Day Three - 4/28Tuesday, 28 April 2026

In this session, equity principals and Texas multifamily owners discuss the current capital landscape and the factors preventing deals from moving forward. While debt is accessible, securing equity remains a challenge; the panel examines the underwriting thresholds, structural changes, and market indicators necessary to transition investors from preliminary interest to committed capital.

• What specific triggers will move national institutional capital from "window shopping" back to the Texas market?
• How are operators convincing LPs who haven't seen distributions in 36 months to reinvest in the 2026 cycle?
• Are 2026 investors still funding ‘heavy lift’ value-add deals or is the mandate strictly for day-one cash flow?
• What are the current non-negotiable return thresholds, hold periods, and risk premiums demanded by PE shops and family offices?
• When will equity confidence return for larger $10M–$15M raises versus today’s smaller, faster-moving deals?
• Which Texas submarkets are currently high-conviction targets for equity and which are being actively avoided?
• What structural shifts are required to secure a ‘Yes’ in today's market?

With rising labor costs, new Texas regulations, and evolving resident behavior, PM teams are rethinking staffing, centralization, KPIs, and productivity expectations across their portfolios.

• How are PM teams adapting to staffing shortages and payroll pressure in 2026?
• What centralization models are actually working; and where do they fail?
• How are operators updating PM workflows for new Texas eviction laws and delinquency rules?
• Which KPIs best measure PM success across B/C and workforce portfolios?
• How do PM teams balance leasing automation with human oversight?
• What operational differences matter across markets (Dallas vs Austin vs SA vs Houston)?

As owners and credit teams re‑underwrite 2021–2022 vintages, this session focuses on pragmatic portfolio triage in a ‘repair‑and‑perform’ market.

• What does the current distressed capital stack look like (bridge terms, cap strikes/tenor, maturities, refi hurdles)?
• Where are valuations versus loan basis by asset class and metro; and how is that shaping hold vs. sell calls?
• What are lenders (Freddie, Fannie, banks, bridge) actually doing in Texas; extensions, blend/extend, cash‑in refis, note sales?
• Which operator KPIs are green‑flags (collections, DSCR trajectory, expense control) vs. red‑flags (serial capital calls, unrealistic comps, deferred R&M)?
• Which rescue tools are working: targeted paydowns, cap resets, mezz/rescue capital, partial asset sales, structured JV recaps?
• When is an orderly disposition the higher‑confidence path than waiting for cap‑rate compression; and how do you price it?

A fast, practical survey and experience sharing on how Texas middle market owner operators evaluate primary, secondary, and tertiary markets in 2026; and which locations show the strongest fundamentals, value, and recovery signals.

• How do operators define primary, secondary, and tertiary markets in today’s Texas landscape?
• Why is Dallas still outperforming on absorption, jobs, and basis stability?
• Which secondary or tertiary submarkets show the best risk‑adjusted returns?
• How should buyers approach Austin’s oversupply and slower lease‑ups?
• How do concessions and turnover differ between core markets and emerging nodes?
• Which cost drivers; insurance, CapEx, rent ceilings; impact submarket viability most?
• Where are investors actually bidding in 2026, and what does it reveal about location‑based risk appetite?