Omar Morales | Miami Multifamily
@OmarMora1es
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i sell land & multifamily properties across South Florida @berkadia 🌴$3,329,878,000 (13,060 units, 60+ deals) closed & counting! Deal flow in link below ⬇️
newsletter & deal flow ⬇️
Joined April 2012
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Every deal has a story 🧵👇🏼
The power of a cold call..
Fast forward ~6 months and we've now sold this acre of land in Miami for $39,500,000.
More importantly, its marking the first Miami acquisition by another world-class developer from Chicago to build a mixed-use skyscraper here
Let's talk details..
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Use the weekend for building the life you want, instead of escaping the life you have
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Surprised my 87y/o grandma with first class tickets to Miami.
She had never flown first class before.
As they were helping her to her seat, apparently she kept telling them they must be making a mistake.
Some of the best money I’ve ever spent.
Treat your elders early & often!
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University of Twitter:
Philosophy:
@naval
Writing:
@david_perell
Investing:
@patrick_oshag
Marketing:
@stoolpresidente
Personal Growth:
@ShaneAParrish
Financial History:
@jfc_3_
Stocks:
@BrianFeroldi
Habits:
@JamesClear
Social Media:
@mkobach
Who/what am I missing?
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The same intersection in Brickell from 2007 - 2021
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This 15 acre waterfront site in Miami has apparently received 5 offers,
all north of +$1 billion
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Concentrating into 10 positions.
1. NVIDIA $NVDA
2. Ethereum $ETH
3. Bitcoin $BTC
4. Solana $SOL
5. Unity $U
6. Microsoft $MSFT
7. Facebook $MVRS
8. Sea Limited $SE
9. Roblox $RBLX
10. Disney $DIS
What would your 10 be?
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Cool little 2.5-acre lot just sold for $363,000,000 in Brickell
That’s $145,000,000 per acre
$3,340 PSF of dirt
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When a billionaire just picks up the phone and dials you..
*a random number calls me 715am on a Sunday*
"Hi, Omar speaking..."
"Hi - this is Jorge. I was driving down Biscayne Blvd and saw your number on a listing. How much does the seller want for that site?"
"Sorry,…
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Brightline released its first data on the company’s new long-distance train service between Miami and Orlando.
- First 9 days: 17,578 riders.
- Following 16 days: 40,219 riders.
Average fare: $91
Ridership is "strong & accelerating."
long Florida.
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casual Bezos encounter in Miami
He could live anywhere else in the world !
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Friendly reminder that Blackstone purchased the Cosmopolitan casino & hotel on the Las Vegas Strip in 2014 for about $1.8 billion & spent another $500M on upgrades before selling it in 2021 for ~$5.65 billion.
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I closed on a property with a 2.75% rate in November.
I just got quoted 5.15% this week.
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Miami will add years to your life.
Put a price on that
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Trend I continue to see in Miami:
• ambitious 20-35yr old moves to Miami
• their downsizing 50-65yr old parents move to Miami
Family is reunited in a city that makes sense for them both, despite opposite stages in life.
long MIA
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States adding vs. losing residents
U.S. Census Bureau
July 2020–2021
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at a lunch today with one of the most active developers in South Florida:
“Miami won’t be phased by layoffs because nobody is even employed here anyway”
I couldn’t stop laughing.
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Mayor
@FrancisSuarez
with Steve Schwarzman opening Blackstone’s offices in Miami
..probably nothing
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Brickell in Miami is going to be wild in 2030.
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I can get used to these Miami encounters!
The Pomplianos are remarkably approachable.
Welcome to Miami!
@polina_marinova
@APompliano
Thank you,
@MiamiMayor
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Ken Griffin, in addition to building his Citadel HQ in Brickell, said he plans to
- lure major US businesses to Miami,
- boost education in the city,
- and become a huge player in philanthropy and politics here.
Here’s the latest on his new HQ:
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just walking and talking about Miami with Starwood’s Barry Sternlicht
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University of Real Estate Twitter:
Coursework:
@TheRealEstateG6
Multifamily:
@Keith_Wasserman
Sub-inst. Multi:
@moseskagan
Industrial:
@fortworthchris
Dev. Manager:
@antonia_mdprjct
Storage/SMB:
@sweatystartup
Deep Value:
@MarcSGIlbert
Global:
@TihoBrkan
🧵 (1/3)
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Ken Griffin’s Citadel signs a 95,000 SF lease in Brickell at ~$120 PSF
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“Nobody has ever left a meeting with me wondering what I meant.”
- Sam Zell
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Rate locked at 2.75% !
