Family Office Networks founder Andrew Schneider and President,Peter Apostol were special guests of Seattle-based Hoban Family Office at a standing-room only dinner event at iconic Daniel’s Broiler Restaurant in Bellevue, WA.
“We are a new family office that built our wealth through sponsoring and co-investing in core plus workforce apartment product in the Pacific Northwest with family offices. Our real estate program is growing, so the invitation to bring our program to the FON network in other parts of the country this year was well timed. This dinner event culminated a six -city tour that started in Palm Beach in January,” said Tom Hoban, Chairman and co-founder of Hoban Family Office.
Hoban and his brother, Shawn Hoban, are co-founders of the Coast Group of Companies, which includes a $5 billion AUM award-winning property management firm, Coast Property Management, specializing in apartment and commercial properties with offices in Seattle, Portland, Spokane and Boise. They are expanding throughout the Pacific Northwest and other Western states. The brothers leveraged their property management operating experience to launch their real estate investment program, Coast Equity Partners, in 2004 and then pivot into core plus multi-family apartment properties in 2009.
“We were the first to buy a fractured condo project and convert it to apartments in January 2009,” explains Tom. “At the time, everyone thought we were crazy, but we just kept focused on our thesis that core-plus suburban workforce housing would do well coming out of the real estate crash and remain a consistent performer beyond that.”
Since then, the company has acquired 2,000 units, exited four at returns well above what they promised and is currently operating nine separate assets. “We’re the under-promise and over-deliver guys,” says Tom. “It’s a mindset tied to our very risk-averse nature.”
The family’s reputation as buyers who show up to closings on time and behave well through the acquisition process has earned them a jump up in deal flow, prompting it to partner with FON to expose the program to other family offices.
“We built a proprietary underwriting model from decades of management experience and data that allows us to be cycle agnostic and deliver promised returns,” offered Tom at the dinner event. “Sellers and brokers know that we won’t re-trade deals or miss on our underwriting when we are looking to acquire an asset. That’s earned us street credibility that is resulting in more deal flow our way.”
Hoban is excited about the reaction to their real estate program this year. “We’re fond of doing business and co-investing with family offices, so it’s no surprise that we’ve been very well received everywhere we’ve been invited to go. I can’t say enough good things about the FON team and the introductions they’ve made.”
Coast Equity Partners invites family offices to contact Tom Hoban at firstname.lastname@example.org or 425 551 0802 for more information.