Understanding and Investing in Absolute NNN Lease

Understanding and Investing in Absolute NNN Lease

Investing in real estate can be a complex venture, filled with a myriad of options and strategies.

Alexander Kim

Dec 10, 2023

Blog

Investing in real estate can be a complex venture, filled with a myriad of options and strategies. Among these, the Absolute NNN lease stands out as a particularly attractive arrangement for investors seeking stability and passive income. But what exactly is an Absolute NNN lease, and why should investors consider it? In this blog post, we will delve into the intricacies of Absolute NNN leases, exploring their definition, key features, and the critical differences between standard NNN leases and their absolute counterparts. We will also discuss the advantages and disadvantages of such investments, equipping you with the knowledge needed to make informed decisions. Whether you're a seasoned investor or a newcomer to the real estate world, understanding Absolute NNN leases can open the door to lucrative opportunities in commercial real estate, all while minimizing risk and ensuring a steady cash flow. Join us as we unpack the essentials of Absolute NNN leases and guide you through the investment process, from evaluation to execution.

Introduction: What is an Absolute NNN Lease

An Absolute NNN lease, often referred to as a triple net lease, is one of the most investor-friendly types of commercial real estate leases available. This leasing structure is designed to provide maximum security and predictability for property owners, making it a popular choice among seasoned investors. In this section, we will define what an Absolute NNN lease entails, explore its key features, and highlight its significance in the realm of commercial real estate.

Definition and Key Features

An Absolute NNN lease is characterized by three primary obligations that the tenant assumes: property taxes, insurance, and maintenance costs. Unlike traditional leases, where the landlord may retain some responsibility for these expenses, an Absolute NNN lease places the total financial burden on the tenant. This arrangement means that the property owner (the landlord) can enjoy a predictable and stable cash flow without the headaches of managing property-related expenses.

Some of the key features of an Absolute NNN lease include:

• Long-Term Commitment: These leases typically span long durations, often ranging from 10 to 25 years, providing the landlord with sustained income over an extended period.
• Minimal Landlord Responsibilities: The landlord is insulated from most responsibilities associated with property management, allowing them to focus on other investments or ventures.
• Tenant Creditworthiness: The success of an Absolute NNN lease heavily relies on the financial stability of the tenant, making the tenant's creditworthiness a crucial factor in investment evaluations.
• Guaranteed Income: With tenants responsible for all operational costs, landlords can anticipate a consistent income stream, regardless of fluctuations in the real estate market.
• Property Type: Common properties leased under an Absolute NNN structure include retail establishments (like fast-food chains), pharmacies (such as Walgreens or CVS), and convenience stores.

Difference Between NNN Lease and Absolute NNN Lease

While both NNN and Absolute NNN leases share common features, understanding their distinctions is essential for investors. In a standard NNN lease, the tenant is responsible for property taxes, insurance, and maintenance. However, the landlord may still retain some responsibilities, particularly for structural repairs or capital expenditures. On the other hand, an Absolute NNN lease transfers all responsibilities to the tenant, including major repairs and replacements. This means that if unexpected issues arise, the landlord remains unaffected financially.

Pros and Cons of Absolute NNN Lease

Pros:

• Steady Cash Flow: The landlord benefits from a predictable income stream, as tenants are responsible for all expenses.
• Lower Management Effort: With minimal obligations, landlords can manage multiple properties without extensive oversight.
• Long-Term Security: The lengthy lease terms provide a stable investment horizon.
• Attractive to Investors: Many investors are drawn to the low-risk profile of Absolute NNN leases, often leading to higher property valuations.

Cons:

• Tenant Risk: The success of an Absolute NNN investment is closely tied to the tenant’s financial health, making thorough tenant evaluations essential.
• Less Control: Landlords relinquish control over property management and upkeep, which can lead to issues if the tenant does not maintain the property adequately.
• Market Dependency: While the income is stable, property value can still fluctuate based on market conditions and tenant performance.

In summary, an Absolute NNN lease offers a unique investment opportunity for those looking to minimize risk and maximize returns in the commercial real estate sector. Understanding the intricacies of this leasing arrangement is the first step toward making informed investment decisions in this lucrative field. As we move further into this blog post, we will explore the various aspects of investing in Absolute NNN leases, from evaluation to execution, equipping you with the tools needed to navigate this market successfully.

