Preview speaker solutions to pressing Multifamily questions

1. How are interest rates impacting your acquisition strategy, and are you adjusting your underwriting criteria accordingly? We are really trying to find ‘positive leverage’ which has been really tough with rates still elevated.

2. What are your biggest concerns regarding rent growth and occupancy trends in the DFW market? Generally, I am bullish, but the biggest concern I have is how the immigration policies are being enacted

3. Has supply peaked in the DFW market? Will the market stabilize in 2026? Supply is certainly peaked and will move down. Market stabilization is more about positive leverage to me.

4. What trends are you seeing in tenant demand, and how are you positioning your properties to stay competitive in today's market? All of my properties are mid to high 90’s. Some of that may be seasonal. We are trying to keep our turn time down so that we have very little ‘down’. Lots of look and lease.

5. What strategies are you using to maintain or improve occupancy rates in a softening rental market? The market is not softening to me.

6. How are you leveraging technology and AI to improve operational efficiency and reduce costs? Everywhere.

7. What challenges are you facing with rent collections, and have you adjusted your screening or leasing processes in response? Yes. We are looking at fraud, and security deposit alternatives like Lease Insurance from LeaseLock

1. How are interest rates impacting your acquisition strategy, and are you adjusting your underwriting criteria accordingly? Yes, we now pay less to adjust for higher interest rates. We also purchase rate caps.

2. What are your biggest concerns regarding rent growth and occupancy trends in the DFW market? We have been budgeting $0 rent growth for 2025 and in certain parts of Fort Worth putting occupancy budgets at or below 90%

3. Has supply peaked in the DFW market? Will the market stabilize in 2026? Unknown

4. What trends are you seeing in tenant demand, and how are you positioning your properties to stay competitive in today's market? We have more and more requests for electric charging stations and looking at adding them to our properties.

5. What strategies are you using to maintain or improve occupancy rates in a softening rental market? Concessions and lower rents.

6. How are you leveraging technology and AI to improve operational efficiency and reduce costs? We have been looking into using AI to pursue our collection efforts.

7. What challenges are you facing with rent collections, and have you adjusted your screening or leasing processes in response? More and more job layoffs and inflation has taken its toll on our residents ability to pay on time.

8. How are you handling vendor relationships and contract negotiations to control expenses and ensure high-quality services? We are negotiating on almost a monthly basis. We always get new estimates on property insurance and have had some recent success. We are also doing our normal property tax appeals and those are working too.

9. What was the best vacation you’ve ever been on? New Zealand biking trip adventure. We cycled across New Zealand for 15 days. Amazing. Used a company called Pedal tours.

1. How are interest rates impacting your acquisition strategy, and are you adjusting your underwriting criteria accordingly? We're in the final phases of stabilizing two properties right now so we're not in acquisition mode right now. But, if we were, we'd probably opt for lower-leverage loans with minimum-cost prepays. In fact, we'd probably opt for raising our debt from our private investors to minimize transaction costs as well. The idea would be able to easily transition into lower cost perm debt should current volatility and uncertainty ease and rates resume a meaningful decline of 75 to 100 bps.

2. What strategies are you using to maintain or improve occupancy rates in a softening rental market? Facebook marketing and marketing in Spanish has given a big boost to the lease up of one of our three apartment communities in the Midwest (OKC).

3. How are you leveraging technology and AI to improve operational efficiency and reduce costs? We use Elisa AI with good effect across six apartment communities. We also use AI for meeting summaries and some research.

4. What challenges are you facing with rent collections, and have you adjusted your screening or leasing processes in response? Yes, we'd rather lower rents a bit than lower standards for tenants.

5. How are submarkets outside of the metroplex positioned? We expect continued, steady net migration to more affordable markets like Tulsa and Oklahoma City.

6. What was the best vacation you’ve ever been on? Rancho Santana, the Pacific Coast of Nicaragua. My brother helped develop the community over more than 25 years and it has now become a top-50 resort in the world. Beautiful climate, nice people, pristine beaches, world-class surfing, good food, plenty to do, but primarily a great place to do next to nothing.

