As the cost of acquiring existing multifamily assets has escalated over the past decade, it’s been more lucrative to construct these projects from the ground up. Although borrowing and material costs have gone up over the past couple years, ground up construction has historically rewarded investors with higher returns than acquiring existing assets. AJ Klenk, Managing Partner of Catalyst Capital Partners, started out as a multifamily broker before expanding into ground up development. He has 15 projects under construction and four completed. Andrew is also an owner and Managing Partner of Capstone Apartment Partners, the largest privately owned multifamily investment sales brokerage in the United States.

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