George Wen
I invest in British Columbia real estate. Here’s what I’m building, and where I write things down.
Below: my businesses, then notes on what I see underwriting, financing and holding buildings.
Vancouver, British Columbia
What I’m building
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Principal investment in small-bay light industrial and value-add multifamily across British Columbia, held for the long term.
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Principal-led advisory for owners, lenders and investors in transitional real estate, from acquisition through stabilized income.
Two further ventures are in development. Details by introduction.
Notes
The Friction Index
Occasional notes on what I’m seeing in BC real estate: deals, debt and the friction that sets prices.
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Small-Bay Is Where the Vacancy Went
Industrial vacancy hit a decade high. The average hides where it sits.
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MLI Select Is an Energy Project With a Mortgage Attached
On an existing building, the energy work decides the amortization. Price it before the loan.
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The Loss-to-Lease Is Shrinking
Market rents went flat while in-place rents kept rising. Most pro formas haven’t caught up.
The Friction Index by email
A short email when I publish something new, a few times a year. Nothing else.
About
I’m Principal of Marram Investments and Stablepath Advisory. Separately, I lead the investment and asset management program at a Vancouver family-office-backed commercial real estate firm. I began in US institutional private equity and have spent nine years in commercial real estate, with $263MM closed across 22 transactions. I hold a B.A. in Economics from Northwestern.
Contact
Introductions are welcome. I reply personally.