1. What are your biggest concerns regarding rent growth and occupancy trends in the DFW market?
DFW has long been a darling of multifamily, but even darlings can have a slowdown. Rent growth has softened, and concessions are back in style (unfortunately). Our biggest concern is navigating the imbalance between supply and true demand in certain pockets, especially where pricing isn’t aligned with experience. We're watching submarket-level performance like a hawk and adjusting pricing strategy daily to stay ahead.

2. Has supply peaked in the DFW market? Will the market stabilize in 2026?
We’d love to believe it has, but DFW development is still attractive, especially in comparison with other Sun Belt markets. With lending still tight and new starts finally slowing, we do expect some stabilization in 2026—assuming absorption continues, and rates hold steady. But we’re not building our 2026 forecast on hope; we’re building it on being the best operator on the block!

3. What trends are you seeing in tenant demand, and how are you positioning your properties to stay competitive in today's market? Residents today want service. They’re not just renting a unit; they’re investing in their lifestyle. We’re delivering a hospitality-level experience—tailored, thoughtful, and consistent. That means training our teams accordingly, inspecting what we expect, and making every touchpoint count. We treat our residents like guests, and that’s been our edge.

4. What strategies are you using to maintain or improve occupancy rates in a softening rental market? We’re tightening up our tour-to-lease process, leveraging real-time pricing adjustments, and making sure our follow-up is flawless. In short: we’re hustling smarter. Layer in dynamic specials, CRM automation, reputation management, and community engagement (yes, real events—food always helps), and we’re seeing meaningful results even in a tough market.

5. How are you leveraging technology and AI to improve operational efficiency and reduce costs?
From AI leasing agents to automated maintenance workflows, we’re using tech to remove friction for both residents and teams. We see AI as an additional layer of support, not a replacement. We're meeting our teams, clients and residents where they want to be met. We’ve also streamlined our ops platforms so our teams aren’t toggling between ten systems and a prayer. Efficiency matters, but only if it enhances the resident experience—not replaces it.

6. How are you handling vendor relationships and contract negotiations to control expenses and ensure high-quality services? We’re rebidding where it makes sense, consolidating where we can, and building strong partnerships—not just transactions. We find vendors are more loyal (and more responsive) when they feel like part of the team, so we’re big on clear scopes, quick payments, and ongoing communication. That said, we’re not afraid to renegotiate if expectations slip.

7. How are submarkets outside of the metroplex positioned? Some of the fringe submarkets are holding up better than you'd expect, especially where supply hasn't flooded in. We're seeing strength in well-amenitized, commuter-friendly pockets with a clear value story. The secret sauce seems to be quality product + approachable pricing + a sense of community—and in many of our managed communities, we’ve got all three.

8. What was the best vacation you’ve ever been on? Cinque Terre, hands down. There’s something about Italian wine, cliffside villages, and no real cell service that reminds you how to actually relax. It was the kind of trip that makes you want to sell everything and open a pasta shop—but alas, here I am, still chasing NOI instead of gnocchi.

1. How are interest rates impacting your acquisition strategy, and are you adjusting your underwriting criteria accordingly? Higher financing costs for construction loans, and higher exit cap rate assumptions on residual.

2. What are your biggest concerns regarding rent growth and occupancy trends in the DFW market? Oversupply of BTR.

3. Has supply peaked in the DFW market? Will the market stabilize in 2026? Yes, we should see modest rent growth.

4. What strategies are you using to maintain or improve occupancy rates in a softening rental market? Increased concessions to maintain occupancy.

5. What was the best vacation you’ve ever been on? Iceland

1. How are interest rates impacting your acquisition strategy, and are you adjusting your underwriting criteria accordingly? High interest rates have certainly made it challenging to find viable assets. Property values have decreased, and many potential sellers are waiting for market conditions to stabilize. We've adjusted our underwriting criteria, which has made deals less attractive, as we can no longer expect to achieve a 2X equity multiple in three years or less.

