www.reit.com Brian Gill says he co-founded Kalorama Realty Capital in 2008 at the height of the credit crisis based on a need he saw in the market. "The big opportunity we saw in the market was for investors," according to Gill, who is also an adjunct professor of real estate and finance at Georgetown University. "A lot of investors saw valuations in the real estate market gyrating in the years before we launched the firm in ways that real estate was never meant to do." Gill, who spoke with REIT.com prior to the Real Estate Luminary Series sponsored by NAREIT and Georgetown University's McDonough School of Business, says investors were relying on cap rate compressions or multiple expansions to fuel total returns. "We saw an opportunity to come back to a normalized market and get back to basics and help institutional investors understand that real estate never should have been about that," Gill says. "Real estate is a cash flow business and on the debt side it is supposed to give you an attractive risk-adjusted spread over Treasuries and on the equity side it is supposed to give you that plus some positive inflationary growth" Gill says the real estate capital markets are currently shaped like a barbell. On the core end of the risk spectrum he says you have CBD office and other types of assets that were trading at very high valuations at the peak of the cycle and are still trading at that same level. On the opportunistic or distressed end of the spectrum, Gill says you see ...