F
irst published in CNBC’s Property Play newsletter with Diana Olick, the article examines new real‑estate opportunities for investors from individuals to institutional giants. High‑net‑worth family offices are shifting more capital into alternatives, with real‑estate topping the list. Many now form multifamily offices to pool resources, expertise, and deal flow.
Realm exemplifies this model. Managing over $12 billion in commercial properties, it serves families that typically hold about $200 million in investable assets. CEO Travis King explains that the collective approach delivers stronger capital, trusted relationships, and geographic insight, enabling better investment decisions. While large institutions have expanded their real‑estate stakes to 10 % or more, many family offices still lag, though they are eager to catch up.
King outlines the next frontier: giving families direct real‑estate exposure that offers diversification and ownership benefits without the burdens of full ownership, such as time commitment and staffing.
“Real‑estate is constantly shifting,” King notes. “There isn’t a single focus; we move across property types and regions. Our scale—over $12 billion in investable assets—lets us see diverse deal flow.” He stresses the importance of macro‑cycles and micro‑cycles that vary by geography and sector.
When asked about preferred CRE sectors, King points to office space. “Pricing appears to have bottomed,” he says. “We’re now buying assets at roughly 15 % of replacement cost, so the question is no longer price but intrinsic value.” He cautions against broad categories that are over‑invested, such as data centers, which he views as late in the cycle. Instead, Realm targets the lower‑middle market, focusing on deals under $50 million where they have a competitive edge.
Interest‑rate dynamics also shape the business. “Lower rates boost transaction volume and lift property values,” King observes, highlighting how favorable borrowing conditions can accelerate deal activity.
In summary, the multifamily office model, embodied by Realm, offers high‑net‑worth families a collaborative path to real‑estate investment, leveraging pooled capital, shared expertise, and strategic positioning across sectors and geographies.