2. What are your biggest concerns regarding rent growth and occupancy trends in the DFW market? While DFW has experienced a slight reduction in rent growth, the continued influx of people moving to the area, combined with a strong local economy, should help us weather the storm. Currently, we are underwriting with a maximum of 3% rent growth and a minimum of 12% economic vacancy.

3. Has supply peaked in the DFW market? Will the market stabilize in 2026? Yes, supply has peaked. The influx of new units has kept vacancy rates elevated, reaching approximately 11.3% by the end of 2024. However, as construction slows and fewer new units enter the market, vacancy rates are expected to decline. Rent growth, which had been negative due to oversupply, is projected to return to positive territory by late 2025, with forecasts suggesting a 1.5% year-over-year increase by the fourth quarter of 2025.

4. What trends are you seeing in tenant demand, and how are you positioning your properties to stay competitive in today's market? The DFW apartment market remains strong, particularly in suburbs like Frisco and McKinney, driven by population growth and demand from renters under 35. However, record-high new supply has pushed occupancy down to 91.9% and rents down 1.6%, increasing competition. To remain competitive, properties should upgrade amenities, offer flexible leases, and target marketing toward younger renters seeking modern, connected living near work and entertainment.

5. What strategies are you using to maintain or improve occupancy rates in a softening rental market? We've doubled our marketing spend and are heavily focused on renewals, preferring to offer a 10% discount rather than lose a tenant. We’re also investing more in tenant engagement activities, prioritizing leasing agents who can close deals, and increasing our presence in social media.

6. How are you leveraging technology and AI to improve operational efficiency and reduce costs? We are currently using tools like Elise AI.

7. What challenges are you facing with rent collections, and have you adjusted your screening or leasing processes in response? Rent collections are significantly affected by local demographics, so we've increased our screening efforts. Our rejection rate is very high due to these extra screenings, which means we need to generate more leads to compensate.

8. How are you handling vendor relationships and contract negotiations to control expenses and ensure high-quality services? We're constantly seeking better and more affordable vendors. Any project costing more than $500 requires at least three bids, and every annual contract is re-evaluated each year.

9. How are submarkets outside of the metroplex positioned? The Rockwall County (Rockwall/Rowlett/Wylie) submarket has seen a 20% population increase in the last five years. Collin and Denton Counties (Frisco and Allen/McKinney) are also experiencing major population growth. Anyone looking for areas of significant growth should consider these areas.

10. What was the best vacation you’ve ever been on? I took my wife to the Dominican Republic last year, and it was fantastic.

1. How are interest rates impacting your acquisition strategy, and are you adjusting your underwriting criteria accordingly? Many good B+ deals aren't working due to high interest rates. We're adjusting and trying to make them work, but it's slowing down our acquisitions, as the JV partner is seeking better ROI.

2. What are your biggest concerns regarding rent growth and occupancy trends in the DFW market? The market is slow, rental rates are staying flat or slightly declining, and occupancy is trending around 90%.

3. Has supply peaked in the DFW market? Will the market stabilize in 2026? Yes, supply peaked and will stabilize in 2026.

4. What trends are you seeing in tenant demand, and how are you positioning your properties to stay competitive in today's market? The trend is slow, and we're offering specials to stay competitive.

5. What strategies are you using to maintain or improve occupancy rates in a softening rental market? Rent Specials, better marketing, flexible on Criteria.

6. How are you leveraging technology and AI to improve operational efficiency and reduce costs? Centralization, AI

7. What challenges are you facing with rent collections, and have you adjusted your screening or leasing processes in response? Many residents are living paycheck to paycheck and are unable to pay rent. Some are losing their jobs, while others are struggling to manage increased expenses.

8. How are you handling vendor relationships and contract negotiations to control expenses and ensure high-quality services? Negotiating hard with vendor.

