Habitat - May/June 2017 - 23

UP CLOSE

Malcolm McComb: Financial Fitness
Q

U

Malcolm McComb,
Vice Chairman of CBRE's
Institutional Group/Multifamily

p Close profiles the careers and success
stories of industry leaders. We want these
esteemed individuals to share insight about
where they found support and professional
development opportunities, and what lessons they have
to share. Spend some time with Malcolm McComb, Vice
Chairman of CBRE's Institutional Group/Multifamily.
He is a familiar face at AAA's semi-annual Apartment
Market Outlook, and his insights have been honed by more
than three decades at CBRE, where he now specializes in
high-profile, multifamily transactions in the Southeast
and in multimarket portfolio transactions throughout
the U.S. His transactions include more than $12 billion
in apartment portfolio sales. The Southeast Group has
been responsible for more than $25 billion in real estate
transactions in the last 15 years.

Q

Q

What was Atlanta's multifamily industry like when
you started, and where do you see the biggest areas
of evolution?
It was so local. People hire us to market their property and
find new investors. Our options were amazingly limited when
I started. You went to a few individuals who tended to control
most of the apartment stock. Now, the investor universe is
coming from all points on the globe. It's unbelievable and just
the beginning of where our industry is going. Cross-border
investors-sovereigns, pension funds, institutions and high
net worth-has the industry's attention and are behind a
surprising number of transactions. Domestically, the depth
of capital controlled by institutional investors and funds is
massive. A lot of wealth has been created since the financial
crisis, and we are seeing family office and private operators
able to invest at a scale and breadth like never before. That's
the biggest difference; the amount of capital out there
has massively expanded. This will be a terrific megatrend
for our industry.
How have developers and owners kept up with the
growing need for better resident amenities and
resulting competition?
The developer group in Atlanta is one of the best
in the country and people around the country would
acknowledge that. There's a phenomenal amount of talent
here. Competition forces them to find an edge over the last
generation of developments. Well done roof-top amenities are
an example of a blow away feature.

Q

Q

Q

Where do you see Atlanta's multifamily industry in 10 years?
Increasingly sophisticated, a lot more ownership based
globally as opposed to locally. In the next 10 years, you'll see
a large response to the aging baby boomer with larger units,
more amenities. There will be adaptation to driverless cars
and technologies that we cannot even identify today. You'll see
fundamental changes in design to accommodate that. Demand
for walkability and interesting neighborhoods is here to stay
at the high-end. A broader housing crisis ensures sustainable
demand for B and C properties.
With such a busy professional life, what advice would you
give AAA members about finding time to be involved with
charitable and professional organizations?
The Atlanta Apartment Association is loaded with busy,
successful people who give massively of their time and
resources to benefit others. Thousands of people in Atlanta
and beyond are less hungry, assisted out of homelessness,
tutored, and cared for because of AAA members.
What makes a great leader?
I've come to respect that people can be great leaders
with very different leadership styles. For some, it is being
consistent and reliable. For others, it can be a motivating
force of personality. Being curious and aggressively seeking
to get better, even when things are working well, is a must for
sustained success. You also have to genuinely care about the
people with whom you work. Trust and loyalty are huge.
What professional advice would you give up-and-coming
industry professionals?
Early on, build your skill set and try to really understand
your role at a deeper level. When you think you've done your
job and you're ready to hand it off, think about how you could
take it two or three steps further. What is the person going
to do with your completed work? Go beyond how you define
your role and be ambitious with that. If you're reporting to
somebody, what are they trying to accomplish? How do you
help them? Are there things that are on their plate you can
take off and solve? That's what we try to do with clients. *
FUN FACTS
Family: Lee, my wife, does marketing strategy and has
been valuable to our team over the years in that role. I have
a 25-year-old daughter, Katie, and a 23-year-old daughter,
Laura. Both are living in Atlanta. One works in sustainability
and the other does marketing research. A 20-year-old son,
Mac, is in college.
Favorite quote: "There is so much good in the worst of us,
and so much bad in the best of us, it's best we do not judge the
rest of us." This is an adaptation of a quote that is frequently
attributed to Robert Louis Stevenson.
Favorite band/musician: The Doors
Dream lunch partner: Elon Musk or Quentin Tarantino
M AY/J U N E 2 017