Detailed Explanation of Absolute NNN Lease

Understanding the intricacies of an Absolute NNN lease is vital for any investor looking to delve into commercial real estate. This section provides a detailed exploration of the Absolute NNN lease, including its definition, key features, comparison with traditional NNN leases, advantages and disadvantages, and the overall significance of this investment strategy in the commercial real estate landscape.

Definition and Key Features

An Absolute NNN lease, also known as an "absolute triple net lease," is a lease agreement where the tenant assumes all responsibilities associated with the property. This includes not only the payment of rent but also the liabilities for property taxes, insurance, and maintenance costs. In essence, the landlord receives rent without having to worry about ongoing expenses or management responsibilities, making it one of the most passive forms of real estate investment.

The key features of an Absolute NNN lease include:

• Total Tenant Responsibility: Tenants are responsible for all operating expenses, including maintenance, repairs, property taxes, and insurance premiums. This arrangement significantly reduces the financial burden on the landlord.
• Long-Term Lease Agreements: Absolute NNN leases are typically structured as long-term agreements, often lasting 10 to 25 years. This long duration provides stability and predictability regarding rental income.
• Creditworthy Tenants: Properties leased under an Absolute NNN structure often attract creditworthy tenants, such as national retail chains (e.g., Starbucks, Walgreens, or McDonald's). The financial health of the tenant is critical, as it directly impacts the landlord's cash flow.
• Investment Grade Properties: These leases are often associated with high-quality properties in desirable locations. Investors are typically drawn to these properties due to their strong performance and lower risk profiles.
• Minimal Landlord Involvement: Since most operational responsibilities fall on the tenant, landlords can enjoy a passive income stream without the need for property management or oversight.

Difference Between NNN Lease and Absolute NNN Lease

While both NNN leases and Absolute NNN leases share similarities, they differ significantly in the scope of responsibilities assigned to the tenant.

• NNN Lease: In a traditional NNN lease, tenants cover property taxes, insurance, and maintenance costs. However, landlords may retain certain responsibilities, such as structural repairs or handling capital expenditures. This means landlords still need to stay involved in aspects of property management.
• Absolute NNN Lease: In contrast, an Absolute NNN lease ensures that the tenant assumes all responsibilities associated with the property, including major repairs and replacements. This arrangement provides landlords with a "hands-off" investment approach, allowing them to focus on other opportunities without being burdened by property management tasks.

Pros and Cons of Absolute NNN Lease

Understanding the advantages and disadvantages of investing in Absolute NNN leases is crucial for making informed decisions.

Pros:

• Stable Income Stream: With tenants covering all expenses, landlords benefit from a consistent and reliable cash flow, allowing for better financial planning.
• Low Management Requirements: These leases require minimal oversight from landlords, making them ideal for investors looking to diversify their portfolios without dedicating significant time to property management.
• Long-Term Security: The lengthy lease terms provide a stable investment environment, reducing the risk of vacancy and associated costs.
• Attractive Investment Profile: The inherent stability of Absolute NNN leases attracts many investors, often leading to higher property valuations due to the perceived lower risk.
• Tax Benefits: Landlords can take advantage of tax deductions for depreciation and interest on loans, enhancing overall returns.

Cons:

• Tenant Dependency: The success of an Absolute NNN investment is heavily reliant on the tenant's financial health. A default or bankruptcy could jeopardize income streams.
• Limited Control: Landlords have minimal control over property management and maintenance, which can lead to issues if tenants do not uphold their responsibilities effectively.
• Market Vulnerability: While rental income may remain stable, the value of the property can fluctuate based on broader market conditions, tenant performance, and local economic factors.
• Potential For Higher Initial Costs: Properties suitable for Absolute NNN leases, often anchored by strong tenants, may come with higher initial acquisition costs, requiring a more significant upfront investment.

Conclusion

In summary, an Absolute NNN lease presents a compelling investment opportunity for those looking to minimize risks while maximizing returns in the commercial real estate sector. Understanding the nuances of this leasing structure is essential for investors, as it allows them to capitalize on the benefits while being aware of potential challenges. As we continue to explore the intricacies of Absolute NNN leases, we will provide insights into how to identify, evaluate, and invest in these properties, ensuring that you are well-equipped to make informed decisions in this exciting market.

