The LSCRE Podcast

In this episode of the LSCRE Podcast, Craig McGrouther sits down with Joe Pistorius, Asset Manager at LSCRE, to break down how strong asset management and execution drive consistent returns in multifamily real estate.

This conversation offers a behind-the-scenes look at Preserve at Copper Springs, a new Houston acquisition located between two of LSCRE’s best-performing assets. Joe explains how experienced onsite teams, operational synergies, retention strategies, and disciplined expense control create a clear path to execution.

🎙️ Topics Covered in This Episode:

Joe Pistorius’ role as an LSCRE asset manager

Managing high-performing Houston multifamily assets

Why clustering properties improves operational efficiency

Lessons learned from Preserve at Copperleaf & Discovery at West Road

How LSCRE achieves 95–97% occupancy

Why retention is more valuable than unit turn strategy today

Renewal rent increases of 5–6% in a flat rent environment

Early-bird renewal incentives and tenant retention strategy

Amenity fee rollout: bulk Wi-Fi, valet trash, gym & pool access

How amenity fees increase NOI without harming occupancy

What a smooth multifamily takeover actually looks like

Knocking on every door: resident-first transition strategy

Expense reduction through in-house teams and scale

Why this Houston submarket leads the city in absorption

Limited new supply and strong demographic fundamentals

Why execution matters more than aggressive projections

Risk mitigation through purchase price, location, and management

What makes a “safe” multifamily deal in today’s market

🏢 Key Takeaway:
Great multifamily deals aren’t made in spreadsheets — they’re won through execution, people, and operational discipline.

Learn more about LSCRE:
www.lscre.com

Why is the seller selling — and how do you actually make a multifamily deal work in today’s market?
In this episode of the LSCRE Podcast, Craig McGrouther and Rob Beardsley answer real investor FAQs around LSCRE’s newest Houston acquisition, Preserve at Copper Springs, and break down the real mechanics behind underwriting, expenses, insurance, and exits.

This is not theory — it’s how institutional multifamily deals actually get done.

🎙️ Topics covered in this episode:

Why Preserve at Copper Springs’ seller is selling (loan maturity explained)

How to evaluate seller motivation without falling for “distress” hype

Loan assumptions vs refinancing (when they work — and when they don’t)

Why remaining loan term, amortization, and leverage matter

How expense reductions actually happen (and when they don’t)

Why LSCRE isn’t “cutting costs” — but realigning operations

Portfolio synergies from owning multiple assets on the same street

Ancillary income opportunities for future buyers

Stabilized exits vs value-add “hot potato” deals

Why newer, high-quality assets have more exit liquidity

Houston rent growth drivers in the Copperfield submarket

How insurance markets are finally improving

Why insurance savings don’t always hit cash flow immediately

Escrow mechanics, lender friction, and “Kafkaesque” processes explained

Why operational execution matters more than projections

🏙️ Why Houston & Copperfield

#1 Houston submarket for absorption

Zero new supply

Strong employment drivers

Proven performance from sister assets

Learn more about LSCRE:
www.lscre.com

How do 1031 exchanges actually work — and how does LSCRE support investors and fund managers through the process?

In this episode of the LSCRE Podcast, Craig McGrouther sits down with Dasha Beardsley, Director of Investor Relations at LSCRE, to break down 1031 exchanges, investor experience, capital partners, and how LSCRE has facilitated over $150M in 1031 value.

This episode is a deep dive into how institutional-grade investor relations actually function behind the scenes.

Topics covered:

Dasha’s 4+ year evolution at LSCRE (from college to Director of IR)

How LSCRE delivers white-glove investor experience

Monthly reporting, transparency, and communication standards

Why response time and accessibility matter for investors

How LSCRE works with fund managers and capital allocators

The onboarding process for capital partners

Marketing, compliance, and brand alignment

Overview of LSCRE’s investor events and summits

💼 1031 EXCHANGES — IN DEPTH

What a 1031 exchange is (and what it’s not)

Why a Qualified Intermediary (QI) is critical

Common mistakes that disqualify exchanges

How much time investors really need to plan

TIC vs DST structures (and why LSCRE uses TICs)

Reverse 1031 exchanges explained

1033 exchanges (eminent domain scenarios)

How LSCRE structured four simultaneous 1031-related exchanges on one deal

Why Preserve at Copper Springs is 1031-eligible

When a 1031 makes sense — and when it doesn’t

LSCRE 1031 TRACK RECORD

~$150M total 1031 exchange value

~$70–80M in 1031 equity placed

Multiple repeat 1031 investors

Institutional lender coordination

Learn more about LSCRE:
www.lscre.com

What does smart multifamily investing actually look like in 2026?

In this episode of the LSCRE Podcast, Craig McGrouther and Rob Beardsley break down their 2026 multifamily outlook, including acquisitions, operations, capital strategy, and why walking away from bad deals is often the best deal you can do.

