ULI Boston/New England Blog

Member Spotlight: Kendin Carr, Associate, Marcus & Millichap

Kendin Carr is a multifamily specialist at Marcus & Millichap and exclusively represents buyers and sellers of investment properties throughout the Boston and Cambridge area.  Kendin has more than 13 years of experience in the real estate industry and has closed over 40 investment real estate transactions valued over $50 million during his career. Prior to joining Marcus & Millichap, Kendin founded Realm Realty Group, a virtual real estate brokerage company focusing on a niche market of small, high transaction volume property investors in the Boston Metro area. Kendin graduated from University of North Carolina- Chapel Hill with a Bachelor of Arts Degree in Economics.


1.Real estate professionals are predicting a slow down for transactions in 2019. Are you seeing this in your practice and how is this shaping your approach to multifamily sales in the new year? 

While I don’t have a crystal ball, at Marcus & Millichap we’ve seen two indicators that the market will soften in 2019. The first indicator is the rising interest rate environment. Rising interest rates are making it more expensive for investors to acquire property which is causing some assets that would’ve flew off the shelf a year ago, to sit on the market. The second indicator of a slowing market is the volume of new inventory expected to come on-line in the next year or so. It seems likes there is a crane building condominiums and multifamily housing on every street corner in Boston and its neighboring communities. We believe that this massive amount of supply will have a profound affect on older stock in many Boston neighborhoods.  These two factors will translate into the flattening of multifamily pricing, or at least a slower rate of price growth. How that will affect the volume of transactions remains to be seen, but it strongly depends on the price expectations of current owners how cautious investors are with their underwriting.

No matter the point in the cycle, at Marcus & Millichap, we are looking for ways our clients can take advantage of opportunities. Whether that’s through an outright sale, a refinance, or a renovation and reposition, we advise our clients on investment strategies that maximize the value of their assets in order to compete in a thriving real estate market.


2. Over the years, the Boston Metro has seen many multifamily properties converted into condos. When engaging investors, how do you advise your clients on the pros and cons of converting multifamily rental units to condos?   

As an advisor, it’s my job to lay out all options in front of my client, so they can make an informed decision about their investment goals. In the case of a condo conversion, my advice would depend on a multitude of factors; the location of the asset, how long the client has owned it, the client’s tax goals, and their experience in the industry. Many municipalities are much more stringent in their condo conversion process than others and depending on the location of the property that might make a conversion untenable. When assessing whether to do a 1031 exchange with an asset, it’s important to understand the decision must be made within the context of the client’s overall tax strategy. Depending on the scenario, the option to execute a 1031 exchange may be put in jeopardy if the asset is converted from multifamily to condominiums.


3. How has being a member of ULI shaped your professional practice?  

The connections and relationships I’ve built and fostered in ULI have been invaluable. The resources I’ve used, and the insights I’ve gained from being involved with ULI and its vibrant community have led me to be more knowledgeable about different real estate disciplines than I otherwise would’ve been. Having the opportunity to access and collaborate with thought leaders has made me a better, more complete real estate professional on every level. Hopefully, I have the chance to give back as much as I’ve gained.


4. The national ULI NEXT Initiative identifies, connects, and elevates the next generation of leaders between the ages of 35-45 for the built environment and ULI globally. You are leading the effort to launch NEXT in the Boston/New England District Council. Why NEXT? Why now?  

Honestly? Because I aged out of the Young Leadership Group and there was a void of engagement in the Boston ULI community that needed to be filled. My co-conspirator in this endeavor, Christine Lewis from Inkhouse PR, and I got together and determined that, from speaking to other members in the 35-45 year-old cohort, there seemed to be a strong demand for engagement. This is the group of real estate professionals that is going to lead Boston into the future and there should be a strong ULI platform to meet, engage, and discuss the bright future of this world-class city and advance the mission of ULI.


5. Are you a New Year’s resolution type of guy? If so, what have you resolve for 2019?  

Absolutely. I’m very goal oriented. I break my goals down into quarterly, weekly, and daily accomplishments. I’m a staunch believer in lifelong learning, this year, one of my goals is to read two books per month; one professional development book, and one book for pleasure.


To connect with Kendin please visit the ULI Member Directory (click here)

 Register now for Boston’s NEXT Initiative launch reception on February 7th from 6-7:30pm


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