Property developers are a competitive bunch, and none more so than those currently participating in the multifamily market in Charlotte. So when Lou Davis, director of Cortland Partners, was speaking on a recent Bisnow panel about multifamily in the area, he was proud of his accomplishments and somewhat annoyed at his competitors for driving up the cost of land by building so many projects.
“We try to do renovation of multifamily units that’s a bit better than lipstick on a pig,” Davis said. “You know, for some people it is just quick covers and new countertops. We want to do more than that. But right now a big obstacle is everything is so expensive! Everyone has free debt to give out so there are lots of projects going on. Stop that!”
Of course, sometimes one has to be careful how much one complains on a panel, in uptown, in a room full of industry folks.
Right next to Davis on the panel was local financier Brett McGuire, vice president at Walker and Dunlop.
“Well ours is going to you! Do you want me to stop that?” McGuire quipped.
Davis quickly replied, “Oh no, keep doing that.”