9. How are submarkets outside of the metroplex positioned? Worst, DFW better.

1. How are interest rates impacting your acquisition strategy, and are you adjusting your underwriting criteria accordingly? Interest rates are AT historical averages. So not affecting our underwriting a great deal. The math still has to work, so that means that we can't pay as much. It has slowed down our acquisitions a bit, but we haven't changed our strategy. We look for physically, financially or operationally distressed properties in the DFW market.

2. What are your biggest concerns regarding rent growth and occupancy trends in the DFW market? Our properties have fortunately been in great areas where the rents have been flat, not negative and our occupancy continues to be above average. Our concern is that improvement will be slow.

3. Has supply peaked in the DFW market? Will the market stabilize in 2026? Yes, and Yes.

4. What trends are you seeing in tenant demand, and how are you positioning your properties to stay competitive in today's market? With a class C portfolio, our residents are concerned about having a good roof over their heads and a clean, safe place to call home. Amenities like pools and playgrounds are a bonus.

5. What strategies are you using to maintain or improve occupancy rates in a softening rental market? We have offered some concessions, but only on hard-to-lease floor plans.

6. How are you leveraging technology and AI to improve operational efficiency and reduce costs? We are still in the evaluation stage. One area is back office financial review.

7. What challenges are you facing with rent collections, and have you adjusted your screening or leasing processes in response? Delinquency remains a challenge but is starting to get better. We have increased the screening salary criteria.

8. How are you handling vendor relationships and contract negotiations to control expenses and ensure high-quality services? Our core vendors support us across our entire portfolio. They know we audit their work, so they focus on delivering a quality product.

9. How are submarkets outside of the metroplex positioned? It really depends on which submarkets. Heading north out of Dallas on US75, the submarkets are growing like wildfire. Ton's of new MF and BTR construction.

10. What was the best vacation you’ve ever been on? That's really tough, but I guess our Antarctica expedition was amazing. We went with Viking Expeditions and got to go down in their 6-person mini-sub as well as going ashore and walking around with the penguins, sea lions, walrus, and so many different birds we lost count.

1. How are interest rates impacting your acquisition strategy, and are you adjusting your underwriting criteria accordingly? We’re being extremely disciplined in our underwriting. Interest rates have shifted how we approach leverage, and we're prioritizing fixed-rate debt or assumable loans to reduce long-term exposure. Our buy box is focused on stabilized cash flow from day one, with a clear path to value creation—typically through operational improvements and modest renovations. We're also leaning heavily on relationship-based off-market acquisitions to stay competitive.

2. What are your biggest concerns regarding rent growth and occupancy trends in the DFW market? Our biggest concern is over-optimistic rent growth projections. While DFW remains a strong market long-term, short-term softness due to elevated supply and aggressive concessions is real. We’re underwriting with flat to modest rent growth in the near term and focusing on properties with a clear demand driver like proximity to major employment centers or limited nearby supply.

3. Has supply peaked in the DFW market? Will the market stabilize in 2026? We’re likely near the peak in deliveries, especially given how many developers are struggling to secure financing in the current environment. With permits slowing down significantly, we anticipate a healthier supply-demand balance by late 2025 into 2026, which could set up for a strong rebound in both rent growth and valuations.

4. What trends are you seeing in tenant demand, and how are you positioning your properties to stay competitive in today's market? Tenants are prioritizing value, flexibility, and service. We're focusing on unit functionality over flash—offering upgrades where it matters (like in-unit laundry or reserved parking) while keeping rents competitive. We're also leaning into tenant communication and service consistency to drive renewals and referrals.

What strategies are you using to maintain or improve occupancy rates in a softening rental market? It comes down to strict screening on the front end and high-touch engagement on the back end. We’ve improved our leasing process, emphasized lead response times, and offer short-term concessions where needed—but we’re careful not to over-concession. We’re also investing in community-building efforts that drive retention.

5. How are you leveraging technology and AI to improve operational efficiency and reduce costs? We're integrating tools like AI-powered leasing bots, dynamic pricing systems, and automated work order tracking to streamline operations. Our goal is to minimize vacancy days and improve maintenance response, which reduces turnover and costs long-term.