Investing in Absolute NNN Lease

Investing in an Absolute NNN lease can be a lucrative strategy for both seasoned real estate investors and newcomers alike. The key to successful investment lies in understanding the unique characteristics of Absolute NNN leases, identifying suitable properties, evaluating potential investments, and implementing risk mitigation strategies. This section will provide a comprehensive guide to investing in Absolute NNN leases, covering why investors are drawn to this asset class, how to locate and assess potential opportunities, and strategies for minimizing risks.

Why Invest in Absolute NNN Lease

Investors are increasingly attracted to Absolute NNN leases for several compelling reasons:

• Passive Income Generation: One of the most significant advantages of Absolute NNN leases is the potential for passive income. With tenants responsible for all operating expenses, landlords can collect rent without the burden of property management, allowing them to focus on other investment opportunities or personal interests.
• Long-Term Stability: The long-term nature of Absolute NNN leases (typically ranging from 10 to 25 years) provides a stable income stream and mitigates the risks associated with tenant turnover. This stability is particularly appealing in uncertain economic times when consistent cash flow can make a significant difference in an investor's portfolio.
• Lower Risk Profile: Because Absolute NNN leases often involve creditworthy tenants—frequently national chains with established market presence—investors face lower risks of default. The financial health of these tenants can provide additional reassurance for landlords.
• Inflation Hedge: Many Absolute NNN leases include rent escalations tied to inflation indices, ensuring that rental income keeps pace with rising costs. This feature can be particularly valuable in times of high inflation and economic uncertainty, preserving the purchasing power of the income generated.
• Attractive Financing Options: Lenders often view properties with Absolute NNN leases as lower-risk investments, which can lead to more favorable financing terms for investors. This access to capital can enhance overall returns and facilitate portfolio expansion.

How to Find and Evaluate Potential NNN Lease Opportunities

Locating suitable Absolute NNN lease investments requires a strategic approach. Here are steps to guide investors through the process:

• Conduct Market Research: Begin by researching local and national markets to identify areas with strong economic fundamentals, such as job growth, population growth, and high demand for commercial real estate. Cities like Austin, Texas, or Denver, Colorado, have become popular investment destinations due to their robust economies and expanding commercial sectors.
• Utilize Real Estate Platforms: Leverage online platforms like LoopNet, CoStar, or RealtyMogul to find listings for Absolute NNN lease properties. These platforms provide valuable data on current market trends, property types, and tenant creditworthiness.
• Engage with Commercial Brokers: Establish relationships with commercial real estate brokers who specialize in NNN lease properties. These experts can provide insights into market dynamics and help identify suitable investment opportunities that may not be publicly listed.
• Analyze Financials: Carefully evaluate the financial aspects of potential investments. Review key metrics such as cap rates, cash-on-cash returns, and the tenant's credit rating. Look for properties with favorable lease terms and long remaining lease duration, as these factors contribute to long-term stability.
• Conduct Due Diligence: Before making an investment, perform thorough due diligence on the property, tenant, and market conditions. This includes reviewing the lease agreement, understanding any potential liabilities, and assessing the property's condition.

Risk Mitigation Strategies

While Absolute NNN leases offer numerous advantages, investors must remain vigilant regarding potential risks. Here are strategies to mitigate those risks:

• Thorough Tenant Screening: Evaluate the tenant's financial health and creditworthiness before entering into an Absolute NNN lease. This includes reviewing financial statements, credit reports, and the tenant's business model to assess their ability to meet lease obligations.
• Diversification: Avoid putting all your investment capital into a single Absolute NNN property. Instead, diversify your portfolio by investing in multiple properties across different locations and sectors to spread risk.
• Stay Informed on Market Trends: Keep an eye on economic indicators and market conditions that could affect the performance of your investment. Understanding shifts in consumer behavior, local demographics, and industry trends can help you make informed decisions.
• Structured Lease Terms: Look for lease agreements that include favorable terms, such as rent escalations, renewal options, and maintenance responsibilities clearly outlined. A well-structured lease can provide additional security and predictability.
• Engage Professional Help: Consider working with real estate attorneys and financial advisors who specialize in commercial real estate. Their expertise can provide valuable insights and help navigate the complexities of Absolute NNN lease investments.