30-year fixed
5% down
Officially transitioning from renting to owning in Miami! 🌴☀️
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The power of a cold call..
Fast forward ~6 months and we've now sold this acre of land in Miami for $39,500,000.
More importantly, its marking the first Miami acquisition by another world-class developer from Chicago to build a mixed-use skyscraper here
Let's talk details..
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McKinsey on Miami
• highest wage growth in US since 2020
•
#1
VC funding growth rate in U.S.
• leader in “new firm starts per 1,000 residents” (entrepreneurialism)
• highest % of immigrants of any US city
Miami embodies The American Dream 🇺🇸
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just Ken Griffin’s casual $363,000,000 parking lot in Brickell
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Developer invited me to lunch.
He bragged for 15 minutes about how he only buys deals directly from sellers, without any brokers involved.
I, too, invite my barber to lunch to tell him how much I like to cut my own hair.
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Paid six figures in taxes yesterday
and honestly happy about it.
Thankful that my parents had the courage to move to the US, with two kids, and start from scratch 20 yrs ago.
Grateful for the opportunities this country provides 🇺🇸
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Cold called and hit it off with the owner of a ~$125,000,000 apartment building..
pros:
- turns out he had heard of me already
- we sold the most similar building nearby
anddd...
..he tells me that unfortunately he just hired another broker 2 weeks ago.
*mentally…
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Decamillionaires & centimillionaires being replaced by billionaires.
Miami is on a league of its own.
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There's a condo crisis brewing in South Florida.
Condos nearing their "40 year certifications" are being met with massive special assessments given huge budget deficits, as condo associations have waived repairs and maintenance for decades.
This crisis will lead to a whole new…
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Turning 30 today.
40+ yr olds, what is your advice for someone starting their 30s?
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Pro tip for junior guys/gals on teams that worked wonders for me:
You want to be invited to every call your senior partners/boss is on.
So add value by:
• taking & sharing notes of every call
(~25% of people do this)
• making a list of "follow up items" for every call
(~1%…
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Interest to relocate to Miami up 3x since last year, now higher than any other destination in the US
San Fran was the biggest loser, w/ net outflow nearly 50% higher than last year.
LA, NY, DC, & Boston round out the top 5 areas w/ highest net outflow!
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one of us just closed the largest construction loan in South Florida history !
• $600,000,000 loan
• 397 condos
Miami’s Cipriani tower is underway!
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Rockpoint just sold Mary Brickell Village for $216M
($1,080 PSF) to RPT Realty
They purchased it for $113M ($567 PSF) in 2015
It’s 200,000 SF of retail in the middle of Brickell
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Palladium Card secured!
Apologies to all existing card holders for making the club way less cool
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$7500/mo. 2BR in West Village (NYC)
vs
$6300/mo. 2BR in Miami
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My 5pm call today:
First round of comments done on a ~$45,000,000 JV equity term sheet from someone who DM’d me through twitter 2 months ago about investing in Miami
What a time to be alive
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Single Family Rentals,
an ongoing thread on the space,
and why names like Blackstone, Brookfield, Ares, Harrison Street, and Stockbridge have/are raising billions to buy, build, and own single family homes
But first, headlines:
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AIMCO is looking to sell these two buildings in Miami’s Brickell (4.25 acres) for ~$650,000,000
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If your biggest concern is your portfolio today, give thanks
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Friendly reminder to not take things personal.
People are busy. Follow up.
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Former Google CEO, Eric Schmidt, has spent +$114M buying waterfront homes in Miami Beach's Sunset Island.
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Toured an absolute legend from NYC through a deal in South Florida and got this afterwards.
Made my day.
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Billionaire Israel Englander’s Millennium Management (+$57 billion in AUM) just signed a 74,000 SF lease in KKR’s Sabadell Financial Center in Brickell
Miami isn’t slowing down 🚀
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Rolex just bought Omega’s flagship store in Geneva for $133M.
Omega will now pay rent to its rival, Rolex
Spicy.
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Miami understands you have to build to combat unaffordability.
Here's a 12-story, 250-micro unit project being proposed in Little River.
Also pictured is the laundromat its replacing.
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just Google’s yacht next to Walmart’s yacht in Miami
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One thing is meeting Charles Kushner and another is receiving this email afterwards !
Great reminder to be grateful, hard working, & passionate about wherever you are in life!
People notice.
