BEC X [Panel]: State of the Multifamily Market

In this special episode of Deal Flow Friday, recorded live at BEC X, David Moghavem joins moderator John Casmon alongside Andrew Cushman (Vantage Point Acquisitions) and Rob Beardsley (LSCRE) for a candid discussion on the current state of the multifamily market. The panel explores how experienced operators are evaluating deals in a post-rate-hike environment, where conservative underwriting and operational execution have become more important than ever. David explains Trion’s focus on untrended yield on cost, emphasizing the need to underwrite deals based on what a property can realistically produce today rather than relying on future rent growth assumptions. The group also dives into the impact of supply across Sun Belt markets, noting that oversupply and concessions have had a greater effect on performance than interest rates in many areas. The conversation covers strategies for investing across markets, the importance of treating every market like your backyard through local relationships and strong on-site teams, and the ongoing debate between value-add and core-plus acquisitions in today’s cycle. The panel also shares lessons from navigating the recent market turbulence, including the importance of conservative debt structures, aligning incentives with property management teams, and protecting the asset first to avoid capital calls during periods of stress.

Chapters

00:00 Introduction to the Panel and Participants
02:27 Evaluating Deals in 2026: Yield on Cost and Market Trends
05:07 Texas Multifamily Market: Opportunities and Challenges
07:41 Impact of Supply on Market Dynamics
11:26 Local Market Knowledge and Investment Strategies
13:22 Managing Properties Remotely and Building Local Teams
16:53 Vertical Integration and Third-Party Management
22:14 Adjusting Investment Strategies in a Changing Market
24:47 Market Segmentation: Class A, B, and C Properties
33:06 Property Management: Self-Management vs Third-Party
37:17 Proactive Risk Management and Market Adaptation
38:04 Closing Remarks and Panel Wrap-Up

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