Preliminary Agenda Topics

From cooling rent growth in urban cores to evolving legislation and shifting migration trends, the West Coast multifamily market is navigating a complex mix of opportunity and constraint. Investors, owners, and operators must contend with everything from rising insurance and regulatory pressures to green building mandates and tech-driven tenant expectations. This session will break down regional trends, market fundamentals, and operational realities across key metros—including how developers and property managers are adapting to stay ahead.

• Where are rent growth, absorption, and vacancy rates trending across major metros in California and the West Coast?
• Which second-tier markets in the region are seeing the most investment activity or pipeline growth?
• How are developers and investors adjusting to strict building codes, sustainability mandates, and local political pressure?
• How are operators handling insurance cost spikes, wind/ wildfire risk zones, and climate resilience upgrades?
• Are developers shifting focus to build-to-rent or modular construction as a solution to labor shortages and rising material costs?
• What is the latest with Mid Multifamily developments?

• Who is poised to outperform in 2026 — national players or local multifamily operators?
• Capital Markets & Investment Flows: What’s the current state of capital markets, and where is the money going?
• Land, Rates & Development Challenges: How do land scarcity and elevated interest rates influence new construction and rent growth?
• Vacancy & Concessions: What trends are emerging in occupancy rates and lease-up strategies?
• Policy & Regulatory Outlook: What regulatory changes might be on the horizon under the new administration?

• What types of deals are you interested in? What would you stay away from?
• Would you consider putting out/using preferred equity?
• What about development deals?
• Are AI tools making you approach deal evaluation differently?
• Would you finance as fixed or variable?
• Role of rent control
• What is your exit strategy? Your hold strategy?
• How are you managing your equity?

• What materials are best suited for resisting wildfires, such as fire-resistant cladding, roofing, and windows?
• How are these materials being integrated into new multifamily developments in fire-prone areas like California?
• What are the regulatory requirements in California for earthquake resilience, and how are developers meeting these standards?
• Earthquake retrofitting: What steps can be taken to strengthen older buildings, including seismic bracing and foundation anchoring?
• How green building materials, such as fire-resistant insulation and energy-efficient windows, can also play a role in disaster preparedness.
• The role of technology in proactive maintenance, such as AI-driven monitoring for fire risks or earthquake vulnerability.
• How rising insurance premiums in fire- and earthquake-prone areas are influencing construction decisions.
• How evolving legislation impacts construction practices and operational decisions for developers and owners in California and the West Coast.

• The Supply Surge vs. Rent Growth Plateau: How is the recent influx of new multifamily deliveries impacting rents, absorption, and investor expectations?
• Financing in a High-Rate Environment: With interest rates still elevated, what creative capital stack solutions work for multifamily developers and buyers?
• Policy Pressures & Rent Control Talk: How are local and state-level housing policy shifts—including renewed rent control discussions—shaping development timelines and investor sentiment?
• Job growth continues, but are developers keeping up with demand for attainable housing? What public-private partnerships or incentives are proving effective?
• Urban vs. Suburban Investment Strategy: Which markets—like northern suburbs and secondary cities infill, are showing the most resilience and opportunity in 2025

• Unlocking Incentives & Funding: How to leverage state and local incentives, including grants and financing tools, to maximize returns while meeting affordable housing goals.
• Inclusionary vs. Incentivized: Which approach leads to more viable workforce housing projects?
• Understanding the Policy Maze: Navigating state mandates, local ordinances, and competing regulations in high-barrier markets like California.
• What to know about income-restricted units, rent escalation limitations, and underwriting risk.
• Can workforce housing fill the gap between luxury units and deeply affordable housing?
• What practical challenges are developers and municipalities facing in implementing the program—and how can these be addressed?
• Cross-Market Insights: What lessons can California draw from other markets that have successfully rolled out large-scale affordable housing initiatives?

• The Charm & Challenge of Vintage Assets: How do you assess the unique value of 1960s–1980s properties, especially in neighborhoods where character and location outweigh modern finishes?
• Smart Due Diligence: What’s required to properly evaluate older buildings—structurally, financially, and operationally—before acquisition?
• Liquidity Landscape: What are the current market conditions for trading top-tier assets versus B/C vintage properties?
• Diversification Strategy: Should investors pursue a blend of Class A and value-add assets to hedge against market shifts?
• Operational Costs & Property Management: What are the hidden costs of managing vintage properties in-house vs. outsourcing, and how does this impact the bottom line?
• With high in-migration and a push for more attainable housing across cities, how do older multifamily buildings fit into the state’s evolving housing ecosystem?

