Kara Wiard Aids Prime Residential’s Continued Portfolio Expansion

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Prime Residential owns and operates over 20,000 multifamily apartments and townhomes from Seattle down to Southern California, and that portfolio continues to grow. Headquartered in San Francisco, the company is one of the largest privately held multifamily real estate operators in the region, having identified and invested in high-demand markets and connecting closely with the communities in which they operate.

That kind of growth isn’t easy, but it’s precisely the reason Kara Wiard loves her job. The head of acquisitions has been aiding Prime’s expansion since 2019. Wiard’s primary mandate in her role is driving Prime’s portfolio growth, aiming for an addition of approximately 1,000 new units per year, but it’s not simply about finding properties.

One of Prime’s differentiators is that of a “forever holder.” Unlike firms that operate on more short-term business plans, Prime’s long-term vision allows Wiard to be more patient and opportunistic. Some of the best deals have come in times of significant market uncertainty, like the Great Recession of 2008 and the pandemic of 2020.

“Our longer-lens of view really allows us to be more competitive in times when our competition might have to act more conservatively,” Wiard explains. “In our business, the challenging times can also be filled with opportunity, but when I speak of challenging times, there’s obviously a limit to what’s healthy for any market.”

Those volatile times have ramped up considerably lately. Wiard says her organization felt confident in its continuing expansion after more macroeconomic treasury and financing instability got under control late last year, but the smooth waters didn’t last long. While some uncertainty is acceptable and even creates opportunity, excessive volatility in both rates and lender spreads can stall activity and require a more cautious approach.

“It’s hard enough to figure out your financial projections with macroeconomic uncertainty about a potential recession,” Wiard explains. “But then add real-time volatility with some really wide potential statistical swings in there, and it’s pretty tough for everyone at the moment.”

But it’s the tough moments when Wiard and her organization shine brightest. The head of acquisitions says Prime is adept at the most complex of acquisitions, including deferred capital needs, regulatory overlays, and unusual financing structures. 

Wiard and her team have successfully navigated deals involving assumable bonds, regulatory agreements, and significant building renovations. The company’s ability to bring certainty and comfort in complexity, and its speed in doing so, make it one of the best at what it does.

Wiard sees her leadership role as more than just setting strategy. She wants to foster a resilient and adaptable team culture. She encourages her team to seize challenges as opportunities, like leveraging the company’s experience with older properties and complex situations, as well as maintaining discipline in deal selection. And when things go wrong, it’s an opportunity to learn and grow together.

“Sometimes it’s important to acknowledge that you did everything that you could and it just didn’t go our way,” Wiard explains. 

“In those moments, you go over what you learned, you acknowledge that you’re disappointed, and you reflect about what you’ll do in the future. I think about these people in the same way I think about my kids—not that they’re children—but that they’re like family to me. And I want to help them grow and improve in their own careers,” she says.

Wiard also focuses on post-acquisition accountability. Unlike the brokerage model where involvement ends at closing, Wiard works closely with Prime Residential’s property management and asset management teams to assess the performance of each acquisition. 

This feedback loop of what was forecasted versus what transpired enables continuous improvement in underwriting and strategy. It’s part of what the executive loves about her space: the combination of quantitative analysis with on-the-ground insights and long-term planning.

At present, Wiard says her organization is closing out one fund to raise its next. Wiard is about a third of the way to the general hope of 1,000 new units per year, and she’s confident her group will once again hit close to the mark, even in a time of such substantial uncertainty. 

Prime Residential will continue diversifying its portfolio, a lesson well taught by the pandemic. As many people left large cities in favor of more “easygoing” surroundings, Wiard says Prime’s wide portfolio essentially evened itself out, once again using its size and experience to its advantage.

Outside of work, Wiard is a happy mother and spouse, raising her family in the Bay Area around as many outdoor activities as possible. Wiard loves skiing, hiking, biking, and kayaking. She hasn’t had as much time lately with her four-year-old and six-year-old, but the executive is happy to live in a location where so many outdoor activities are possible, oftentimes within walking distance of her home.

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