Gvest Partners Goes into Multifamily Real Estate Development

Gvest Partners LLC, looking to beef up its presence in the multifamily real estate sector, has launched a practice in that space and hired a development partner to lead those efforts.

The privately held Gvest, which also has offices in Charlotte, hired John Bell as development partner and he is tasked with finding acquisition opportunities in the Southeast. The company focuses on the acquisition, development and management of commercial real estate and renewable energy projects.

Bell, who had been vice-president of multifamily at Atlanta-based Opus South Corp., developed some 5,600 multifamily units in his career, which included management posts at Lane Co., Trammell Crow Co. and Toll Bros. Inc., among other positions.

Bell comes a year after Gvest opened its Buckhead offices and as it expands.

"John is a great match with our capabilities,” Ray Gee, a Gvest co-founder and principal, said in a statement. "He has the pedigree and skill to help make us a significant player in the multifamily market."

Bell, who has an economics degree from Vanderbilt University and a masters of in real estate from the Massachusetts Institute of Technology, answered some questions from Buckhead Patch:

Q. How strong is the multifamily market in Atlanta, specifically, Buckhead?

A. The Atlanta multifamily market is strong and getting stronger with good occupancy and rent growth in certain areas.

Q. What is fueling the expansion of the Atlanta office?

A. The Atlanta office is new and had served as a base for investing in existing product. But, when Gvest decided to start a development group that would be based in Atlanta and also to relocate the Gvest accounting group from Charlotte to Atlanta, there was a need for increased space.

Q. Financial institutions have been tight with lending. Have you seen a shift with respect to financing of projects, and more specifically, multifamily projects?

A. Banks are much tighter now than they were pre-recession. However, in general, while the banks have been loosening up over the one to two years, there are markets where banks are again tightening up some.

Q. What's more lucrative from an investment standpoint or new construction or existing properties?

A. Both existing and new construction projects can be profitable. But, it’s critical to understand the risk adjusted returns of each.

Q. When scoping out a potential site or property, what do you look for?

A. Good visibility, ease of access, strong submarket dynamics, limited new product coming online, and ability to understand the site and zoning issues for in-town product.