What challenges are you facing with rent collections, and have you adjusted your screening or leasing processes in response? Collections are stronger now than they were 6–12 months ago, largely due to stricter income verification, credit criteria, and a firm but fair collections process. We’ve also worked closely with property managers to identify early signs of delinquencies and act quickly.

6. How are you handling vendor relationships and contract negotiations to control expenses and ensure high-quality services? We’re taking a relationship-first approach—negotiating long-term partnerships with vendors who can scale with us. We’ve centralized some contract bidding across properties and are leveraging volume for better pricing while ensuring vendors understand our expectations around service and responsiveness.

7. How are submarkets outside of the metroplex positioned? Submarkets outside the DFW core—such as Denton, Kaufman, Ellis, and parts of Johnson and Collin counties—are increasingly attractive. These areas benefit from spillover demand, more affordable housing, and proximity to major transportation corridors and employment hubs. We're seeing strong household formation, job growth, and less direct competition from institutional buyers. These submarkets offer lower entry costs with strong yield potential, making them ideal for both cash flow and long-term appreciation.

8. What was the best vacation you’ve ever been on? We recently took a family RV trip through the mountains, which combined outdoor adventure, family bonding, and time away from the noise—reminding me that freedom is really what we’re all building toward with passive income and investing.

1. What are your biggest concerns regarding rent growth and occupancy trends in the DFW market? In the DFW market, our primary concerns revolve around the significant new supply deliveries we've seen over the past couple of years. This influx of inventory, particularly in certain submarkets, is putting pressure on both rent growth and occupancy. While DFW benefits from strong job growth and in-migration, the pace of new construction has temporarily outstripped absorption in some areas. Our concern isn't necessarily about long-term demand, which we believe remains robust, but rather the near-term pressure on effective rents due to increased concessions offered by new lease-ups. Maintaining occupancy levels requires more strategic pricing and potentially higher marketing spend. We're closely monitoring submarket-specific data, competitor concessions, and absorption rates to navigate this competitive landscape effectively and ensure our assets remain well-positioned.

2. Has supply peaked in the DFW market? Will the market stabilize in 2026? Based on current construction pipelines and recent starts data, it appears that the peak of new supply deliveries in DFW is likely occurring now or will happen within the next few quarters (mid-to-late 2025). Tighter lending standards and the increased cost of capital have slowed down new project starts significantly compared to 18-24 months ago. Regarding stabilization, while predicting exact timing is always challenging, the general consensus points towards improvement as we move into 2026. As supply deliveries taper off and DFW's consistent job and population growth continue to drive demand, we expect absorption to catch up. This should lead to firmer occupancy rates and a gradual reduction in concessions, allowing for more normalized rent growth. We anticipate 2026 will show clearer signs of stabilization compared to the pressures we're seeing in 2025.

3. What trends are you seeing in tenant demand, and how are you positioning your properties to stay competitive in today's market? We're seeing tenant demand shift towards value and flexibility. While high-end finishes are still appreciated, renters are increasingly cost-conscious. Amenities that enhance lifestyle without significant extra cost – like reliable high-speed internet access (often included or facilitated), efficient package management systems, updated fitness centers, and functional communal spaces (like co-working areas) – are highly valued.
Flexibility in lease terms and seamless digital experiences (online applications, payments, maintenance requests) are also key differentiators. Operationally, responsiveness and quality maintenance are paramount for retention. Reputation and reviews are also critical to drive exposure at a property. At ResProp, we're focusing on ensuring our online resident portals are user-friendly and maintaining high standards of customer service through our site teams. We also have set up specific workflows to review renewal and retention strategies across the different portfolios prioritizing service and experience to drive renewal conversions.

