and put systems in place to foster growth. Now, he’s ready to charge full steam ahead. “Now I can confidently say we are going to continue to grow in that space. Our goal was to target $1 billion this year,” Shaik said. Though interest rates have slowed down the market, he said, even if Makaan doesn’t hit $1 billion this year, it will reach the goal in the near future.
generally older buildings in good neighborhoods with some amenities that are in need of upgrades. One relatively easy improvement he’s made at several complexes so far is the addition of a dog park, which he said is inexpensive but adds value for tenants. Not all his projects are apartment renovations. He’s also developing new projects that he sees a need for in the market. Shaik described one project as a build-to-rent
”RENTERS’ NATION” The multifamily space makes a lot of sense to Shaik. “Our country is becoming a renters’ nation,” he said. “There is a demand for multifamily. More and more people can’t afford to buy a single-family home on their own, so they need a safe and clean place to live. That’s what we’re providing.” When buying apartment com- plexes, Shaik focuses on Class B,
thinkrealty . com | 21
Made with FlippingBook Online newsletter