Icons of DC Area Real Estate

Bio

Moiz Doriwala is a seasoned professional with a diverse background spanning real estate finance, investment, and entrepreneurship .... Growing up in Naperville, Illinois, his interest in real estate was sparked by his father's career as a general contractor and developer.

He pursued higher education, earning a Bachelor of Arts degree in Economics from the University of Chicago and an MBA in Finance and Management and Strategy from Northwestern Universitys Kellogg Graduate School of Management. His early career began in the finance sector with a unique rotational program at Bank One (later JP Morgan Chase), where he gained experience in asset-backed securities trading, commercial loan workouts, leveraged leasing, and even worked in a strategic group under Jamie Dimon. He further honed his investment banking skills in the Financial Sponsor Group of J.P. Morgan Securities in New York, focusing on M&A transactions and various financing activities.

In 2005, Mr. Doriwala transitioned to the real estate industry, joining S&R Land Development, LLC in Reston, VA, where he was involved in the development of residential and commercial land. Leveraging his financial acumen and real estate exposure, he later became Vice President of Perseus Realty Capital, LLC, specializing in joint venture equity, preferred equity, and mezzanine financings.

In 2008, Mr. Doriwala formed his own umbrella company, Stirling Realty Advisors, LLC, a boutique real estate investment bank that provides financial advisory services, primarily focusing on raising debt and equity capital for real estate developers and operators nationwide. While initially focused on capital raising, Stirling has evolved into a vehicle for his various investment activities.

Under the Stirling umbrella, Mr. Doriwala manages and invests in several businesses, including:

• Bookhill Park: An entity that manages a series of small funds and operates as a finance company, providing opportunistic lending across various industries and geographies





• Investments in mental health and behavioral health businesses





• Investments in one off LPs in apartment projects





• His role as President of Superior Living Foundation Inc., a 501c3 non-profit focused on owning businesses in the healthcare region, such as senior housing and behavioral health facilities1 ....

Mr. Doriwala also has experience in the senior housing sector, having served as Treasurer for Meridian Senior Living .... Additionally, he was involved in the mobile home park business for a number of years through BHP, building and eventually exiting a portfolio of parks.

Throughout his career, Mr. Doriwala has demonstrated an opportunistic and entrepreneurial approach, building strong relationships and a reputation for his ability to navigate complex transactions and provide creative financial solutions. He values strong partnerships, thorough due diligence, and trusting his instincts in his investment decisions.

Show Notes

• [6:30] Introduction to Moiz Doriwala and his diverse business background. He manages or participates in managing at least three businesses.





• [7:00] Overview of Sterling Realty Advisors. Formed in 2008 as an umbrella company for advising real estate operators and developers on capital raising (joint venture equity, mezz, preferred equity, debt financing). Now primarily a vehicle for personal and business investment activities.





• [7:50] Discussion of Sterling as an investor. Investing in individual real estate projects and companies, often as a passive investor or advisor.





• [8:20] Introduction to Bookhill Park. An entity managed by Moiz, functioning as a finance company p...

Bio

As the founder of Real Estate Financial Modeling (REFM), Bruce Kirsch has trained thousands of students and professionals around the world in Excel-based projection analysis.  In addition, REFM’s self-study products, Excel-based templates and its Valuate^® property valuation and investment analysis software are used by more than 100,000 professionals.  Mr. Kirsch’s firm has assisted with modeling for the raising of billions of dollars of equity and debt for individual property acquisitions and developments, as well as for major mixed-use projects and private equity funds. Mr. Kirsch has also maintained a blog on real estate financial modeling, Model for Success, authoring more than 500 posts, and he is the co-author of Real Estate Finance and Investments: Risks and Opportunities, along with Dr. Peter Linneman.

Mr. Kirsch began his real estate career at CB Richard Ellis, where he marketed highrise New York City office buildings for re-development in the Midtown Manhattan Investment Properties Institutional Group.  After CBRE, Mr. Kirsch was recruited to lead acquisitions at Metropolis Development Company, and later joined The Clarett Group, a programmatic development partner of Prudential.

While at The Clarett Group, Mr. Kirsch was responsible for making development site recommendations for office, condominium and multi-family properties in the greater Washington, D.C. metropolitan area.  In addition, Mr. Kirsch had significant day-to-day project management responsibilities for the entitlement, financing and marketing of the company’s existing D.C.-area development portfolio.

