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Vertically Integrated Syndication in Seattle

Preston Walls

Long-term journey is the name of the game for Preston Walls. As the founder and CEO of Walls Property Management, he has passed on the vision of investing in a long-term horizon to his constituents and partners. For him, real estate is a long-term asset that one hangs on to in order to get the best value for the money invested. It’s one of the unique things of Walls Property Management. While most syndications have a fixed holding period, their operating agreements are structured without a definitive end point. However, to protect the best interests of the investors, they have crafted exit provisions. In line with this investment strategy, he also discusses why he prefers deep value add deals as opposed to light renovation plans. Tune in to hear more about his investment strategies, recent acquisitions, and even mistakes that molded him to the syndicator that he is today.

Important Points in This Episode

  • His family’s background in multifamily
  • His first syndication deal
  • Walls Property Management and their investment criteria
  • The most unique thing about Prestons’ company
  • Preston’s most recent acquisition, the issues he faced, and the solution that addressed the issues
  • Process for acquiring a surplus land
  • Why Preston is attracted to 1960s vintage type of buildings
  • Deep value add vs. light renovation plans
  • Preston’s target investors
  • Harvesting equity through refinance options
  • Preston’s mistake of not paying attention to historic designations



  • “The process for acquiring surplus land is finding the right person to facilitate your application. They have a special and unique appraisal process that looks at it very differently than a typical multifamily appraiser would.”
  • “If I were not a syndicator, I would be limited to a number of projects that I could do. It opens me up to doing more deals. I’m passionate about it. It’s fun, it’s exciting. I get a rush from doing it.”