The brokers at APG Advisors are really the heart and soul of our team. To shed a little light on the professionals that make up our staff, we will be doing a regular series we’d like to call our Broker Spotlight. We are pleased to kick off the series with Bo McHugh. Read on to find out a little bit more about Bo!
What should prospective clients know about you?
I bring a holistic approach to understanding the needs of my clients. I work to understand each client’s business objectives early on and tier my daily routine towards getting them closer to their targets.
My business model has succeeded in producing top tier valuation and analysis to my buyers as well as speedy execution for my sellers. I like to get creative in how I help clients achieve their goals.
What types of deals do you typically focus on?
I typically focus on apartment deals that range from $1M to $10M. This is a niche sector of the apartment market and one that provides me an almost endless investor pool to work with.
These apartment owners are typically entrepreneurial driven, which allows me the opportunity to really understand their short- and long-term targets.
That said, I also try and get in front of every type of apartment owner in the market including the large value add, Core + and Core operators. If there is a deal to be had, I will chase it. APG Advisors has a fantastic history of closing large and complex deals.
What is the current state of the multifamily market in North Carolina and the Triangle?
The North Carolina apartment market is amongst the strongest in the nation. The Triangle in particular, continues to show up on different lists for commercial real investment, quality of life, job wins etc.
The Triangle has seen a very large population increase, especially during COVID-19, which has helped fuel the apartment market. Almost monthly, you can read about another developer who is planning on building new units in the region.
Additionally, apartment investment sales are through the roof. Sellers are hitting their pricing and more. Apartment investors want to be here and they are willing to pay top dollar. I think the growth is fantastic and I don’t see a slowdown in our region in the apartment sector for quite a while.
How did you get into real estate?
I grew up in a commercial real estate minded household and it’s become a real family affair.
My Dad is a Senior Director at Cushman & Wakefield in Washington, D.C., and my brother is a commercial mortgage banker with Medalist Capital in Charlotte, North Carolina. My first job after graduating from Business School was with a small CRE firm in Charlotte where I began to underwrite apartment deals in the Freddie Mac Small Balance Loan Program. That experience ignited my interest in the multifamily world.
After a year of underwriting apartment deals all over the country, I relocated to Raleigh to join a national multifamily development firm, who at the time had me working on a 203-unit Class A apartment development.
Taking my knowledge and experience from both previous positions, I ultimately decided that multifamily brokerage was the career path I wanted to pursue. I joined APG Advisors as an analyst in August 2019 and was presented the opportunity to be a full-time broker in September 2020.
What does it take to succeed in CRE brokerage?
Get out of your comfort zone. Don’t be afraid to call anyone and everyone to win business. It takes lots patience and perseverance. Understand a healthy balance of being persistent without being a pest. Make sure to treat everyone with respect. I have found out that our industry is actually very small in that regard.
What is your favorite type of deal?
My favorite type of deal is the next one.
You can read more about the fantastic members of the APG Advisors team here.