The LSCRE Podcast

In episode, Craig McGrouther interviews Greg Gruehl, founder of Gruehl Capital Management Partners, who shares his unique journey into the world of industrial real estate. From his early influences and experiences during the financial crisis to navigating the COVID boom, Greg discusses the intricacies of industrial leasing, the challenges of entrepreneurship, and the innovative strategies his firm employs in a competitive market.

The discussion highlights the importance of adaptability and strategic thinking in the ever-evolving real estate landscape. They explore investment strategies, comparing returns between multifamily and industrial sectors, and highlight the importance of capital structuring and syndication.
 
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Capital calls are often perceived as a touchy subject in real estate investing. 

Many investors view them negatively, associating them with financial distress and mismanagement. However, capital calls are not inherently bad; rather, their implications depend on context, execution, and purpose. 

Instead of treating all capital calls as the same, it’s crucial to explore the nuances and evaluate their potential benefits and drawbacks. That is why in this video, I break down the realities of capital calls, why they happen, and how they can serve as a strategic tool in multifamily investing.

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In this episode, Craig and I are joined by James McCabe to discuss his creation of the Placement Fund. We explore the fund’s structure, investment strategy, and the critical role of risk management in today’s market. We also discuss the challenges of raising capital, the value of offering fixed returns, and the impact of fluctuating interest rates.

Emphasizing a conservative investment approach, we highlight the importance of stability and long-term growth over high-risk opportunities. The discussion also touches on the multifamily sector, relationship-building, lessons learned from past deals, and the significance of hiring the right people for business success. Additionally, we share insights on balancing work with family life, offering personal growth advice, and outlining future aspirations for the Placement Fund.

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In this episode, Craig McGrouther and Bradley Oliver, Director of Acquisitions at LSCRE, discuss the recent NMHC conference and reflect on the multifamily housing market in 2024. They review our acquisition achievements, the challenges posed by market volatility, and the cautious optimism observed at NMHC.

Looking ahead to 2025, they outline our focus on deal flow, particularly in Houston, and highlight the growing importance of retail investors in the real estate landscape.

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I started tracking my sleep, stress, and meditation, and suddenly, they all improved. 

Why? Because what you measure, you manage.

This same principle applies to business, especially in multifamily real estate. Many operators say they want to reduce turnover, increase occupancy, or improve retention. But are they actually tracking their renewal rates? If you’re not measuring key performance indicators, how can you improve them?

Numbers don’t lie, and data-driven decisions always outperform gut instincts.

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In this episode of the LSCRE podcast, Craig McGrouther and I discuss the complexities of fund management, particularly the pitfalls of chasing higher compensation at the expense of deal quality. We explore the importance of understanding sponsor incentives, the dynamics of cap rates in the current market, and the necessity of aligning interests between fund managers, sponsors, and investors. Our conversation emphasizes the need for thorough evaluation of deals and the risks associated with high compensation offers that may not reflect the underlying value of the investment.

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In this conversation, Craig McGrouther and Adam Carswell dive into the evolution of capital raising, highlighting the shifting dynamics of investor relations, the growing influence of personal branding, and the critical role of strategic networking within the Raise Masters community. We explore proven strategies for effective capital raising, emphasizing the importance of authentic connections, long-term relationship-building, and trust in securing investment commitments.

Throughout the discussion, Craig and Adam stress that success in this highly competitive field requires dedication, consistency, and a commitment to continuous learning—reinforcing that those who invest in their brand, network, and knowledge will be best positioned for long-term success.
 
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What’s next for value-add deals: Boom or bust?

For years, the value-add strategy dominated multifamily investing. Investors bought underperforming properties, made strategic upgrades, and increased rents to unlock significant value. But as more capital entered the space, competition surged, prices inflated, and true value-add deals became harder to find.

At the peak of the cycle, deals were flipped multiple times, with each new buyer attempting to extract more value—sometimes beyond what was realistic.

Now we’re in a different market. Capital has dried up for the most part, and many properties that once had strong financial backing are struggling with deferred maintenance and lower-than-expected rent growth.

As the market resets, the next wave of value-add deals is beginning to take shape. But what conditions need to change before investors can take advantage?

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In this episode of the LSCRE podcast, Craig McGrouther and I discuss various aspects of the real estate market, focusing on the fragmented nature of multifamily housing, the implications of Fed rates on the economy, and the importance of homeownership as a path to wealth.

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In this engaging conversation, Justin Moy shares his journey from a traditional upbringing to becoming a successful entrepreneur and real estate investor. He discusses the importance of taking risks, the desire for geographical freedom, and the lessons learned from early investments. Justin also highlights the significance of understanding market dynamics and the value of experience in navigating the challenges of real estate investing.

In this conversation, Craig McGrouther and Justin Moy discuss the intricacies of property management and investment strategies, emphasizing the human element in managing properties and the importance of effective management teams. They discuss the shifting landscape of investment opportunities, particularly in the multifamily, RV park, and industrial sectors, while also addressing the risks associated with high leverage and the need for cash flow.

Learn more about LSCRE:
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