Although many sunbelt markets have been excessively challenged for multifamily, not all have been equally impacted. Houston, for example, has continued to see major job and population growth. Companies like Nvidia, Apple, and Foxconn have made large AI-related investments in Houston. Houston has one of the country’s major ports and Is the fourth largest city in the country. It is predicted to surpass Chicago as the third largest city in the U.S. by 2035. Sam Morris is a partner at LSCRE, a multifamily real estate company with a large presence in Houston. All of LSCRE’s properties are in Texas, 80% of which are in Houston, which is becoming an attractive market for institutional investors.