Developing properties from the ground up is more profitable than acquiring existing properties, but entails far more expertise and risk. For starters, the approval and entitlement process is complex, and these projects generally take at least three to five years from approval to completion, and often longer. Many things change in this time frame from borrowing costs, the economy, plus labor and material costs. Very few operators have the expertise to both develop and acquire existing properties.  Whereas conventional wisdom anticipated the death of retail twenty years ago, ecommerce has plateaued at 16%. Grocery anchored centers, in particular, are thriving. John McNellis, a seasoned developer, investor, writer, and lecturer, has over forty years experience developing 100,000 s/ft grocery anchored shopping centers withing a two- hour drive of where he lives in Palo Alto.

Although prices on multifamily have come down from their peak more than at any other time in recent history, they still have more to go before they present a good buying opportunity. Rents have not risen, interest rates have not been lowered as anticipated, and oversupply persists in many markets. Yet prices are not reflecting these headwinds. Senior living, on the other hand, can generate 8% yield year one with significant upside. Kent Eichanas, CEO of Stackstone Ventures, has acquired several off-market Senior Living facilities in secondary and tertiary markets and is generating big returns for his investors. While cap rates are starting to compress, Kent remains disciplined, avoiding the overpayment trap that plagues snew private equity players and REITs.

While new multifamily development grapples with high construction costs and elevated interest rates, stabilized, newer construction assets can be acquired for significantly less than replacement value. Michael Zaransky, a four-decade veteran in the multifamily space, buys properties from merchant builders who face construction loan maturities or investor pressure, leading to forced sales. These acquisitions not only achieve a low-cost basis, de-risking the investment, but agency financing from Freddie and Fannie provides positive leverage from day one. Michael explains how a deep understanding of market-specific supply-demand dynamics, such as Chicago's unique rent growth despite national trends, allows savvy operators to generate healthy cash flow and substantial appreciation.

Consistent returns are generated when there’s scarcity. One asset class that epitomizes scarcity is Manufactured Housing. Not only are new parks not being built, but the supply is also actually shrinking. Drawing on a unique foundation in data analytics and a decade at Capital One, Amanda Cruise applies rigorous financial discipline to acquire and optimize smaller mobile home communities. Amanda details her strategy of identifying off-market opportunities, building direct relationships with owners, and executing targeted value-add strategies across 20-50 space parks in the Southeast. She explains how her in-house management model, combined with a preference for tenant-owned homes, drives stability and mitigates operational risk. 

Multifamily investment advisor Darin Garman returns with his "no-BS" assessment: the market is more resilient than expected, thanks to strong renter demand and savvy operators. Operating in Iowa, Darin details his strategy of acquiring well-maintained, garden-style properties (built 70s-2000s) from "mom-and-pop" owners to unlock significant value through income optimization. He also shares his unconventional, yet effective, month-to-month lease strategy across his nearly 1,500 units. This approach enhances management flexibility, and combined with rigorous tenant screening, results in low delinquency rates. Learn why Iowa's affordable market and landlord-friendly regulations create unique opportunities for disciplined multifamily investors.

Danny Catan, Founder of PIA Residential, returns to share his insights on the current multifamily market. While many have lost money due to variable debt and oversupplied southern markets, Danny explains why disciplined investors are finding opportunities. He focuses on workforce housing in secondary and tertiary markets across the Southeast, looking for properties 30% cheaper than the 2022 peak. Danny details his rigorous due diligence process—going beyond the property to understand local demographics, jobs, and community plans—and how he aims for 7% cash-on-cash returns and 15% IRR (net to investor, with no financial engineering). He also reveals why PIA Residential chooses to be asset managers and not vertically integrated property managers in these diverse markets.

How much you pay, your debt, and staying power determines your success. From 2019-2022, too many people over payed for multifamily properties and utilized floating rate debt. Now many of these operators are under water and unable to hang on to their properties. Christopher Urso, Managing Partner at URS Capital Partners, saw that properties were overpriced at this time and made only one acquisition. He has made twelve acquisitions since January 2024. Over the past fifteen years, Chris has acquired over 5000 multifamily units and generated a 32.9% IRR and a 2.07% multiple. 

The ability to see what others don’t can be the necessary ingredient to achieving outsized returns in commercial real estate. Real Estate is a creative business that requires original thinking and an ability to identify compelling themes and recognize upcoming trends. Tom Shapiro, President, CIO and Founder of GTIS, has been a forward-thinking investor in several asset classes both domestically and internationally. Tom has been a successful value-add operator and developer of large multifamily projects, Industrial, Hospitality, and existing single family and build-to-rent portfolios. Tom operates on a large, institutional scale with blue chip partners and a track record of billions of dollars in successful projects in the U.S and Brazil.  

Although prices on multifamily have come down from their peak more than at any other time in recent history, they still have more to go before they present a good buying opportunity. Rents have not risen, interest rates have not been lowered as anticipated, and oversupply persists in many markets. Yet prices are not reflecting these headwinds. Senior living facilities, on the other hand, are generating 8% yield year one with significant upside. Brian Burke, President and CEO of Praxis Capital, has been a multifamily operator for decades and has expanded into senior living facilities over the past year with tremendous success.

When there’s a growing industry with a high demand for capital and few sources available, it creates an opportunity for solid risk adjusted returns. A current example is cannabis, one of the country’s fastest growing industries. For complex regulatory reasons, banks are not permitted to make loans in this industry. As a result, there’s a vacuum for private lenders to make loans to this category at 12-15% interest that can include further upside upon payoff. Chris Reece, Founder and CEO of MJ REIT, is a finance professional with over 29 years of experience, MJ REIT operates with a focus on state-legal cannabis markets, targeting industrial and retail commercial properties.