Mr. Kirsch holds an MBA in Real Estate from The Wharton School of the University of Pennsylvania, where he was awarded the Benjamin Franklin Kahn/Washington Real Estate Investment Trust Award for academic excellence.  Prior to Wharton, Mr. Kirsch performed quantitative equity research on the technology sector at The Capital Group Companies.  Mr. Kirsch served as an Adjunct Faculty member in real estate finance at Georgetown University School of Continuing Studies.  Mr. Kirsch graduated with a BA in Communication from Stanford University.

Show Notes

Introduction and Podcast Format

• Introduction of Bruce Kirsch and the podcast format, including a traditional interview followed by a case study and discussion of AI tools. (2:40)

Bruce Kirsch and REFM

• Bruce Kirsch’s current role as the founder of REFM (Real Estate Financial Modeling), his 17-year career helping others with financial modeling in Excel, and his various activities including consulting, training, coaching, and creating tools (5:45)

Early Life and Career Path

• Bruce Kirsch’s upbringing on Long Island and early influences from his father (a civil engineer) and mother (an interior designer), as well as his childhood fascination with the Manhattan skyline (8:30)





• Bruce Kirsch’s pursuit of a 

Bio

Jeffrey Zell founded JM Zell Partners, Ltd in 1989, with a unique vision for providing client-centered real estate consulting. Developed over his 30-year career, Jeff’s innovative approach to delivering practical solutions while fostering meaningful client relationships forms the core of JM Zell’s value-added process.

Jeff believes that only by partnering with clients and truly understanding their business as well as their real estate needs can JM Zell provide long-range, comprehensive, unbiased advice. By evaluating factors including a client’s long-term needs, financial objectives, and corporate culture, JM Zell is able to provide customized, proactive and fiscally responsible solutions for major corporations, institutional investors, professional firms, unions, governmental institutions and not-for-profit organizations.

To fully realize his vision, Jeff attracted a diverse, multi-disciplinary staff of seasoned professionals who share in his philosophy (and in the profits of the company, based on client satisfaction and results). This collective approach ensures that everyone at JM Zell works for the common good, and that our client’s best interests are never compromised.

Jeff has provided strategic planning, investment, lease negotiation, development consulting and project management services for award-winning projects for over 25 years. Jeff’s greatest strengths are his creative strategic thinking, business acumen, transactional ability, marketing savvy and financial expertise. A member of the distinguished Counselors of Real Estate, available only to the most respected real estate specialists who are known for innovation and creative problem solving, Jeff is a licensed real estate broker in the District of Columbia, Maryland and Virginia. 

Show Notes

Current Role and Origin Story

• Current Role Overview (5:00)
  • Jeff Zell shares his role as President and CEO of JM Zell Partners and his time allocation.





• Upbringing and Early Influences (00:05:37)
  • Jeff discusses his upbringing as a first-generation American and its impact on his career.





• Family Background (00:05:49)
  • He shares his parents’ history as Holocaust survivors and their immigration journey.





• Multilingual Childhood (00:06:06)
  • Jeff describes growing up in a multilingual household and the challenges it posed in school.





• Early Education Experience (00:08:01)
  • He recounts his initial struggles in elementary school due to language barriers.





• Father’s Influence and Business Start (00:10:07)
  • Jeff talks about his father’s successful woodworking business and his early involvement.





• Transition to Private School (00:10:20)
  • He explains his move to a private boarding school for better educational support.





• College Journey at Syracuse (00:11:00)
  • Jeff discusses his choice of Syracuse University amidst family expectations.





• Learning Style and Strengths (00:12:30)
  • He reflects on discovering his strengths in verbal skills over writte...

Bio

Jessie C. Barter founded Charger Ventures (“Charger”), a multifamily investment management platform in the fall of 2018, and Spark Living, the portfolio’s brand, in the fall of 2020. Through Q125, Charger has acquired ~3,000 apartments ($730m AUM) in MA, MD, VA, WV, and CT. Prior to Charger, Jessie was a Managing Director – Acquisitions with Mill Creek Residential Trust and Senior Director of Investments at AvalonBay Communities.