• What to watch for when acquiring from special servicers in the multifamily space
• Risks of buying bankrupt or troubled assets in: What could sink your investment?
• Building a due diligence checklist for distressed multifamily properties — what’s different here?
• Evaluating a 50% occupied building in tight submarkets
• Foreclosures, NPLs, and deeds-in-lieu: How they’re playing out right now
• Are we seeing 2008 déjà vu, or are the West Coast market dynamics rewriting the playbook?
• Are lenders starting to liquidate or still kicking the can down the road?
• Is the buy/sell gap finally closing in urban and small town markets?

• What conditions in the West Coast multifamily market will trigger renewed buying in 2025/ 2026?
• Which opportunities are most attractive now — urban infill, suburban value-add, small town assets?
• What types of deals are being passed on — and why?
• Would you consider using preferred equity to structure competitive offers in this market?
• Are development deals worth the risk right now?
• Fixed vs. variable financing — what are the capital stack strategies in today’s rate environment?
• Are AI or data tools influencing how you evaluate deals or market timing?
• What’s your expected hold strategy — flip fast or long-term in strong-growth corridors?

• How are owners bridging the cash flow gap while waiting to refinance in a tighter lending environment?
• Extend, Amend, or Exit: Which loan modification paths are working today?
• The 'Wait & Fix in ’26' strategy: How are investors managing underperforming 2021–2022 vintage deals in the evolving market?
• Weighing the cost of prepayment penalties vs. repositioning — what’s worth it in this market?
• How do you hit your sale price target when liquidity is drying up?
• Are bridge loan takeouts still viable across the West Coast States?

• How investors are getting LPs and lenders to commit in today’s cautious capital climate
• Strategies to avoid re-trades and keep deals on track in competitive submarkets
• Partnering with local governments and nonprofits — what works in the policy-driven housing landscape?
• How to persuade owners to meet your price in a state with stubborn valuation gaps
• Under-capitalized assets: How are you maintaining property standards in a tenant-sensitive market?
• Smart financing options: What alternative capital sources are unlocking deals?

• How underwriting is changing with rates & full-circle returns
• Underwriting a development proforma: What is changing?
• In what scenarios will you be more aggressive?
• What AI software are you using to propagate or create financial analysis and proformas?
• Impacts of the new Administration and policy changes on underwriting
• What kind of risks have you recently mitigated that will improve your income/expense amount?
• Capital expenditures and expense management
• What are you currently underwriting for insurance expense?
• Debt service coverage: How are you ensuring cash flow is sufficient?
• What kind of scenario analysis are you running?

• Exploring cap rate spread when transacting and market rate deals
• What if interest rates fall?
• How will a 4% U.S. Treasury impact cap rates today vs. the past?
• Where are local cap rates going?
• How are you setting exit cap rates on acquisitions of existing products?

• How are high interest rates changing the rules for borrowing and refinancing?
• What does today’s capital stack look like, and how are deals still getting done?
• How are LTVs, DSCR expectations, and underwriting standards evolving across banks, insurance companies, CMBS, and private lenders?
• Why is private credit becoming a go-to for middle-market sponsors, and how does it compare to traditional fixed income in terms of yield, risk, and real estate exposure?
• From AI-driven underwriting to predictive risk tools—what platforms are transforming how deals are underwritten and serviced?
• How are policy shifts—rent control, affordability mandates, and housing incentives—affecting lending, deal structure, and risk tolerance?
• Real-world examples of deals that got done creatively—what worked, what didn’t, and why the capital stack matters more than ever.
• What’s the 2025–2026 forecast for access to capital?
• Why is private credit so attractive to mid-market sponsors right now?

• Capital markets update and money flows
• What cities and submarkets are in favor?
• What are you seeing from a vacancy and concession standpoint?
• Are private equity funds with capital to deploy starting to look more seriously at new construction and development deals?
• Where is rent growth in the West and the Northwest?
• What regulatory shifts can we expect to see under the new Administration?
• Evaluating the buy vs. build decision
• Where are local cap rates going? Where will cap rates on Class B apartments be in December 2025?
• NOI projections
• What’s the latest on evictions?

