Last week, internationally-known real estate investor Maxwell Drever was quoted in an interview published in the Tampa Bay Business Journal that he was excited about the Florida real estate market and planned on investing around $100 million in Florida real estate development -- soon.
That's right. Maxwell Drever likes Florida -- he calls Florida a “terrific market,” and the question for many may be, who is Maxwell Drever and why is this important to Florida real estate?
Maxwell Drever has been investing and developing real estate across the United States for over 40 years, with much of his background tied to multi-family residential real estate properties. Currently, he is Chairman of the Board at Concierge Asset Management. His investment skills can be tracked back to the 1970s, when Drever forecast profits to be had in a troubled Seattle market and where he invested successfully in a series of apartment complexes there, to project after project since then, where Drever has made significant profits for himself and his companies by discovering distressed markets and investing in real estate development with profitable results.
Today, Drever is at the helm of Concierge Asset Management, which does three kinds of investment:
invests in undervalued REIT stock
invests in loans on investment real estate - performing and non-performing
invests in multi-family apartment real estate that is underdeveloped.
Go visit the Concierge web site and you'll learn much more about their proud history of "counter-cyclical parallel" investing, where Drever and his team have achieved success after success by determining the appropriate real estate market in which to invest ... and it's good news to learn that this California-born company with its headquarters in Houston is planning on putting money -- lots of money -- into Florida.
Concierge has already started moving into the Florida market. Two years ago, Drever and his company bought almost every unit (143 out of 153 units) in Clearwater's Water’s Edge condominium tower project. (They bought all but ten units for around $30 million.) At the time, the condo tower was somewhat of a ghost town, dark and mostly vacant.
Drever's people moved in and bought the tower at a good price, and began redevelopment and marketing. Today, they've sold all but seven (7) of the units.
According to the Drever interview, Matthew Drever is very excited about the investment possibilities in Florida right now. And he's not giving details but he's putting his money where his mouth is ... which means that others will be following his lead.
For Drever, based upon past history, this means condos, townhouses, apartments -- he is an expert in multi-family residential investment and development. However, as real estate experts recognize, what Drever forecasts here for his niche dovetails into other areas of commercial real estate as well: shopping centers, rental development, office towers, etc.
Matthew Drever's got something good to say for all of Florida. Better development days are ahead.