The CRE Deal Room

Institutional Real Estate Trends and Capital Flows Explained | EP 25: The CRE Deal Room

On this episode of The CRE Deal Room, host Adam Dunn sits down with Geoffrey Dohrmann, founder and CEO of Institutional Real Estate, Inc., for a masterclass on institutional capital flows, private wealth, and the evolution of real estate investing over the past four decades. With a front-row seat since the 1980s, Geoff breaks down the massive structural shifts reshaping commercial real estate, from the decline of defined benefit pensions to the rise of private wealth as the next trillion-dollar capital source. This conversation dives deep into how institutional investors think, where capital is actually flowing today, and the challenges, from geopolitics to market structure, that are keeping allocators up at night. If you want to understand how capital really moves in CRE and where it is going next, this is essential listening. * The evolution from defined benefit pensions to private wealth dominance in CRE capital * Why the private wealth channel represents trillions in untapped opportunity * Institutional vs. retail capital, key differences in behavior, fees, and expectations * The rise of industrial, multifamily, and data centers, and what is driving demand * Why real estate’s role as a diversifier, not just a return driver, is critical * The structural challenges slowing adoption of private market investments * How geopolitical risks are shaping institutional investment decisions globally * The reality of fundraising, why raising capital takes years, not months * The shift toward a total portfolio approach in institutional investing * Geoff’s take on overhyped sectors and underrated opportunities in today’s market “It isn’t your money, people are trusting you with their future. Being a fiduciary means putting their interests ahead of yours, even when it hurts.” – Geoffrey Dohrmann Whether you are raising capital, deploying it, or trying to break into the institutional space, this episode offers a rare, unfiltered look at how the system really works. Subscribe to The CRE Deal Room and share this episode with your network.

From a $24K Duplex to 6,000 Units: Chris Urso’s CRE Playbook | EP 24: The CRE Deal Room

In this episode of The CRE Deal Room, host Adam Dunn sits down with Chris Urso, founder of URS Capital Partners, to unpack the real story behind scaling a real estate business from a $24K duplex investment to 6,000+ units and a vertically integrated platform. Chris shares his journey from flipping distressed single-family homes after the GFC to building a multi-state multifamily and development platform across the Southeast and Northeast. This conversation dives into market selection, capital strategy, operations during a downturn, and the grit required to survive and win across cycles. From navigating oversupply and flat rents to leveraging AI in operations and underwriting, Chris offers a transparent look at what it actually takes to build and sustain a real estate investment firm in today’s environment. Key Takeaways: * How a $24K investment launched a real estate career during the early 2000s * Pivoting after the 2008 crash: from single-family to distressed multifamily * Scaling from a 40-unit deal to 6,000+ units across the Southeast * Why the 30-minute ring strategy drives market selection and long-term growth * The shift from 1970s workforce housing to newer vintage, long-term hold assets * How URS balances acquisitions vs. development with a disciplined 10-year mindset * Raising $150M+ in private capital—and why Chris avoids institutional pressure * Surviving a “quiet recession” in multifamily operations over the past 3 years * Using AI and automation (like revenue management tools) to drive better decisions * Why grit, fear, and discipline are essential to executing deals at a high level “Real estate is not get rich quick, it’s get wealthy slow. And the ones who win are the ones who stay in the fight.” – Chris Urso If you’re building, investing, or scaling in CRE, this episode is a masterclass in discipline, resilience, and long-term thinking. Subscribe to The CRE Deal Room and share this episode with your network.

Global Capital, Long-Term Strategy & CRE Trends with Gunnar Branson | EP 23: The CRE Deal Room