Conclusion

Investing in Absolute NNN leases can be a rewarding strategy for generating passive income and building long-term wealth. By understanding the unique characteristics of this investment type, conducting thorough research, and implementing effective risk mitigation strategies, investors can position themselves for success in the commercial real estate market. As we continue to explore the legalities and contractual obligations associated with Absolute NNN leases, you will gain further insights into how to navigate this investment landscape with confidence.

Legalities and Contractual Obligations in Absolute NNN Lease

Investing in Absolute NNN leases involves navigating a complex landscape of legalities and contractual obligations. Understanding these aspects is crucial for ensuring compliance, protecting your investment, and minimizing potential disputes with tenants. This section will explore the key elements of lease agreements, the legal responsibilities of both landlords and tenants, and what happens in the event of a breach of contract.

Understanding the Lease Agreement

The lease agreement is the foundation of any Absolute NNN lease and outlines the rights and obligations of both the landlord and the tenant. Key components of the lease agreement include:

• Lease Term: Absolute NNN leases are typically long-term, ranging from 10 to 25 years. The lease should clearly specify the start date, end date, and any renewal options available to the tenant.
• Rent Structure: The lease must detail the rent amount, payment schedule, and any provisions for rent escalations. Common escalation methods include fixed increases, increases tied to inflation indices, or market rate adjustments.
• Tenant Responsibilities: The lease should outline the specific responsibilities of the tenant, including property maintenance, insurance coverage, and payment of property taxes. Clarity in these responsibilities can prevent disputes down the line.
• Landlord Responsibilities: While Absolute NNN leases minimize landlord involvement, the lease should still specify any obligations the landlord might have, such as initial property repairs or compliance with local zoning laws.
• Default and Termination Clauses: The lease agreement must outline what constitutes a default by the tenant (e.g., failure to pay rent, failure to maintain the property) and the procedures for termination of the lease in such cases. This section is critical for protecting the landlord’s interests.
• Indemnification and Liability Clauses: These clauses protect the landlord from potential liabilities related to injuries or damages that occur on the property. The lease should specify that the tenant indemnifies the landlord against such claims.

Legal Obligations and Responsibilities

In an Absolute NNN lease, various legal obligations and responsibilities exist for both the landlord and the tenant:

Landlord Responsibilities:

• Title and Ownership: The landlord must guarantee that they hold clear title to the property and have the legal right to lease it. This includes disclosing any encumbrances or liens that might affect the property.
• Compliance with Laws: The landlord is responsible for ensuring the property complies with local, state, and federal laws, including zoning regulations, health and safety codes, and building codes.
• Disclosure Obligations: Landlords must disclose any known issues with the property that could affect the tenant's use or enjoyment of the space, such as environmental hazards.

Tenant Responsibilities:

• Financial Obligations: Tenants must fulfill all financial obligations outlined in the lease, including rent payments, property taxes, and insurance premiums. Failure to do so could result in eviction or legal action.
• Property Maintenance: The tenant is responsible for maintaining the property in good condition, including routine repairs and upkeep. This obligation may also extend to capital improvements, depending on the lease terms.
• Insurance Coverage: Tenants must obtain and maintain adequate insurance coverage, typically including general liability insurance and property insurance. The lease should specify minimum coverage amounts.
• Compliance with Laws: Tenants are responsible for ensuring their use of the property complies with all applicable laws and regulations, including licensing requirements for their business operations.

What Happens in Case of a Breach

A breach of an Absolute NNN lease can have significant implications for both parties involved. Understanding the potential outcomes and remedies is essential for protecting your investment:

• Types of Breaches: Common breaches may include failure to pay rent, failure to maintain the property, or violation of lease terms. Each type of breach can lead to different consequences.
• Notice of Default: Upon discovering a breach, landlords typically must send a formal notice of default to the tenant. This notice outlines the nature of the breach and provides a specified timeframe for the tenant to rectify the situation.
• Remedies for Landlords: If the tenant fails to cure the breach within the specified timeframe, landlords may have several remedies available, including:
• Eviction: Landlords may initiate eviction proceedings to remove the tenant from the property.
• Monetary Damages: Landlords may seek damages for unpaid rent or additional costs incurred due to the breach.
• Termination of Lease: Landlords may choose to terminate the lease agreement altogether.
• Tenant’s Rights: Tenants also have rights in the event of a breach. If they believe the landlord has violated the lease agreement (e.g., failing to maintain the property), they may have the right to withhold rent, seek repairs, or even terminate the lease.
• Dispute Resolution: Many lease agreements include clauses that outline the procedures for dispute resolution, such as mediation or arbitration. These processes can help resolve disputes without resorting to lengthy and costly litigation.

