🧐 Compass’s private listing push raises transparency concerns
📈 MoonPay’s NYC HQ signals a new era for crypto & real estate convergence
🏢 Shorenstein Properties bets on a turnaround amid office market turbulence
📚 Last call for next Underwriting & Capital Raising bootcamps

Data Viz of the Week: The Low-Carbon Cities Aren’t Where You Think

It brings us no pleasure to deliver this news, but the cities with the lowest per-capita carbon emissions aren’t what you think: they’re primarily low-rise, car-dependent places in the US Southwest like Inland Empire, Las Vegas, and Sacramento? And yes, this is inclusive of transportation.

Why? Well, it takes significantly (3-7x) as much energy to heat a home as it does to cool one down—so the lowest-carbon cities are simply those that never run the heat.

Upcoming Thesis Driven Courses & Classes

📣 Last call… Our newest course, Fundamentals of Underwriting, provides a practical, hands-on program with interactive models, real-world case studies, and both Excel-based and AI-powered tools you’ll actually use.

We built it with an expert, Jay Dunn, who has underwritten and acquired billions of dollars of multifamily, industrial and office deals (and, more importantly, has trained legions of analysts from his investment banking days at Morgan Stanley and Gleacher & Company) across his 20-year career.

The course launches online on May 5th. Sign up here.

All Upcoming Courses

• (Last Call) May 5 Fundamentals of Capital Raising (💻 Online): Insider’s guide to raising capital for real estate projects & platforms–from individuals, family offices and institutional investors - Sign up

• May 12: Fundamentals of CRE (💻 Online): A bootcamp providing an insider’s view of “a day in the life” of key industry stakeholders, with real-world insights and applications - Sign up

• May 19: Selling Into Real Estate Owners (💻 Online): A bootcamp for people selling technology and products into the real estate industry - Sign up

Three Articles We Loved from Last Week

It’s not easy keeping up with everything. Here are three articles (+1 bonus) we loved from the past week that you may have missed:

1. (Marketwatch) Compass Pushes for Private Listings, Sparking Industry Debate

   Compass is advocating for increased use of private listings, allowing homes to be marketed exclusively to its agents and their buyers before being released to public platforms. While Compass claims this approach can help sellers obtain better offers, critics argue it restricts market visibility, potentially lowering competition and sale prices, and reduces transparency for buyers.

2. (NY Post) MoonPay Establishes U.S. Headquarters in NYC Amid Crypto Real Estate Boom

   Crypto payments company MoonPay has announced the opening of its new U.S. headquarters in SoHo, New York City. This move signifies a shift in the crypto industry’s relationship with NYC, previously avoided due to restrictive regulations. The company’s expansion reflects the city’s evolving stance on digital assets and is expected to contribute to a broader crypto real estate boom.

3. (Wall Street Journal) Nobody Has Felt the Office Market’s Pain More Than This Guy

   Brandon Shorenstein, CEO of Shorenstein Properties, is navigating significant challenges in the office real estate sector. The firm has experienced increased vacancies and declining valuations, leading to staff reductions and property sales at losses. Despite these setbacks, Shorenstein Properties has raised a $750 million fund to target discounted acquisitions in markets like Atlanta and Dallas.

Developer of the Week: Crescent Communities

As we flagged in last week’s data viz, SFR remains a hot category with growing institutional interest. Multifamily developer Crescent Communities has partnered with investor Heitman to build 151 units of 3- and 4-bedroom townhomes and single-family homes in Lawrenceville, Georgia outside Atlanta.

Atlanta has been a hot spot for SFR development, a trend likely to continue in the coming years.

You can read more about Crescent Communities on the Thesis Driven GP database here.

Know about a developer doing something cool that we should feature? Reach out to [email protected] with the tip!

—Brad and Paul