Apartment Operator on 1,195-Units / Former JP Morgan CMBS Lender / Borrowing Fixed-Rate since 2018
New York, USA
Joined March 2023
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Most people forget: a property on the market means the seller wants to sell.
This hit the market in 2025, overpriced. We watched, offered, and closed last month at $93/SF. It would cost 2x that to build today, in a 5% vacancy market.
100% occupied today one month in.
Keep offering.
One of the biggest advantages of working with local banks: your rate is locked at application and it’s a true relationship.
I’ve been under contract on a deal since July. Rates have been a roller coaster since then.
The deal is a screamer, and I don’t have to explain to anyone how rate movements are impacting the acquisition, especially since it’s fixed.
My take: If a buyer is freaking out over an interest rate swing, that may be a sign the deal was too tight to begin with.
Anyone ever purchase a post office (USPS long term lease) and have a good lender?
Would hope to get an interest-only loan on an acquisition.
Bought this deal in July for under $130,000/unit ($92psf).
35% rent increases without opening a door. Should be a 20% cash on cash.
Deal flow and opportunity is on a rip in 2026 and I do not see it slowing down.
Keep offering.
NW Arkansas is outgrowing Austin, Raleigh & Durham.
GDP growth: 7.2% vs 3.5% / 4.0% / 5.7%
Tech job growth: 10.9% vs 8.2% / 2.1% / 0.5%
Business growth: 7.0% vs 0.0% / -2.4% / -3.3%
Job growth: 2.8% vs 2.0% / 2.1% / -0.1%
Population growth: 2.4% vs 2.1% / 2.4% / 1.2%
Last in income, first in growth. That's the opportunity to buy basis all day long here.
If you want a deal and you are speaking to an owner. Always send him a picture of it when you’re driving by. Nobody is going to ignore something that relevant to them.
This has and will continue to remind owners of how persistent and interested you are.
Who said multi-family investing is dead? You can have a field day in the right markets.
20-25% lease renewals without opening a door in first 9-mo of 2026.
Revenue from $70k-$85k that fast.
Don’t let apartment stigma deter you. Just don’t buy 5% cap in Houston from JLL.
Interest rates are “higher”, but do not let your insurance broker bully you right now.
Just renewed over 900 apts at a 35% discount to last year’s premium. Insane drop in insurance premiums in 26 going into 27.
If your broker comes back with an increased renewal, I’d fire him.
2 realtors I know are looking to sell their own personal real estate.
I get it mortgage rates are higher and the market feels a little different. But selling right on that bias isn’t the same.
There will be more opportunities of people experiencing slow downs in their industry, forced selling.
In 2012 Adam Dunn set the single season record for strikeouts with 222.
However, he also hit 41 homeruns and made $14mm.
This year, and even more in 2027, just throw an offer out to an owner. I am certain owners are seeing the lowest volume of interest they have seen in several years.
Keep offering.
If you’re making offers right now, consider including a 60-day extension option that the buyer can exercise.
Buyers are loving the flexibility. Even though only a small percentage will do a 1031, having the option keeps that dream/idea a possibility.
6 offers out this week.
On every one, I told the seller my borrowing cost is 7%.
You don’t know who the real market seller is until you ask. Not everyone is waiting for rates to come down.
Is there a local property manager you hear complaints about or you see always advertises low rent?
Cold call those owners. They probably are not cash flowing, and if they are accepting below market rent they may accept a below market offer.
Attended the GP/LP Summit today, shoutout to @chernobelskiy for putting together a great event.
Lots of takeaways, but one that stood is too many deals and markets still feel priced to perfection, making it difficult for operators to maintain a real edge.
In 2026 and beyond, real estate will increasingly favor operators with true niches, both in sourcing and execution.
With the current market dislocation, the next 24-36 months will show who managed what they bought well, who actually has equity to deploy, and who can stay active while others sit on the sidelines
Very difficult to refinance loans or purchase, whether it be a mortgage or apartment complex with these rates.
The best markets to be selling in right now are where cash buyers are. NY/NJ this is happening, what other markets are?
BREAKING: The average interest rate on a 30Y mortgage in the US rises to 7.24%, the highest level in 19 months.
This officially pushes the payment on a $500,000 mortgage above $3,400/month.
By comparison, the same mortgage came with a payment of $2,995/month just 7 months ago.
That's an additional ~$4,860/year in interest for homebuyers.
Mortgage rates are now up 125 basis points since late-February.
8-weeks free.
Wonder if the operator underwrote that.
Very difficult to sell when concessions are that high.
Bought these 84 units in January.
Truly “value-add” with 87-yr old out of state owner. He loved the cash flow so stopped putting money back into the property, which also stopped pushing rents.
Rents at close: $820
Avg Rent in 9-months: $1,135
Shutters and painting doors alone is an easy quick improvement
Nobody’s talking about 2026 acquisition loan terms.
Some great deals got done with banks at 6.5%-6.75% fixed. At the time the easy bet was floating & waiting for rate cuts.
Stay fixed. Ended up being a good trade
Closed 9/17/26: 26 townhomes built in 2021 for $89/psf. 100% occupied.
Replacement cost today? $215/psf?
Bought at a 6.9% going-in cap. Should reach ~7.8% within 12-months with $0 additional capital and virtually no work, cash flows Day 1.
Everyone is debating rates. Higher rates create dislocation. Dislocation creates opportunity, especially for younger operators looking to grab their piece of the pie.
Keep offering.