Ms. Barter is a director on the National Board for the non-profit Entryways (fka Shelters for Shutters). In 2022, Charger Ventures was drafted into National Multi-Housing Council’s (NMHC) inaugural Summit Advisory Committee’s Program for emerging managers. She is Vice Chair of the Membership Engagement Committee, member of the Finance Committee, and past Vice Chair of NMHC’s Diversity, Inclusion, and Equity Committee. Ms. Barter is a member of ULI’s Multi-Family Council Blue flight and the Young President’s Organization (YPO).

Ms. Barter holds a Masters of Business Administration from Darden Graduate School of Business Administration at the University of Virginia and a Bachelor of Science in Business Administration from Georgetown University. She lives in Bethesda, MD.

Show Notes

Introduction and Current Role

• Introduction (00:03:00)
  • John Coe overviews the interview with Jessie





• Welcome (00:04:30)
  • Introduction of Jessie Barter and her role in Charger Ventures.





• Current Role at Charger Ventures (00:04:50)
  • Jessie discusses her focus on deal flow and equity partnerships.





• Daily Operations (00:05:10)
  • Description of Jessie’s typical day, emphasizing sourcing deals and equity.





• Asset Management Oversight (00:05:20)
  • Jessie mentions her involvement in asset management alongside a strong partner.





• Differentiating Approach in a Competitive Market (00:05:50)
  • Jessie explains their off-market sourcing strategy and rigorous asset management.

Origins, Education and First Job

• Origin Story (00:07:30)
  • Jessie shares her background growing up in Montgomery County, MD.





• Family Influence on Career Choices (00:08:00)
  • Discussion on her family’s encouragement to pursue real estate over medicine.





• Lessons from Parents (00:08:50)
  • Jessie reflects on adaptability and attention to detail learned from her parents.





• Father’s MBA Journey (00:09:00)
  • Insight into her father’s decision to pursue an MBA while practicing medicine.





• Mother’s Influence (00:10:40)
  • Jessie describes her mother’s strong attention to detail and its impact on her.





• College Experience at Georgetown (00:11:21)
  • <...

Bio

Blake Potolicchio, Co-Chief Investment Officer

More than a dozen years of experience in real estate acquisitions, dispositions, financing, asset management, and leasing. Prior to Open Industrial Blake spent 15 years spearheading a local private equity real estate fund’s strategic direction focused on acquisitions, entitlement, leasing and asset management.

Show Notes

• Introduction and Welcome (00:04:30)
  • Blake is welcomed to the show and expresses gratitude for the invitation.





• Blake’s Role and Responsibilities (00:04:40)
  • Blake describes his role as co-chief investment officer at Open Industrial.





• Investment Strategy Overview (00:04:50)
  • Discussion on acquiring heavy industrial zoned land for outdoor storage and its significance.





• Average Deal Size (00:05:15)
  • Blake shares insights on the average deal size and the strategy of high volume, small check sizes.





• Impact of COVID-19 (00:05:50)
  • The importance of their tenants during COVID-19 and the supply chain disruptions experienced.





• Challenges in Finding Suitable Sites (00:06:15)
  • Blake discusses the difficulties in finding sites that meet zoning and user requirements.





• Motivation Behind Founding Open Industrial (00:06:45)
  • Personal motivations and the market conditions that led to the establishment of Open Industrial.





• Identifying Market Opportunities (00:07:30)
  • Blake explains how zoning and limited availability create market opportunities for outdoor storage.





• Economic Viability and Investment Perspective (00:08:15)
  • Discussion on the economic aspects and long-term viability of their investment strategy.





• Acquisition Strategy and Market Focus (00:10:30)
  • Blake outlines the geographic focus and strategy of the acquisitions team at Open Industrial.





• Background and Education (00:11:15)
  • Blake shares his upbringing, education, and the importance of learning in his early years.





• Family Background (00:12:00)
  • Details about Blake’s family, including his mother’s real estate career and father’s medical profession.





• College Experience (00:12:15)
  • Blake discusses his college experience at the College of the Holy Cross and his athletic involvement.





• Career Aspirations Post-College (00:14:00)
  • Blake reflects on his uncertainty about career paths after college and his initial interest in medicine.





• Internship Experience (00:15:30)
  • Blake describes his internship at JLL and the various aspects of real estate he explored.





• Interest in Real Estate (00:16:15)
  • Discussion on what spa...