshire Property Holdings in 2014 (later rebranded to ZMR Capital) to acquire and redevelop multifamily Real Estate. In the past 9 years, as CEO of ZMR Capital, Zamir has acquired over $1.5B of multifamily assets.
He has been the recipient of Globe Streets 50 under 40 and is an active investor and board member of multiple early-stage companies. Zamir also contributes significant time and resources to several charities.
On this episode Chris and Zamir discuss:
- How he started his career in real estate.
- How ZMR Capital creates value in the assets they acquire.
- How ZMR selects markets to invest in.
- Current state of the multi-family market.
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Topics:
(3:52) - Zamir’s background and career
(7:05) - What is it about Indian culture that wants their children to become doctors?
(9:17) - How were you financing as you began to do bigger deals and turn this into a firm with employees?
(11:22) - Did you manage properties yourself?
(12:12) - How did you convince people to give you a deal without a track record?
(15:09) - How were sourcing deals and why did you choose the markets you’re in?
(16:40) - Have you stayed 3rd party on Property Management?
(22:47) - What is an ideal Class A or B deal and how do you add value?
(26:02) - Do you outsource construction & asset management?
(27:24) - Do you send PM’s the same chart of accounts or do they each account differently?
(28:15) - Do you have a 90-day game plan after closing a deal?
(29:29) - How do you raise capital today?
(30:25) - How are you thinking about the market right now?
(32:52) - Is bridge debt still in the mix for you on deals you’re doing right now?
(34:29) - Are rents still moving fast?
(37:08) - Is there anything you’re seeing that could cause a major correction in MF pricing?
(41:10) - Why are people selling right now given market conditions?
(42:30) - How are you thinking about the tailwind given to MF by high mortgage interest rates?
(43:50) - What do you see for your business over the next decade?
The Fort is produced by Johnny Podcasts