|

H A BITAT

| 23



Table of Contents for the Digital Edition of Habitat - May/June 2017

Chair's Message
Legal Corner
Best Practices for Turning Apartments
Preparing for the Winter
Government Affairs
Up Close
Foundation Update
Volunteer’s Corner
AAA Platinum Patron Member Profile
AAA Gold Patron Member Profile
AAA Gold Patron Member Profile
New Members
Advertisers’ Index
Habitat - May/June 2017 - intro
Habitat - May/June 2017 - cover1
Habitat - May/June 2017 - cover2
Habitat - May/June 2017 - 3
Habitat - May/June 2017 - 4
Habitat - May/June 2017 - 5
Habitat - May/June 2017 - 6
Habitat - May/June 2017 - 7
Habitat - May/June 2017 - 8
Habitat - May/June 2017 - Chair's Message
Habitat - May/June 2017 - 10
Habitat - May/June 2017 - Legal Corner
Habitat - May/June 2017 - 12
Habitat - May/June 2017 - 13
Habitat - May/June 2017 - Best Practices for Turning Apartments
Habitat - May/June 2017 - 15
Habitat - May/June 2017 - Preparing for the Winter
Habitat - May/June 2017 - 17
Habitat - May/June 2017 - Government Affairs
Habitat - May/June 2017 - 19
Habitat - May/June 2017 - 20
Habitat - May/June 2017 - 21
Habitat - May/June 2017 - 22
Habitat - May/June 2017 - Up Close
Habitat - May/June 2017 - 24
Habitat - May/June 2017 - Foundation Update
Habitat - May/June 2017 - Volunteer’s Corner
Habitat - May/June 2017 - 27
Habitat - May/June 2017 - 28
Habitat - May/June 2017 - 29
Habitat - May/June 2017 - 30
Habitat - May/June 2017 - AAA Platinum Patron Member Profile
Habitat - May/June 2017 - 32
Habitat - May/June 2017 - AAA Gold Patron Member Profile
Habitat - May/June 2017 - 34
Habitat - May/June 2017 - AAA Gold Patron Member Profile
Habitat - May/June 2017 - New Members
Habitat - May/June 2017 - 37
Habitat - May/June 2017 - Advertisers’ Index
Habitat - May/June 2017 - cover3
Habitat - May/June 2017 - cover4
https://www.nxtbook.com/naylor/ATPS/ATPS0119
https://www.nxtbook.com/naylor/ATPS/ATPS0618
https://www.nxtbook.com/naylor/ATPS/ATPS0518
https://www.nxtbook.com/naylor/ATPS/ATPS0418
https://www.nxtbook.com/naylor/ATPS/ATPS0318
https://www.nxtbook.com/naylor/ATPS/ATPS0218
https://www.nxtbook.com/naylor/ATPS/ATPS0118
https://www.nxtbook.com/naylor/ATPS/ATPS0617
https://www.nxtbook.com/naylor/ATPS/ATPS0517
https://www.nxtbook.com/naylor/ATPS/ATPS0417
https://www.nxtbook.com/naylor/ATPS/ATPS0317
https://www.nxtbook.com/naylor/ATPS/ATPS0217
https://www.nxtbook.com/naylor/ATPS/ATPS0117
https://www.nxtbook.com/naylor/ATPS/ATPS0616
https://www.nxtbook.com/naylor/ATPS/ATPS0516
https://www.nxtbook.com/naylor/ATPS/ATPS0416
https://www.nxtbook.com/naylor/ATPS/ATPS0316
https://www.nxtbook.com/naylor/ATPS/ATPS0216
https://www.nxtbookmedia.com