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Bio
Jessie C. Barter founded Charger Ventures (“Charger”), a multifamily investment management platform in the fall of 2018, and Spark Living, the portfolio’s brand, in the fall of 2020. Through Q125, Charger has acquired ~3,000 apartments ($730m AUM) in MA, MD, VA, WV, and CT. Prior to Charger, Jessie was a Managing Director – Acquisitions with Mill Creek Residential Trust and Senior Director of Investments at AvalonBay Communities.
Ms. Barter is a director on the National Board for the non-profit Entryways (fka Shelters for Shutters). In 2022, Charger Ventures was drafted into National Multi-Housing Council’s (NMHC) inaugural Summit Advisory Committee’s Program for emerging managers. She is Vice Chair of the Membership Engagement Committee, member of the Finance Committee, and past Vice Chair of NMHC’s Diversity, Inclusion, and Equity Committee. Ms. Barter is a member of ULI’s Multi-Family Council Blue flight and the Young President’s Organization (YPO).
Ms. Barter holds a Masters of Business Administration from Darden Graduate School of Business Administration at the University of Virginia and a Bachelor of Science in Business Administration from Georgetown University. She lives in Bethesda, MD.
Show Notes
Introduction and Current Role
- Introduction (00:03:00)
- John Coe overviews the interview with Jessie
- Welcome (00:04:30)
- Introduction of Jessie Barter and her role in Charger Ventures.
- Current Role at Charger Ventures (00:04:50)
- Jessie discusses her focus on deal flow and equity partnerships.
- Daily Operations (00:05:10)
- Description of Jessie’s typical day, emphasizing sourcing deals and equity.
- Asset Management Oversight (00:05:20)
- Jessie mentions her involvement in asset management alongside a strong partner.
- Differentiating Approach in a Competitive Market (00:05:50)
- Jessie explains their off-market sourcing strategy and rigorous asset management.
Origins, Education and First Job
- Origin Story (00:07:30)
- Jessie shares her background growing up in Montgomery County, MD.
- Family Influence on Career Choices (00:08:00)
- Discussion on her family’s encouragement to pursue real estate over medicine.
- Lessons from Parents (00:08:50)
- Jessie reflects on adaptability and attention to detail learned from her parents.
- Father’s MBA Journey (00:09:00)
- Insight into her father’s decision to pursue an MBA while practicing medicine.
- Mother’s Influence (00:10:40)
- Jessie describes her mother’s strong attention to detail and its impact on her.
- College Experience at Georgetown (00:11:21)
- Jessie recounts her time at Georgetown and her non-athletic college life.
- Nickname and Company Name (00:12:10)
- Discussion of how Jessie’s nickname “Charger” inspired the name of her company.
- Post-College Plans (00:13:00)
- Jessie shares her desire to leave DC and her early career decisions.
- First Job at Bear Stearns (00:14:15)
- Jessie discusses accepting a job in equity research at Bear Stearns.
- Bear Stearns Experience (00:15:00)
- Reflections on the work environment and lessons learned during her time there.
- Transition to Business School (00:17:30)
- Jessie explains her decision to pursue an MBA after working at Bear Stearns.
- Choosing Darden (00:17:45)
- Reasons behind her choice of Darden for business school.
- Real Estate Focus at Darden (00:19:00)
- Jessie mentions taking real estate classes that sparked her interest in the field.
Entering the Real Estate Business- Thackeray Partners
- Joining a Real Estate Private Equity Fund (00:19:40)
- Discussion on her job at a private equity fund (Thackeray Partners) in Dallas focusing on real estate.
- Experience in Dallas (00:20:00)
- Jessie reflects on the exposure and learning opportunities in her Dallas role.
- Focus on Multifamily Real Estate (00:21:00)
- Jessie explains her preference for multifamily investments over other asset classes.
Avalon Bay and Mill Creek
- Moving Back for Avalon Bay (00:22:50)
- Jessie shares her transition back to the DC area to work with Avalon Bay.
- Public REIT Experience (00:23:40)
- Discussion on the differences between private equity and working at a public REIT.
- Shift to Mill Creek (00:24:40)
- Jessie explains her reasons for leaving Avalon Bay and joining Mill Creek.
- Learning Deal Structures (25:00)
- Jessie discusses her experience at Mill Creek, learning various deal structures and capitalizing strategies.
- Experience with Lili Dunn (25:30)
- Jessie reflects on her time at Avalon Bay and her relationship with Lili Dunn, a key figure during her tenure.
- Collaboration with Sean Caldwell (26:20)
- She shares her experience working with Sean Caldwell on a unique development project in Columbia Pike.
- Common Themes in Firms (27:40)
- Jessie identifies integrity and partnership as common themes across her experiences in different real estate firms.
Entrepreneurial Start
- Ethos in Charger Ventures (29:30)
- She emphasizes the importance of authenticity and transparency in her company’s operations and partnerships.
- Decision to Start Charger Ventures (30:30)
- Jessie explains the pivotal moments and experiences that led her to establish her own company.
- First Deal After Resigning (33:00)
- She discusses how quickly she found a deal after resigning, highlighting the importance of prior relationships.
- Networking and Business Plan (33:30)
- Jessie recounts her initial meeting with a family office, which led to a significant partnership opportunity.
