Kiss My Assets

In this episode of Kiss My Assets, Jamison Manwaring sits down with Tyler Bruggman from ABI Multifamily—one of the most active brokerage teams in Arizona—to break down what's really happening in the Phoenix apartment market. They discuss the recent Queen Creek deal that drew dozens of offers, why investors are shifting toward newer vintage properties, and how supply, absorption, and interest rates are shaping buying decisions in 2026. Tyler also shares what ABI is seeing from buyers and sellers across the Valley and why Phoenix continues to rank as one of the top multifamily investment markets in the country.

In this episode, Jamison sits down with Pete O'Neil, Director of Research at Northmarq, for a comprehensive deep dive into the multifamily market — both in Phoenix and nationally.

Pete oversees Northmarq's research platform, producing quarterly forecasts across approximately 25 markets and crafting the firm's national multifamily outlook. He also leads research coverage of the emerging build-to-rent sector, where Northmarq has established a strong position, and regularly contributes to investor presentations, industry conferences, and media commentary.

With prior research leadership roles at Colliers and Marcus & Millichap — covering nearly 50 U.S. markets — Pete brings a broad, data-driven perspective to today's capital markets environment.

In addition to his industry work, Pete teaches real estate market analysis and income-producing property courses in Arizona State University's Master of Real Estate Development program.

This conversation breaks down current market fundamentals, capital flows, supply dynamics, and what investors should be watching next.

As 2025 comes to a close, multifamily investors are facing a market defined by shifting interest rates, slowing construction, and emerging distress—especially across the Sun Belt.

In this episode of Kiss My Assets, Kyle Macdonald and Neighborhood Ventures CEO Jason Manwaring break down what's happening beneath the surface of the Phoenix multifamily market. They discuss SOFR versus the 10-year Treasury, why rate cuts haven't translated to lower long-term borrowing costs, and how government debt is influencing the bond market.

The conversation also examines two notable Phoenix deals—a high-profile office-to-multifamily conversion at Central and Camelback and a $100M ground-up development breaking ground despite a sharp drop in permits. Finally, they explore why short-term softness in Sun Belt markets may be creating long-term opportunity for disciplined investors heading into 2026.

In this episode of the Kiss My Assets Podcast, Kyle Macdonald and Neighborhood Ventures CEO Jamison Manwaring break down one of the most surprising storylines in U.S. real estate: the historic 2025 multifamily absorption boom that stunned analysts nationwide.

We unpack why over 725,000 units were absorbed in just two quarters—surpassing all of 2024—and what's driving renters away from homeownership and into newly built apartments across the country. Jamison also dives into how Phoenix compares to challenged markets like Austin, why institutional forecasters missed the mark, and why long-term investors should care about the "lock-in effect" reshaping housing supply.

The episode then shifts to projected rent growth in 2026, why many operators are preparing for a rebound, and what savvy investors should watch for as the national supply pipeline normalizes.

Finally, Kyle and Jamison discuss one of Arizona's most eye-opening recent transactions: Next Wave Investors acquiring The Avi in Tempe for $40M—a 40% discount from its 2022 peak price. They break down how distressed deals are emerging, why 2022 buyers are struggling, and how Neighborhood Ventures is navigating this moment with disciplined acquisitions.

A data-backed, candid conversation for anyone tracking the future of multifamily investing.

In this episode of the Kiss My Assets Podcast, Jamison Manwaring sits down with one of Arizona's most seasoned real estate operators: Joe Blackbourn, Founder and CEO of Everest Holdings. Joe shares his remarkable 30+ year career—from his early brokerage days at Grubb & Ellis to running acquisitions for a major family office, and ultimately building Everest into a highly respected investment firm.

Joe walks through the pivotal moments that shaped the industry, including the RTC era, the GFC, and today's market cycle. He breaks down how deals get done, where opportunities emerge during distress, and what it really takes to survive (and thrive) across multiple downturns.

Whether you're new to real estate, raising capital, navigating today's market challenges, or simply hungry for wisdom from someone who has seen it all, this episode is filled with insight, honesty, and practical takeaways from one of the greats.

Jamison Manwaring joins The AzREIA Show for a special crossover episode to talk all things Arizona multifamily, crowdfunding, and why he's more excited about deals today than he was at the peak of the market.