4. What strategies are you using to maintain or improve occupancy rates in a softening rental market? Our focus has shifted heavily towards retention and targeted marketing. Key strategies have included:

• Proactive Renewal Management: Engaging with residents well ahead of lease expiration, understanding their needs, and potentially offering tailored renewal incentives.
• Enhanced Customer Service: Ensuring our teams are highly responsive and effectively addressing resident concerns to improve satisfaction and reduce turnover.
• Concessions: We might offer targeted concessions strategically rather than broad, deep cuts, focusing on specific unit types or lease terms.
• Targeted Marketing: Focusing marketing spend on channels delivering the highest quality leads and emphasizing the specific value proposition of each property (location, amenities, service).
• Maintaining Curb Appeal & Amenities: Ensuring properties are well-maintained and amenities are fully functional makes a significant difference in attracting and retaining residents

5. How are you leveraging technology and AI to improve operational efficiency and reduce costs? We are employing AI chatbots and virtual assistants to handle initial inquiries, schedule tours 24/7, and pre-qualify leads, freeing up leasing staff for higher-value interactions. We’re using analytics platforms to monitor KPIs across our 18,000 units, identify trends (e.g., maintenance issues, leasing velocity), and review critical spend and invoicing trends across the portfolio. We’re also implementing automation for routine tasks like processing invoices, sending resident notifications, and managing work orders reduces manual effort and minimizes errors.

6. What challenges are you facing with rent collections, and have you adjusted your screening or leasing processes in response? Like many operators, we've seen some uptick in delinquency compared to the exceptionally low levels during the peak stimulus periods. The primary challenge is managing occasional resident hardships while ensuring consistent cash flow. While maintaining fair housing compliance, we continually review our screening criteria – income requirements, credit history parameters, and rental history verification – to ensure we're mitigating risk upfront. We've introduce an income verification tool to hedge against the increase in fraud, and have established a centralized application approval process that ensures rigorous adherence to our established criteria and thorough verification.

7. How are you handling vendor relationships and contract negotiations to control expenses and ensure high-quality services? ResProp manages vendor relationships and contract negotiations through a disciplined, data-driven approach. The core of our process is designed to maximize operational efficiencies while maintaining fiscal discipline. Our robust RFP process is the foundation by which our Procurement org functions, ensuring a competitive sourcing process and alignment with performance standards. We then use a combination of hosted catalogs and tailored service forms to ensure contract pricing is adhered to and actively track PO-to-invoice differentials to enforce compliance amongst all vendor agreements. This integrated strategy is the premise for controlling expenses and strengthening vendor relationships across our portfolio.

8. What was the best vacation you’ve ever been on? That's a tough one, but I'd have to say a trip my family took to the Bay Islands, HN earlier this year. It was the perfect blend of adventure – ocean diving for the first time to see coral reefs, zip-lining through their rainforest, seeing incredible wildlife – and relaxation on the coast. More importantly, it was fantastic quality time with my family, completely disconnected from the day-to-day. Spending time with my family is always memorable and rejuvenating.

1. How are interest rates impacting your acquisition strategy, and are you adjusting your underwriting criteria accordingly?

We continue to stay conservative in our underwriting with max 70% LTV and only use fixed-rate leverage. We had a few floating rate loans when the interest rates were at their lowest few years back, but now we see how fixed rates has rewarded us and we will only use those moving forward. Also, we are able to acquire mainly properties in our last Fund truly off market from distressed sellers (mainly due to floating rate loans and expirations) and believe we will continue doing that over the next 12 months as the market continues to correct.

2. What are your biggest concerns regarding rent growth and occupancy trends in the DFW market?

New supply remains elevated in DFW with a little over 30,000 units still under construction as of CoStar’s last report and thousands of units remain in lease up. The market as a whole has a vacancy of 11.5%, and so we see this continued absorption as the biggest headwind for rent growth and occupancy trends in DFW. Overall demographic and population fundamentals remain strong, so we anticipate that these headwinds will be short-lived.

3. Has supply peaked in the DFW market? Will the market stabilize in 2026?

The current number of units under construction is the lowest wince 2015 according to CoStar. We saw the new supply wave peak last year and expect the gap between supply and demand continuing to converge in 2025 and through 2026.

