In this episode of the LSCRE Podcast, Craig McGrouther and Rob Beardsley break down the real takeaways from NMHC and explain why many so-called “distressed multifamily deals” are actually uninvestable.

With record supply in markets like Dallas, Austin, Phoenix, and San Antonio, realism is finally hitting the multifamily market. Lenders are taking back properties — but that doesn’t mean they’re good buys.

We cover:

Why lender-owned ≠ good deal

How “value-add” is often just disguised risk

Why AI underwriting misses the nuance that matters

The 4 pillars of every multifamily deal: location, price, debt, management

Why cash flow coverage matters more than leverage

How disciplined operators win cycles — and survive downturns

If you’re a passive investor, fund manager, or multifamily operator, this episode cuts through the noise and explains what actually matters in today’s market.

Smart capital isn’t chasing hype — it’s buying stability.

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