Conclusion

Navigating the legalities and contractual obligations of Absolute NNN leases is crucial for ensuring a successful investment experience. By understanding the key components of the lease agreement, recognizing the responsibilities of both landlords and tenants, and knowing the potential outcomes of a breach, investors can protect their interests and maximize the benefits of their investments. As we move forward in this blog post, we will explore real-world case studies and examples of Absolute NNN lease investments, providing valuable insights into the practical application of the concepts discussed.

Case Studies and Real-world Examples of Absolute NNN Lease

Exploring real-world case studies and examples of Absolute NNN leases provides valuable insights into the practical applications of this investment strategy. By examining successful investments as well as those that faced challenges, investors can learn important lessons about the dynamics of Absolute NNN leases, the importance of tenant selection, and the impact of market conditions. This section will highlight notable case studies, analyze their outcomes, and draw key takeaways.

Successful Absolute NNN Lease Investments

• Walmart Supercenter in Bentonville, Arkansas
• Overview: Walmart, one of the largest retail chains in the world, operates numerous Absolute NNN lease agreements across the United States. A notable example is the Walmart Supercenter located in Bentonville, Arkansas, the company's headquarters.
• Investment Highlights: The lease is structured as a long-term Absolute NNN agreement, allowing Walmart to cover all operational costs, including property taxes, insurance, and maintenance.
• Outcome: Investors benefited from a stable income stream due to Walmart's strong credit rating and consistent business performance. The property has appreciated in value over time, reflecting Walmart's ongoing success and the demand for retail space in the area.
• CVS Pharmacy in Chicago, Illinois
• Overview: CVS Health, a major player in the pharmacy industry, has numerous Absolute NNN leases across the country, including a prominent location in Chicago.
• Investment Highlights: The lease agreement included provisions for rent escalations tied to inflation, ensuring that rental income increased over time. CVS was responsible for all property-related expenses, minimizing the landlord's obligations.
• Outcome: The investment yielded a consistent cash flow for the property owner, as CVS maintained strong sales and customer traffic. The property appreciated in value, reflecting both CVS's financial stability and the desirability of the location.
• Chick-fil-A in Atlanta, Georgia
• Overview: Chick-fil-A is known for its strong brand and loyal customer base. A specific location in Atlanta operates under an Absolute NNN lease.
• Investment Highlights: The lease features a long-term agreement with a reputable tenant, and Chick-fil-A is responsible for all costs associated with the property.
• Outcome: The investor experienced reliable rental income due to Chick-fil-A’s consistent performance and popularity. The location's high traffic also contributed to increased property value over time.

Lessons Learned from Failed Investments

• Blockbuster Video Store in various locations
• Overview: Blockbuster was once a dominant player in the video rental industry. However, as streaming services gained popularity, many Blockbuster locations faced financial difficulties, leading to closures.
• Investment Challenges: Investors who had entered Absolute NNN leases with Blockbuster found themselves in challenging positions as the tenant struggled financially and eventually went bankrupt.
• Key Takeaway: This example underscores the importance of assessing tenant viability and industry trends before entering into an Absolute NNN lease. Investors should consider the long-term sustainability of the tenant's business model.
• Sears Holdings Corporation Store in various locations
• Overview: Once a retail giant, Sears Holdings Corporation faced significant challenges in recent years, leading to the closure of many stores and a bankruptcy filing.
• Investment Challenges: Investors who had leased properties to Sears under Absolute NNN agreements faced significant financial losses as the company struggled to maintain operations and pay rent.
• Key Takeaway: This case highlights the importance of conducting thorough due diligence on a tenant's financial health and market position. Investors must be vigilant about changes in consumer behavior and the potential impact on tenants' performance.

