🌍 Iran war ripples hit mortgage rates, construction
🏭 Amazon goes on industrial buying spree
💰 Blue Owl caps $5.4B in redemption requests
🔧 Upcoming Workshops: Doing Conferences the Right Way 

Data Viz of the Week: The Home Equity Glut

Americans have more home equity than ever. The vast majority of US homeowners have less than 60% loan-to-value, and a negligible number are underwater after years of tight underwriting and home price appreciation, per the latest FHFA mortgage data.

Helping owners unlock that equity without running afoul of pending laws against institutional homeownership is a delicate balance, and one that a number of new companies and concepts will try to strike in the coming years.

Upcoming Thesis Driven Courses & Workshops

• 📣 LAST CALL - April 10: Workshop: Doing Conferences the Right Way (💻 Online): 90-minute tactical workshop to stop treating conferences as expensive networking happy hours and start running them like strategic business development campaigns - $99

•  April 15: Workshop: AI for Real Estate Lawyers (💻 Online): An interactive workshop for real estate attorneys, in-house counsel, paralegals, and legal teams exploring how AI is reshaping transactional practice—from due diligence to closing - $299

• April 17: Workshop: Raising Capital from Large Real Estate LPs (💻 Online): ​​A live, interactive workshop designed for real estate sponsors, fund managers, and capital raisers looking to access institutional-scale capital — including pensions, endowments, OCIO platforms, large family offices, and RIAs - $299

• April 23: Workshop: AI in Real Estate (💻 Online): ​​A three-hour interactive workshop for owners, operators, and developers exploring how to use AI in the real estate sector - $499

• April 29: Workshop: LinkedIn Strategy for GPs (💻 Online): ​​A live, practical workshop for real estate GPs, operators, and fund managers who want to use LinkedIn intentionally—as a capital formation tool, not a vanity channel - $299

Three Articles We Loved from Last Week

It’s not easy keeping up with everything. Here are three articles we loved from the past week that you may have missed:

1. (The Real Deal) Real Estate Feels the Impact of Iran War The Iran war's economic ripple effects are landing squarely on real estate. The 30-year fixed mortgage rate has climbed to 6.46% — its highest level in nearly seven months — after dropping below 6% just five weeks ago. U.S. oil prices have surged from roughly $65 to over $100/barrel since the conflict began on February 28, pushing diesel to $5.45/gallon (a 45% spike) and compounding already-elevated construction costs from steel and aluminum tariffs. Developers, homebuyers, and lenders are all recalculating — and the longer the conflict drags on, the more exposed the industry is to supply chain friction and further rate volatility.

2. (Commercial Observer) Amazon, Industrial's Favorite Tenant, Starting to Buy Its Warehouses After a two-year lull, Amazon is back in buying mode for U.S. industrial space — and the numbers are staggering. The company paid $129.8M for the 1.1M SF Chattahoochee Logistics Center in South Fulton, GA, converting from tenant to owner on a property it first leased in 2020. According to Stonemont Financial Group, Amazon's 2026 warehouse requirements are 160% higher than 2022, with the company favoring modern facilities with tall ceilings and robust power infrastructure to support its automation buildout. The shift from leasing to owning signals long-term conviction in its logistics footprint — and removes supply from an already tightening industrial market.

3. (CNBC) Blue Owl Caps Private Credit Fund Redemptions at 5% After Steep Request Levels Blue Owl Capital capped redemptions at 5% across two private credit funds after investors sought to pull a stunning $5.4B in Q1 — among the largest redemption waves the non-traded BDC market has ever seen. Investors tried to redeem roughly 22% of shares from the flagship $36B OCIC fund and 41% from the smaller, tech-focused OTIC vehicle. Blue Owl attributed the surge to "heightened market concerns around AI-related disruption to software companies." Under the cap, the firm expects to pay out about $988M while receiving $872M in new capital, leaving net outflows of just $116M. The episode is a stress test for the booming non-traded alternatives space.

Developer of the Week: High Street Residential

High Street Residential, a subsidiary of Trammell Crow Company, has begun construction on Versant Bellevue, a 351-unit multifamily project developed with PGIM. 

Located near Bellevue, Washington’s East Main light rail stop, the project replaces a low-rise office building with a six- and eight-story complex across 1.7 acres. High Street is targeting a mix of unit types, including 71 affordable units, and emphasizing proximity to major employers like Amazon. 

Designed by Weber Thompson, the development includes typical Class A amenities and is representative of High Street’s focus on transit-oriented, high-growth suburban infill markets. Completion is slated for Q3 2028.

You can read more about High Street on the Thesis Driven GP database here.

Investor of the Week: IP Capital Partners

IP Capital Partners is a private real estate investment and asset management firm headquartered in Boca Raton, FL, focused exclusively on co-investing with institutional and high-net-worth JV partners in industrial and office assets across the southeastern United States. Founded in 2012, the firm's principals bring 60+ years of combined CRE experience and have owned and managed 11M+ SF across Florida, the Carolinas, Tennessee, and Georgia through five closed-end funds since inception.

IP Capital's most recent flagship vehicle, IPCP Florida Realty Value Fund IV, closed at $95.4M in initial equity with a $125M target and $937M in projected purchasing power via JV structures and leverage — with 70% allocated to industrial and the balance split between Florida office and medical office. The firm has since scaled further with the launch of IPCP Southeast Industrial Fund II, targeting $250M in commitments (hard cap $300M) and approximately $1B in total purchasing power across 150K–300K SF properties in the $15M–$50M range. SEIF II's seed round raised $37M, surpassing its goal, and is now live on iCapital. The predecessor Southeast Industrial Fund I raised ~$150M and deployed into roughly 4M SF and $400M in acquisitions, including a $25.7M cold storage facility near Miami International Airport. Across strategies, IP Capital targets value-add and distressed opportunities — direct acquisitions at favorable cost bases, note purchases, and recapitalizations of operator portfolios — with Florida as the primary market and the broader Southeast as its growth corridor.

Get more details on IP Capital Partners, including team contacts, deal activity, and investment preferences, inside the CapitalStack database.

—Brad and Paul