- First Deal in Lexington Park (36:30)
- She describes the characteristics of her first deal, located in a market influenced heavily by the military.
Strategy and Focus
- Investment Philosophy and Approach (39:15)
- Jessie outlines Charger Ventures’ investment strategy, focusing on higher-yielding assets across various vintages.
- Current Portfolio Focus (42:30)
- She explains the demographics and characteristics of their current portfolio, emphasizing naturally affordable housing.
- Climate Resilience Strategy (43:50)
- Jessie discusses the importance of climate resilience in their investment approach and portfolio locations.
- Understanding Market Trends (00:45:00)
- Discussion on real estate trends in college towns with stable rents and limited new supply.
- Challenges in Growth (00:46:00)
- Barter reflects on the difficulties faced in the last two years due to capital market fluctuations.
- Impact of COVID-19 (00:46:30)
- Insights on how COVID-19 affected operations and led to unexpected benefits in rental markets.
- Rewards of Real Estate (00:46:45)
- Barter shares the fulfillment she finds in her daily work and successes at Charger Ventures.
- Finding Equity Partners (00:47:00)
- The importance of securing equity partners in navigating the real estate landscape.
- Differentiation Strategies (00:47:30)
- Discussion on the importance of fixed-rate debt and disciplined acquisition strategies.
- Off-Market Strategy (00:48:00)
- Barter explains the shift to off-market deals for efficiency and reduced competition.
- Avoiding Auction Situations (00:49:15)
- The decision to refrain from auction bidding to maintain acquisition discipline.
- Cost of Capital Insights (00:50:15)
- A personal anecdote about high internal rate returns at Koch Industries.
Branding and Differentiation
- Evolution of Charger Ventures (00:52:00)
- Barter discusses the decision to create a brand for operational efficiency.
- Introducing Spark Living (00:52:10)
- The launch of the Spark Living brand to standardize and enhance resident experiences.
- Branding and Efficiency (00:53:15)
- How the brand aims to improve stakeholder experiences and operational efficiency.
- Brand Standards and Property Management (00:55:00)
- Discussion on maintaining brand standards through various property management partners.
- Reexamination of Brand Strength (00:56:00)
- Plans to assess the brand’s health and gather feedback from stakeholders.
- Engaging Property Managers (00:56:45)
- Strategies for involving property managers in brand development and operational excellence.
- Differentiating Resident Experience (00:58:00)
- How Spark Living aims to create a unique resident experience compared to larger brands.
- Collaboration for Innovation (01:02:00)
- Emphasis on inclusivity and idea sharing within the team for continuous improvement.
Development and Future
- Joint Venture with Lauren Jezienicki (01:04:00)
- Barter discusses a joint venture project in Massachusetts and its significance.
- Development Deal Insights (01:05:15)
- Overview of the first development deal and plans for the existing property.
- Market Evolution and Challenges (01:06:45)
- Discussion on how the multifamily investment market has evolved post-pandemic and the impact of increased competition.
- Evaluating Current Assets (01:07:50)
- Insights into asset evaluations amid rising interest rates and construction costs, maintaining high occupancy rates.
- Addressing Affordable Housing (01:10:15)
- Exploration of how Charger Ventures addresses affordability issues in urban markets through strategic rental practices.
- New Opportunities on the Horizon (01:11:20)
- Discussion on potential new development opportunities and partnerships for future growth in the real estate sector.
- Innovative Financing Strategies (01:13:15)
- Overview of financing strategies used by Charger Ventures, focusing on agency borrowing and avoiding additional leverage.
- Partnerships and Collaborations (01:14:00)
- Importance of financial partnerships and collaborations in the success of Charger Ventures, highlighting key partners.
- Aggregation Strategies Consideration (01:15:00)
- Exploration of potential aggregation strategies and the importance of maintaining separate deals for flexibility.
- Development Opportunities (01:17:30)
- Discussion on the cautious approach towards future development opportunities and the need for strategic partnerships.
Personal Development and Philosophy
- Pivotal Career Moments (01:19:00)
- Reflection on significant career moves and decisions that influenced the development of Charger Ventures.
- Inclusive Leadership Approach (01:20:15)
- The importance of inclusivity in leadership and its impact on generating better returns in the business.
- Balancing Professional and Personal Life (01:22:00)
- Insights on maintaining balance between running a firm and personal life, emphasizing self-care.
- Measuring Success (01:23:00)
- Discussion on personal fulfillment and the importance of aligning company values with investor interests.
- Advice to Younger Self (01:24:45)
- Reflections on personal growth and the importance of reconnecting with oneself throughout one’s career.
- Influential Mentors (01:26:00)
- The role of mentors in shaping leadership approaches and providing guidance throughout professional challenges.
- Final Thoughts on Action (01:27:30)
- Encouragement to take action and pursue goals, emphasizing the importance of starting now.
- The Future of Charger Ventures (01:27:08)
- Jessie discusses the upcoming challenges and opportunities for Charger Ventures in the coming year.
Gratitude
- Invitation to the Podcast (01:28:00)
- The host asks Jessie why she requested to be on the podcast, prompting a discussion about its content.
- Admiration for the Podcast (01:28:30)
- Jessie expresses her admiration for the podcast’s content and its featured leaders in the real estate sector.