• How are you improving margins and ROI?
• How are you controlling costs while minimizing churn?
• What are some of your best practices for increasing operational efficiency that you would like to implement but haven’t been able to yet?
• How much does property management cost internally? Externally?
• Have you been going more conservative with expense/capex underwriting? What are your NOI assumptions?
• Preventive maintenance in tight times. Where does AI fit in?
• Improving data collection, communications, reporting and analysis & the technology out there to assist
• Managing a portfolio with performance tracking and AI

• What economic and operational factors have impacted the California market?
• How do property location, economic conditions, income-to-rent ratios, and property management contribute to rising debt issues?
• What strategies related to property management, timely rent collection, and strict enforcement of lease terms can be used to mitigate bad debt?
• How are investor activities influencing eviction rates in California and the West Coast market? What neighborhoods with increased investor purchases are seeing spikes in evictions?
• Exploring rental application fraud and what can be done to minimize it
• Landlord ethics around rent disputes and credit scores

• Cost vs. control: What does it take for the balance to slant towards third-party or in-house?
• Pros and cons of vertical integration or self-management
• National, Regional, or Local Management: Which way to go?
• How much time do you give a third-party manager to turn things around?
• What do the best outsourced solutions have in common beneath the surface?
• Incentives and Performance: What Do They Look Like?
• But I won’t do that…What are you keeping in-house no matter what?
• Investing in new regions: When do you use your staff vs. outsource?
• How are the labor market and the ability to find key people affecting your decision-making?
• How has new technology impacted your business? What new apps have you added to your operation?

• Per unit operating costs: What is the real inflation you are expecting? How much in rent increases are you budgeting? Resident renewals?
• What are you monitoring the most on the construction/rehab side?
• Where did the budget blow through your expectations last year?
• Managing renovations and repairs with the use of AI
• Budgeting for vacancies and turnover costs as you raise rent
• What kind of data-driven decisions has AI been helping you with?
• Capex: When to spend and when to defer
• Operational expenses: Where are you budgeting the most significant increases?
• Per unit operating costs: What is the real inflation you are expecting? How much in rent increases are you budgeting? Tenant renewals?
• What are you monitoring the most on the construction/rehab side?
• Are you planning for amenity upgrades? How are you managing increased costs for these upgrades?

• How much is too much?
• With rents at maximum, how much more can you squeeze out of the resident?
• Comparing classes “A”, “B”, and “C”
• Different demographics, different amenity expectations
• EV chargers: What is the ROI?
• Using facial recognition & other technologies for security and safety
• Do high ROI amenities lead to an increase in resident retention rates?
• Outside space, inside common areas, and private space: Where should you be investing?
• What should be in your standard resident benefit package?

• Which new income streams are you exploring?
• How is your staffing strategy evolving?
• How are you improving the marketing/operations relationship?
• Practical AI, automation & smart building applications
• Tenant retention and rent raising strategies and trends
• How is skyrocketing insurance rates impacting your strategy?
• How much rope do you give regional managers?
• How AI is reshaping staffing needs, from replacements to new positions

• What KPIs matter most now: Engagement, conversion, or lead quality?
• Who is your ideal renter in this region, and how are you truly reaching them?
• Let’s hear what digital campaigns are crushing it (and which ones flopped)?
• Are you promoting the lifestyle, the lease, or the location? What’s getting more clicks?
• Anyone cracked the code on TikTok or Instagram Reels for multifamily yet?
• What's your go-to move when you’ve got high vacancy and low traffic?
• How are you balancing automated follow-ups with human connection?
• Community events, gift cards, pop-up tours — what’s bringing the most qualified leads?
• Any success stories using resident referral programs? How are you marketing those?
• Share your favorite headline, tagline, or visual that really moved the needle
• What local quirks or seasonal trends do you lean into when crafting a campaign?

How can influential market players better support the growth of women in the real estate industry? To attract more women into the field and cultivate them as leaders, organizations must invest in targeted initiatives such as promoting visibility for female role models, offering leadership and mentorship training, and creating clear pathways for career progression. This small group meeting encourages an open dialogue about gender biases and embedding diversity as a core business value to transform the market into one where women can thrive and lead.

Are you seeing a price adjustment happening? How are you financing more capital going into existing properties and new deals? Are you increasing or decreasing staff? These topics will be among the key themes you and the discussion leaders will discuss in this open discussion format.

Be in the room where it happens… Join your fellow property managers as they discuss saving money, increasing returns, and managing personnel as the real estate market changes. Don’t forget to bring your questions to the table.