On Tuesday, March 22nd, ULI New York’s Young Leaders Group (YLG) welcomed Kevin Davis, Founder and Chief Investment Officer of Post Road Properties, to share the stories of his career development and starting his own firm. Secrets of Success, a part of The YLG signature series, offers a candid, roundtable discussion with a senior leader in the real estate industry. From his first job at Bernie’s Bike Shop to his 10+ years in real estate, Davis always had a main goal in mind –starting his own company, which he did around the time of his 39th birthday. This decision was a culmination of years of careful planning and execution. Davis started his own business based upon the below fundamentals, which he developed in every role held during his career.
- Basic industry knowledge and analytics
- Understanding real estate value
- Deal structures (partnerships/capital stack)
- Business plan execution
- Access to capital
After graduating from The Wharton School of Business, Davis began his real estate career at Secured Capital Corp (now part of Eastdil Secured) and later held roles in Vornado, AREA, and Taconic. During his career, Davis has been responsible for over $5.5B of acquisitions in the New York City and Washington DC metropolitan areas. Currently, Post Road Properties is the owner and operator of multi-family and commercial real estate focusing on New York City, Philadelphia, and Washington D.C.
Davis also shared his view on following the urbanization trend in America. He sees opportunities in Stamford, CT and Bayonne in Jersey City. Both areas have excellent access into New York City and provides for a better value proposition for residents. With Millennials having a higher renter propensity and Baby Boomers looking to downsize, demand for rental apartments is surging.
Indeed, success is difficult to define and varies from person to person; however, Davis believes success is a “balance of financial with life success.” He quotes the average person spends approximately half of their waking hours working, and therefore it is imperative that you find enjoyment in your work. Lastly, Davis credits his wife in encouraging his ventures and with grounding him. Family is very important to Davis, as his office is now located in Stamford, CT, a short distance from his home.
Starting a business while exciting and rewarding, Davis faced longer hours and financial risk. But was it still worth it? “Absolutely”, replied Davis.
After all, this is his dream.