This episode covers how LSCRE is approaching growth after one of the most volatile real estate cycles in recent history.

Topics discussed:

LSCRE’s 2026 acquisition goals (~$200M, one deal per quarter)

Why doing a bad deal is extremely expensive for sponsors

Deal discipline vs “doing deals to do deals”

Texas market focus: Houston, Dallas, San Antonio

Why some markets (like Phoenix) are still early — and risky

Optimal debt & equity structures for the next cycle

Why LSCRE targets lower leverage (~65%)

Mid-teens IRR expectations and 5–8% cash flow targets

Workforce housing vs Class C risk

Operational priorities: occupancy, renewals, staffing

Why renewal rates matter more than new leases

Employee turnover targets and portfolio health

Bringing RUBS billing in-house to save ~$300K annually

K-1 delivery timelines and internal tax infrastructure

Capital markets commentary: private credit vs common equity

Why 2026 may reward offensive positioning, not defensive

We also discuss:

Why Houston may outperform other Sunbelt markets

Where forced sellers may emerge

Why stability matters more than forecasts

And why LSCRE is focused on long-term ownership, not flips

Learn more about LSCRE:
www.lscre.com

What happens to multifamily real estate when the market resets — and where is smart capital moving next?
In this episode of the LSCRE Podcast, Craig McGrouther sits down with Ari Rastegar, Founder of Rastegar Capital, to break down real estate cycles, capital flows, and large-scale development across Texas.

Ari shares his journey from law to institutional real estate, and offers a candid look at:

How multifamily investing changes during a market reset

Why capital flows are shifting away from traditional office

The role of institutional investors vs accredited investors

Development timelines, zoning, and entitlements explained

Why underwriting discipline matters more than ever

Texas population growth, housing shortages, and long-term demand

Master-planned communities, industrial projects, and 3D-printed housing

How smart operators create value through cycles — not just bull markets

This conversation dives deep into multifamily development, investor alignment, and long-term wealth creation, with real examples from Austin, Dallas, and the I-35 corridor.

Learn more about LSCRE:
www.lscre.com

How should multifamily deals really be underwritten in 2026?

In this live LSCRE podcast, we break down how we are underwriting multifamily real estate today and the critical mistakes investors and sponsors don’t realize until years 3–5.

This episode covers real-world underwriting decisions we’re making right now, including:

Why underwriting mistakes don’t show up in year one

Cash flow vs IRR (and how cash flow can be manipulated)

The hidden risk of in-the-money interest rate caps

How location repricing is changing acquisitions

True rents, fees, and concessions (what most people miss)

Why most “value-add” deals don’t work in today’s market

Loaded ICR vs DSCR and how we evaluate debt risk

What real multifamily distress actually looks like

How LSCRE is positioning acquisitions for long-term cash flow

We also answer live investor questions and explain how these principles apply to a real multifamily acquisition we just closed.

Learn more about LSCRE:
www.lscre.com

Higher leverage makes deals look better on paper,  but often weakens cash flow and increases risk.

In this episode of the LSCRE Podcast, Craig McGrouther and I break down why we structure deals with lower leverage for better cash flow and risk management.

We discuss targeting lower loan-to-value, using full-term interest-only debt, and maintaining strong coverage from day one.

We explain why LTV alone doesn’t tell the full story, how amortization can compress cash flow, and why flexibility matters more than headline IRRs.

This episode is about structuring deals that can perform today and survive tomorrow.

Learn more about LSCRE:
www.lscre.com

In this episode of the LSCRE Podcast, Craig McGrouther sits down with Andrew Davis, Partner at Fully Funded, to discuss why integrity has become the most valuable advantage in real estate investing.

Andrew shares insights from raising hundreds of millions in capital, building investor trust at scale, and partnering with best-in-class operators. He explains how discipline, clear incentives, and long-term thinking matter more than chasing the next “great deal” in today’s market.

Learn more about LSCRE:
www.lscre.com

In this episode of the LSCRE Podcast, Craig McGrouther and I break down how market cycles influence smarter capital decisions.

We explore why patience, long-term holds, and strategic underwriting leads to better outcomes than chasing hot deals. Learn how understanding cycles, managing closing costs, and avoiding short-term flips can reduce risk and compound returns over time.

Whether you’re a new investor or seasoned in real estate, this episode offers actionable insights for making disciplined, profitable investment decisions.

Learn more about LSCRE:
www.lscre.com

In this episode of the LSCRE Podcast, Craig McGrouther sits down with Michael Guthrie, who grew his ATM business to over 8,000 machines across the United States before exiting in 2023. He explains how he scaled the business one machine at a time, expanded through affiliates, and created a model that allowed him to generate income while remaining hands-off.

Michael shares how those same principles of calculated risk, smart partnerships, and cash flow management apply to real estate investing, illustrating the lessons top investors learn over time.

Learn more about LSCRE:
www.lscre.com