The Case for Alternative Residential Real Estate: Student Housing, Senior Housing, and the Demographic Opportunity

0:03I am the dumb, boring real estate guy on the panel. I thought Alec was going to be my buddy in that regard and then he started talking hydrogen and power cells and I'm like dang outclassed again. F6 partners we are a housing focused investment firm. 95 % of what we do is investing in housing so we call it alternative residential real estate so think senior housing, student housing, SFR, manufactured housing, things like that. Another 5 to 10 % we do housing related VC, private credit, things like that, but that's definitely the minority of what we do. Our DNA is in platform building. So my partner, our CEO, Marcus Ridgway, was the founder of Invitation Homes, the largest single-family rental platform company, and one of the first.

0:55We met there. He scaled that. He was the COO until it IPO'd, and then we started working together on the manufactured housing platform, which we scaled. alongside Blackstone and a couple other investment firms. We both left in 2020 to start F6, but to continue on that pattern of finding alternative residential asset classes, fragmented in nature where there's still a lot of upside available. And what we talk about is doing well and doing good at the same time. Asset classes where a lot of residents aren't getting the full institutional experience, but where there's still a lot of alpha in the opportunity.

1:36So what we're investing in right now, we're most actively deploying into student housing and senior housing. We've got a few kind of unique strategies within that, but looking for any and all deals there. In relation to real estate, because we are a platform company, we'll take on management companies, particularly in the senior housing space. We're building a management company there as well. Our thesis around both of those is that, A, you know, there's some demographic tailwinds. On the student housing side, from a macro national perspective, there's obviously some declines. But within state and regional context, there's lots of actually really interesting things happening.

2:23If you're choosing the right markets, choosing the right schools, understanding the brands and the programs at these schools. There's a lot of interesting things happening. And then obviously I think most people are aware of kind of the demographic tailwinds behind the senior housing space, the aging of America, the lack of supply. And so we're looking at strategies where we can meet those demand needs in ways that maybe traditional asset allocators aren't meeting them currently. So, yeah. Join the Family Office Club by visiting familyoffices.com. We look forward to seeing you at our next live event.

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