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Vertically Integrated Syndication in Seattle

Scott Choppin

The true value of innovation is that it is a means to an end. Changes in materials, design, building techniques, financing, and planning fall under innovations if it can provide more for less.

Our guest Scott Choppin has addressed “the missing middle” and as the founder and CEO of Urban Pacific Group of Companies steered to more inventive: a mix of market-rate and affordable large units that hold multi-generational families made on smaller plots of lands. Scott is responsible for the production of a recent housing innovation called UTH - Urban Town House which utilizes private equity to develop moderate-income multi-generational housing for urban families in California. Since its inception, Urban Pacific has produced IRR’s over 29% on UTH projects.

Important Points in this Episode:

  • Scott’s take on how to produce returns that are superior to the marketplace
  • Differences in managing a ground-up development project vs. value-add projects
  • Why complexity is the enemy of profits in real estate developments
  • Learning about the UTH practice and recession-prone assets vs. recession-resilient assets concepts

Useful Resources:

Quotes from Scott

  • “Complexity is the enemy of profits in real estate developments. Simplification is the primary driver of how we do business because ultimately it will speed up construction, leasing, delivery of deals, and lower the complication factors where mistakes are made.”
  • “We refined our own practices and the picking of product types that allow us to meet uncontested marketplaces. Then we paired that up with an actual physical type that allows us to execute really cleanly.”
  • “Temper your optimism and be oriented around reality. That’s how you produce profitable deals. Underwrite them conservatively and beat your numbers.”