On this episode of The CRE Deal Room, host Adam Dunn is joined by Gunnar Branson, CEO of AFIRE (Association of Foreign Investors in Real Estate), for a conversation about global capital flows, long-term investment strategies, and the future of institutional real estate. With over $3 trillion AUM represented across AFIRE members, Gunnar offers unparalleled insight into how foreign capital views the U.S. real estate market—and what’s driving investor decisions amid today’s shifting geopolitical and economic climate. From the decline of cap rate engineering to the rising importance of infrastructure, sustainability, and long-term operations, this episode dives deep into what it means to build—and hold—real assets in a post-pandemic, post-low-rate world. Plus, Gunnar shares personal reflections from his upcoming book Chasing Lights, touching on themes of urban vs. rural identity, community, and our collective stake in the built environment. Highlights: * Why real estate should be treated as a generational asset, not a flip * What’s really behind the pullback in global capital—and why it’s rebounding * The growing role of infrastructure and data centers in CRE strategy * Why multifamily and industrial are still leading—plus new interest in senior living, student housing, and affordable workforce housing * The case for the Great Lakes region as the next major CRE growth market * How investment management and operations must align to thrive in this cycle * Gunnar’s take on energy, transit, and the future of urban design “We’re moving from engineering returns to earning them—through operations, tenant experience, and thoughtful long-term strategy.” – Gunnar Branson Don’t miss this global perspective on what’s shaping CRE today and tomorrow. Subscribe to The CRE Deal Room and share this episode with your network.

The CRE Deal Room™ with Adam Dunn - Episode 22: From a Duplex to a $4B Annual Development Pipeline: Luis Belmonte’s 63-Year CRE Journey

The CRE Deal Room returns with a legendary voice in commercial real estate. Host Adam Dunn sits down with Luis Belmonte, founder of Seven Hills Properties and one of the most seasoned industrial developers in the U.S., for an unfiltered conversation spanning over six decades in CRE. From house hacking in San Francisco in the ’60s to overseeing $4B/year in development for Prologis and building across the globe - from Japan to Mexico - Luis shares the mistakes, wins, and wisdom gained through recessions, tax reform, bankruptcies, and booms. Belmonte discusses the evolution of industrial real estate, the dangers of chasing “masterpiece” projects, navigating cross-border development, the future of AI-driven data centers, and why integrity and preparation always outperform flash and ego. Whether you’re a rising CRE professional or a seasoned investor, this masterclass in resilience and real estate strategy will challenge your assumptions and sharpen your perspective. Highlights: * How Luis turned a duplex into a real estate empire after Vietnam * The 1986 tax law’s impact and how it reshaped CRE forever * What he learned managing bankruptcies, including Webvan and 24 Hour Fitness * Partnering for global expansion - strategies that worked in Mexico, Japan & Singapore * The rise of data centers and the power challenges shaping CRE’s future * Why “recession-proofing” your deals is the most important strategy * Street-smart negotiation and the art of trading dignity for dollars * The most complex deal of his career: transforming Pier 1 in San Francisco * A call for professionalism, integrity, and inclusivity in real estate Explore Luis's books on Amazon: Street Dog MBA, Street Dog Negotiator, Street Dog Manager, and Real Estate 101 “You’ve gotta assume there's going to be a recession - and structure your business to survive and thrive in it.” – Luis Belmonte Don't miss this conversation with a CRE icon who’s seen it all, built it all, and still believes in the deal. Subscribe to The CRE Deal Room and share this episode with your network!

The CRE Deal Room™ with Adam Dunn - Episode 21: Development and Programmatic Ventures with Chris Tourtelotte

In this episode of the CRE Deal Room, Adam Dunn sits down with Chris Tourtellotte, Managing Director at LaTerra Development, to explore the intersection of innovation and legacy in commercial real estate. Chris shares his journey from growing up in Denver to leading one of the most active residential and self-storage development companies in the Southwestern U.S. Listeners will hear how LaTerra evolved from land banking after the Great Financial Crisis to forming strategic ventures with major capital partners, including a $250 million commitment from a Canadian pension fund and a $300 million partnership with an Australian investment bank for self-storage. Chris also opens up about overcoming capital-raising challenges, structuring programmatic ventures, and adapting to market volatility through diversification and innovative deal structures. Highlights include insights on: * LaTerra's growth from land banking to multifamily and self-storage development. * Structuring capital and partnerships, including programmatic ventures. * Navigating market volatility, from COVID-19 to rising interest rates. * The unique competitive advantage of nimbleness and innovative amenities. * Advice for up-and-coming developers, including risk mitigation and deal scaling. Tune in for an engaging conversation that blends practical wisdom with forward-thinking strategies in CRE development.