The Rent Roll with Jay Parsons EP#77 Moses Kagan & Rhett Bennett | Sub-Institutional Multifamily Update
Mar 26, 2026
Rhett Bennett, founder of ReSeed Partners who backs emerging multifamily operators, and Moses Kagan, co-founder of Adaptive Realty and active small multifamily operator with a big social presence. They trace their career paths and fund structures. They discuss deal sourcing, cash buys that enable consolidation, operator traits that win, market selection across coasts, Midwest and Sunbelt, and managing regulatory and capital risk.
AI Snips
Chapters
Transcript
Episode notes
Refinancing Pressure Lifts Small Cap Rates
- Higher observed cap rates in small multifamily are driven more by opportunistic refinancing and rolling maturities than sector-wide operational distress.
- Jay Parsons reads Arbor/Chandon: rolling maturities and shorter agency terms increased refinancing activity, pressuring valuations among refinance transactions.
How Moses Built A Small LA Multifamily Empire
- Moses Kagan recounts buying and renovating apartment buildings after the GFC, renovating over 110 buildings since 2008 and currently owning ~40 small LA buildings.
- He built on family experience and used rehab expertise to expand a property management platform handling ~125 buildings for third parties.
Reseed's Dual Model And Early Track Record
- Rhett Bennett describes Reseed's two-part business: backing emerging local operators and deploying institutional capital to buy small apartments and industrials.
- He notes raising ~$200M and deploying >$100M into 13 assets so far alongside operator partnerships.