In a time when commercial real estate (CRE) sentiment is experiencing a lull and deal activity has cooled down, Blake J. Owens, a dynamic 30-year-old entrepreneur from Las Vegas, is poised for transformation in the industry through his two innovative companies: Agrippa and Augustus.
Owens’ roots in Las Vegas, where his family has resided for over a century, further fuel his drive to revolutionize the CRE landscape. After earning a degree in economics from UCLA, he gained valuable experience at reputable firms such as Wedbush Securities and Goldman Sachs. By the age of 24, Owens was already serving as the Chief Investment Officer at a local CRE development firm, where he played a significant role in over $600 million worth of transactions with prestigious institutions including Carlyle, Cantor Fitzgerald, Silverstein, and Lennar, achieving remarkable success even before turning 27.
Recognizing the inefficiencies and exorbitant costs associated with traditional CRE capital raising processes, Owens founded Agrippa, which he likens to the “AI-driven Match.com for commercial real estate.” He explains that despite the technical complexities, Agrippa offers valuable feedback on profiles and deal presentations, thus enabling users to make connections based on shared criteria and preferences.
With a user acceptance rate below 50%, Agrippa operates as an exclusive platform intended to link capital seekers—like developers, property buyers, and sellers—with capital providers, including private equity firms, family offices, and high-net-worth individuals. The platform showcases various deals ranging from $10 million to over $100 million, with an average deal size between $40-$50 million across multiple property types such as multifamily, office, retail, and industrial.
To supplement the technological innovation of Agrippa, Owens launched Augustus, an investment firm designed to exploit promising opportunities that arise from Agrippa. Augustus recently initiated its first fund, Augustus QOF I, a $7.5 million Qualified Opportunity Fund (QOF) structured to leverage the tax benefits provided by the Opportunity Zone (OZ) program. This fund was founded on capital gains from a $45 million ground lease sale beneath the Eastside Cannery Hotel & Casino, a deal that was originally advertised on Agrippa.
During the Eastside Cannery transaction, Owens and his team applied strategic decision-making principles derived from game theory to maximize the deal’s potential. While interested buyers were identified through Agrippa, the team carefully assessed market dynamics and buyer incentives to discover that Boyd Gaming, the building’s current owner, was indeed the ideal counterparty.
After successfully closing the Eastside Cannery deal, Owens identified a broader potential within the OZ framework, leading him to move Agrippa’s headquarters into a Qualified Opportunity Zone. He states, “I saw a unique opportunity to combine tech, CRE and OZ tax advantages.” With QOZB status achieved, Augustus QOF I has allocated $2 million to support Agrippa’s operations while the remainder is reserved for co-investments in an almost $90 million ground-up multifamily development project in Salt Lake City, indicative of his optimism regarding commercial real estate.
Owens believes that the current market presents a rare opportunity where long-term fundamentals remain strong even while market sentiment lags. He notes that property valuations have dropped significantly, with Green Street’s Commercial Property Price Index falling nearly 22% from mid-2022 to early 2024, only recovering about 4.5% since then. Despite low construction starts, he cites favorable policy shifts, such as the revitalization of Opportunity Zones and bonus depreciation, as creating an exceptional investment landscape for forthcoming projects.
He considers the OZ program as one of the most potent tools available to investors—noting tax advantages including the deferral of capital gains and the elimination of capital gains tax after a decade, as well as exemption from depreciation recapture. With potential legislation aimed at extending the OZ initiative and restoring full bonus depreciation, Owens is confident that the current tax landscape is highly favorable for timely CRE investments.
Looking forward, Owens envisions Las Vegas as an emerging hub for innovation, aligning his vision with his growing team at Agrippa. The core team comprises a former Meta engineer with a PhD from Notre Dame, a former investment banking analyst, and a Purdue graduate skilled in computer science, mathematics, and psychology, all of whom have recently joined Agrippa. As part of its long-term strategy, Agrippa aims to both recruit local talent and attract top candidates from outside the city to cultivate careers in Las Vegas.
Agrippa enjoys support from the AngelList Quant Fund and notable investors from Las Vegas, including individuals who have significantly contributed to the city’s skyline and UNLV Hall of Famers. Valuable insight is also provided by experienced CRE advisors, including the former CTO of Greystar, a co-CIO of Bridge Investment Group, and a Managing Director at Capro Capital.
Owens summarizes the synergy between Agrippa and Augustus, explaining that they reflect the historic partnership of their namesakes while strategically positioned in Las Vegas at a crucial juncture in the market.
For private equity firms, family offices, and wealthy individuals in search of valuable investment opportunities, Owens and his team believe that Agrippa and Augustus are right at the forefront of an enticing entry point into the world of commercial real estate. To discover more about their offerings, visit agrippa.com.
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