That mentality will continue opening doors for you that you didn’t even know existed…
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New Starwood Capital HQ in Miami Beach
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Sold my Audi in November for $16k, leased a Tesla, and put the $16k into Tesla stock at the peak
AMA
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Citadel Spent Up To $650M Buying Brickell Properties Since April 2022
“This is the biggest thing that I have seen in my 58 years of living in South Florida”
- Todd Michael Glaser
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Grandma called today.
She mentioned she’s seeing more and more people in need of food back in my hometown of San Pedro Sula, Honduras.
“Abuela, if I send you a few hundred dollars can you get your caretaker to drive around giving out food?”
I wasn’t expecting the pictures 🤍🙏🏼…
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impromptu dinner with the CTO/Co-founder of a ~$2 billion dollar public co., a friend with a successful exit & now onto his 2nd well-funded startup, & a wicked smart fintech engineer
All 28-31yrs old
1 just bought a house in Miami
other 2 are looking to move here
Long $MIA
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*interest cap escrow requirements* are about to blindside some real estate owners
Imagine having a $4,000/mo. expense jump to a $125,000 -A MONTH- expense
How?
Let’s talk about what *interest cap escrow reqs* are & why some borrowers may have an unforeseen bill coming due.
1/
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Ken Griffin secures approvals to build an eight-acre oceanfront estate in Palm Beach
The
@Citadel
founder spent more than $350 million assembling this land along Blossom Way & South Ocean Blvd over the last decade
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Life hack:
live somewhere you’re always excited to get back to
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So much room to grow in Brickell.
Can't wait to see Miami in 2030.
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31.3% insurance increase proposed from 2023 to 2024 at my condo in Miami
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“What if we train him and he leaves?”
“What if we don’t, and he stays?”
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The best real estate acq guys I know are now buying stocks.
“Omar, find me a better real estate deal right now than $BXMT yielding 11% with loans averaging 63% LTV”
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The great
@BobKnakal
in Miami !
[LEFT]
• $20.4 billion in sales (~39YR career)
[RIGHT]
• $3.3 billion in sales (~7YR career)
Not everyday you chat with the person you’re modeling your career after 🙏🏼
Game on!!
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My conversation with the one & only
@TheRealEstateG6
,
who is playing the real estate game different than almost everyone else.
I learned a ton and I am sure you will too. Excited to be sharing this one with you all:
0:00 — Intro
1:48 — Leveraging the internet
7:48 — Miami…
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Carlyle Group:
+ Buys shipyard for $140MM in 2015
+ Spends $35MM in renovations
+ Sells it for $340MM in 2021
Now think about leverage and imagine the equity multiple on that play
🤯
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Miami’s Design District:
• Asking rents have risen 200% since 2019
• Foot traffic jumped 47% over the past four years through 2023
• Luxury corridors such as New York’s Meatpacking District and Chicago’s Magnificent Mile have experienced *double-digit decreases* in foot…
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Guess who?!
Don't let the lack of suit & tie fool you!
+$25,000,000,000 in sales between these two
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Some days are tough.
• client’s property caught fire overnight
• my gf dropped my phone into the Brickell bay
• we’re putting down my childhood dog today
Keep your head up.
Stay grateful.
Stay kind.
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purchased my first piece of Miami today!
So incredibly long $MIA
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Lol - Related Group just called me about this tweet.
Apparently they keep getting calls saying, "hey I heard you guys are looking for sites along Biscayne Boulevard??"
This platform is incredible.
(P.S. - they were appreciative of the free press!)
When a billionaire just picks up the phone and dials you..
*a random number calls me 715am on a Sunday*
"Hi, Omar speaking..."
"Hi - this is Jorge. I was driving down Biscayne Blvd and saw your number on a listing. How much does the seller want for that site?"
"Sorry,…
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Taking a break from Twitter.
See you all in 17 minutes
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What makes someone a top broker in their market?
Conversations like these.
This happened yesterday:
**CHANGING NAMES/PLACES**
Me:
Ah, what is it that you do?
Prospect:
my company owns retail across South Florida.
Me:
Amazing. Any chance your team has ever considered…
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Related Group and ALTA Developers just closed on a $240,000,000 construction loan from Cain International for Casa Bella Residences in Miami
• 56 stories
• 319 units
Miami continues.
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The bull case for Florida vs. Texas in 3 photos.
Population Migration vs. Wealth Migration
Florida & Texas have comparable population migration stats, both on a league of their own:
• ~450K people/year
However, Florida saw 4x the wealth migration
• $24 billion vs. $6 billion…
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Which cities are thriving?
Miami ranks first on a global scale.
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Borrow long term fixed rate debt in inflationary environments, which will ultimately depreciate the value of your loan while simultaneously increasing the price (and your % ownership) of your asset
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