In this conversation, Jamison walks through:

• How Neighborhood Ventures structures dual offerings (Reg D for accredited investors + Arizona intrastate crowdfunding for non-accredited locals)

• The nuts and bolts of Arizona's intrastate crowdfunding law and how everyday Arizona investors can start with as little as $5,000

• Why he believes now—in the "stress, not distress" phase of the cycle—is a rare window to buy Phoenix multifamily at 40% discounts from 2022 pricing

• Real examples of taking over underperforming properties, working with lenders on forced sales, and creating value through operations-first ownership

• The evolution from small $5K checks to high-net-worth and fund-to-fund capital, and what new investors should know before writing their first check

If you're an Arizona investor wondering where the opportunities are in today's choppy market—or you've heard about crowdfunding but never really understood how it works—this episode is a masterclass in buying right, structuring right, and investing close to home.

Host Kyle Macdonald and Neighborhood Ventures CEO Jamison Manwaring break down the latest Wall Street Journal and GlobeSt headlines—from rent cuts hitting Sun Belt cities to cap-rate volatility and the looming $3.3T wave of commercial loan maturities.

They dive into:

• Why renters now have the upper hand in markets like Phoenix and Austin

• How heavy concessions and delayed lease-ups are reshaping multifamily economics

• What unpredictable cap rates and maturing debt mean for valuations

• Why smart operators are doubling down on fundamentals through 2026

This is your data-driven roadmap for navigating a flat-rent market and positioning for "Heaven in '27."

Tune in as Jamison Manwaring sits down with Connor Devereux of CoStar (the data engine behind Apartments.com, LoopNet, and Homes.com) to break down what the numbers are really saying about Phoenix commercial real estate. We cover the supply wave in multifamily and why demand can be "strong" while rents are negative, industrial's barbell dynamic and West Valley momentum, retail's quiet outperformance after a decade of under-building, and how office is finding a floor with selective strength in prime assets. Connor explains how CoStar's research team aggregates occupancy, rents, construction pipelines, and cap rates—and how operators can use that transparency to make better decisions. Arizona roots, submarket nuance, and a clear view of what could turn in 2026–2028 all included.

In this episode of the Kiss My Assets Podcast, Jamison Manwaring, CEO and Co-Founder of Neighborhood Ventures, breaks down two major reports — one from NMHC and another from GlobeSt — that reveal how the multifamily market is shifting in real time.

After years of record construction and tough operating conditions, permits and completions are finally slowing, signaling fewer apartments coming to market in 2026–2027. At the same time, nearly $120 billion in multifamily loans are maturing within the next 18 months — many with debt-service-coverage ratios (DSCRs) below 1.20x, forcing some owners to sell or restructure.

Jamison unpacks how this rare convergence of shrinking supply and financial stress could set the stage for the next great buying cycle in multifamily.

💡 In this episode:

• Why apartment permits are down and what that means for 2026–2027 supply

• The impact of higher debt, taxes, insurance, and construction costs on new development

• How NIMBY opposition and rent-control policies choke housing supply

• What a DSCR below 1.20x really means — and how to spot distress opportunities

• Why long-term investors can benefit from cyclical timing and patient capital

📍 Key takeaway: The multifamily market is shifting from oversupply to opportunity. As developers pause and loans mature, investors with liquidity and discipline can acquire strong assets at attractive valuations — positioning themselves ahead of the next upswing.

⚠️ Disclaimer: This episode is for informational and educational purposes only and does not constitute tax, legal, or investment advice. Please consult a qualified professional before making any investment decisions.

Host Kyle Macdonald and CEO Jason Manwaring break down how renewed 1031 exchanges and 100% bonus depreciation are reshaping the 2025 real estate market. They discuss how these policies free up liquidity, spur new transactions, and influence investor behavior—plus why capital raising and lending activity is roaring back to pre-pandemic levels.

This episode dives into what's fueling the rebound: declining vacancies, a slowdown in new construction, easing rates, and major institutional inflows from firms like Blackstone, Brookfield, and Carlisle. Kyle and Jason also share how investors can position themselves to buy quality assets ahead of a potential multi-year rate-cut cycle.

What You'll Learn: How the return of full bonus depreciation and 1031 exchanges is boosting liquidity Why tax strategy alone isn't enough—the asset itself still has to perform Early signs that commercial real estate activity and loan originations are rebounding Insights into multifamily, industrial, and office recovery trends Why institutional money is pouring back into U.S. real estate What a likely rate-cut cycle means for investors buying now

⚠️ Disclaimer: This conversation is for educational purposes only and should not be taken as tax, legal, or investment advice. Consult a qualified professional for guidance on your specific situation.