Commercial Investment Real Estate March/April 2018 | Page 15

Today, I am one of the principals in the company, working
with overseas investors on multifamily, hospitality, office, and
retail, as well as overseeing more than $2 billion in assets for the
ownership. I focus on the West Coast, with assets from northern
California all the way down to San Diego, as well as properties
in Las Vegas and Phoenix.
CIRE: How has the market changed in Los Angeles?
Chao: Los Angeles is a big city, so the change really depends
on which area you’re talking about. But overall, it has been trans-
formed to a modern, fast-track city.
Downtown is a good example. Until the mid-1990s, there was
nothing in downtown Los Angeles. People would ask where your
office was, and when we said downtown, they’d say, “I don’t want
to go; it’s not safe.”
But today, everybody goes downtown; you see new construc-
tion all over the city — developments for residential, commercial,
and office. Lots of millennials have moved downtown.
They are young, with plenty of disposable income, which
brings in retail business. They love to live in an urban set-
ting; they enjoy the convenience. I think the trend will last
for quite a while.
CIRE: How do you work with your international clients?
Chao: Our core business is assisting overseas investors who are
interested in U.S. commercial real estate as part of their portfolio,
to either provide stable cash flow or appreciation.
We act as their advisers to help them to identify their ultimate
goal and help them to acquire the asset that matches their invest-
ment goals.
We work with major accounting firms to help our clients
understand U.S. taxes; structure the proper entities and capital;
and assist them on due diligence, secure financing, and close the
transaction. In many cases, we also oversee the property as the
asset manager after closing.
CIRE: What advice would you give to someone considering
working with international clients?
Chao: It takes time. Exposure is important, so people get to
know you. I get referrals from other professionals such as bankers,
lawyers, accountants, and other Realtors.
Commercial real estate is broad, so you have to decide what
you want to be and work on it — and then get lots of education.
Sarah Hoban is a freelance writer based in the Chicago area.
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