How Market Conditions Affect NNN Lease Investments

Market conditions play a critical role in the success or failure of Absolute NNN lease investments. Here are some factors to consider:

• Economic Cycles: During economic downturns, tenants in discretionary retail sectors may struggle, impacting their ability to meet lease obligations. Conversely, tenants in essential services (e.g., grocery stores, pharmacies) may fare better and provide stable income.
• Consumer Behavior Trends: Shifts in consumer preferences, such as the increasing popularity of e-commerce, can affect the viability of traditional retail tenants. Investors should stay informed about industry trends and the potential impact on tenant performance.
• Location Dynamics: The desirability of a property's location can significantly impact its value and the performance of Absolute NNN leases. High-traffic, well-populated areas tend to attract more stable tenants and provide better long-term returns.
• Interest Rates and Financing: Changes in interest rates can influence property values and the cost of financing. Lower interest rates may encourage investment in commercial real estate, while higher rates can slow down market activity and affect property valuations.

Conclusion

Case studies and real-world examples of Absolute NNN leases illustrate the potential for stable income and long-term growth, as well as the importance of tenant selection and market conditions. Successful investments highlight the benefits of partnering with reputable, financially stable tenants, while failed investments serve as cautionary tales about the need for thorough due diligence. By learning from these examples, investors can make informed decisions that enhance their chances of success in the Absolute NNN lease market. As we conclude this blog post, we will explore the future of Absolute NNN lease investments and the trends that may shape this asset class in the coming years.

Conclusion: The Future of Absolute NNN Lease Investments

As we look towards the future of Absolute NNN lease investments, several trends and factors are poised to shape this asset class and influence investor strategies. Understanding these dynamics is crucial for investors seeking to capitalize on the opportunities presented by Absolute NNN leases while mitigating potential risks. This conclusion will summarize key takeaways from our exploration of Absolute NNN leases and highlight future considerations for investors.

Key Takeaways

• Stability and Predictability: Absolute NNN leases offer a compelling investment option characterized by steady cash flow and minimal management responsibilities. The long-term nature of these leases, coupled with the tenant's assumption of all property-related expenses, provides a level of predictability that appeals to a wide range of investors.
• Importance of Tenant Selection: The financial health and stability of tenants are paramount in Absolute NNN investments. Successful investments are often linked to reputable, creditworthy tenants that have a proven track record in their respective industries. Investors must conduct thorough due diligence to assess tenant viability and market position.
• Market Awareness: Investors must remain vigilant about market conditions and economic trends that can impact both tenant performance and property values. Shifts in consumer behavior, regulatory changes, and economic cycles should all be factored into investment strategies.
• Diversification: To mitigate risk, investors should consider diversifying their portfolios by investing in a variety of Absolute NNN lease properties across different sectors and geographic locations. This approach can help spread risk and enhance overall returns.

Future Trends Impacting Absolute NNN Lease Investments

• Evolving Retail Landscape: The growth of e-commerce and changing consumer preferences are reshaping the retail landscape. As certain retail sectors face challenges, investors may want to focus on tenants in industries that are resilient to these changes, such as essential services, healthcare, and convenience retail.
• Increased Demand for Flexibility: The COVID-19 pandemic has accelerated trends toward remote work and flexible office spaces. Investors should consider the potential for Absolute NNN lease structures in alternative asset classes, such as co-working spaces or mixed-use developments that cater to changing demand.
• Sustainability and ESG Considerations: As environmental, social, and governance (ESG) factors gain prominence, investors may increasingly seek properties with sustainable features or tenants committed to responsible business practices. This shift could influence tenant selection and property valuation.
• Interest Rate Environment: Future interest rate fluctuations will play a critical role in shaping the commercial real estate landscape. Investors must be prepared for potential changes in financing costs and property valuations, which could impact investment decisions.
• Technological Advancements: Technology is transforming the commercial real estate industry, from property management tools to virtual leasing processes. Investors should stay informed about technological innovations that can enhance efficiency and improve tenant experiences.

Conclusion

The future of Absolute NNN lease investments holds significant promise, driven by the stability and predictability they offer. However, investors must remain adaptable and informed about changing market dynamics and tenant performance. By focusing on tenant selection, understanding market trends, and embracing diversification, investors can position themselves for success in this investment landscape.

As the commercial real estate market continues to evolve, Absolute NNN leases will likely remain a viable option for those seeking passive income and long-term growth. By integrating the insights and lessons learned throughout this blog post, investors can navigate the complexities of this asset class and make informed decisions that pave the way for a prosperous investment journey.

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ALEX KIM is the co-founder at Homebase, a former engineer / program manager at Alveo, and passionate real estate investor.