4. What trends are you seeing in tenant demand, and how are you positioning your properties to stay competitive in today's market?

Tenant demand varies market by market; overall, due to the supply-side pressures discussed, vacancy rates are currently elevated. However, we believe tenant demand remains strong, and vacancy will decline as the supply pipeline is absorbed. We use Yardi, market research reports from a variety of databases, and Rent Maximizer to validate and optimize our rates in each market daily.

5. What strategies are you using to maintain or improve occupancy rates in a softening rental market?

In order to maintain and improve occupancy rates in a softening rental market, we implement a variety of proactive strategies tailored to our assets on an individualized basis. On the pricing side, these strategies can consist of rental rate adjustments, concessions, and move-in specials. On the product offering side, we utilize a combination of interior and exterior improvements to ensure assets are as attractive, or more attractive, than competing product in the submarket. These improvements consist of both cosmetic (i.e. painting, landscaping, amenities) and foundational (i.e. asphalt replacement, new roofs) improvements. As mentioned previously, we also utilize a combination of pricing software, market research, and databases to guide decision making. We implement things like:

• Adding things to the community areas such as dog parks, soccer fields, etc. that make our communities feel more like home and not just like a place you lay your head down. Target families that tend to stay longer as renters.
• Also, staying competitive with competitor rents by constantly conducting comp surveys and research.

6. How are you leveraging technology and AI to improve operational efficiency and reduce costs?

We use Yardi and Rent Maximizer to monitor and align our rates daily in all our markets. Our online website also links to those tools and allows for rates to be reflected in real time on the individual property websites.

7. What challenges are you facing with rent collections, and have you adjusted your screening or leasing processes in response?

• Some markets such as Atlanta have high evictions and delinquencies. We increased background check process in the last two years to mitigate the risk of potential tenants that may not pay their rent or move out suddenly.
• This process eventually stabilizes as we have tenant turn over and renovations following each acquisition.

8. How are you handling vendor relationships and contract negotiations to control expenses and ensure high-quality services?

Since we focus on 5-6 select markets and have the MF niche only strategy, we can scale in many ways. We can use effective vendors frequently and many times receive discounts for the volume of services of goods we require. Our payment reputation is not tainted in any way, so vendors trust us that we will honor our agreements for future services as well. That and relationship building across multiple successful renovations also creates volume and further savings. Portfolio wide, we were able to also reduce large savings by getting an umbrella insurance policy, reducing our cost by 20% - even during the recent difficult industry environment.

9. How are submarkets outside of the metroplex positioned?

The markets that we focus on are near things like airports, stadiums, business parks, etc. (workforce target employers) but also have high growth demographics, proximity to schools and access to routes that lead to many blue/grey types of industries. The tenants in our communities are “stickier” because they create a community many times with families and are less likely to move due to financial constraints to enter Class A properties. In cities like Austin, we dealt some competition from Class A assets that were offering high concessions and tenants that usually fit into the Class B bucket were able to live in Class A due to the lower rents (nearly 20%) in the last couple of years when the annual rent was budgeted out. CBRE, Bloomberg, etc. have all recently reported however that absorption is up, and new construction is slowing down, which we believe will make the typical Class B rents come back to our style of properties. The garden style 150-350 units just outside of metros.

10. What was the best vacation you’ve ever been on?

I recently visited St. Barts with my family, and I was thinking about how the island’s history of demographic and economic shifts transformed it to the luxury tourist destination that it is today. Markets in the US that were completely off the radar at one point are highly sought after demographic shifts as well. We see a lot of migration to the Sun Belt states and believe that this will only continue.

1. How are interest rates impacting your acquisition strategy, and are you adjusting your underwriting criteria accordingly?

Of course, we are constantly recalibrating our underwriting to reflect current financing environment. Rising interest rates have reshaped our leverage assumptions—particularly around exit cap rates and debt coverage thresholds. In addition, we will always go into a deal underwriting for volatility. As sellers, we always want to know that the buyer has wiggle room to account for some interest rate movement at the last minute, so naturally as buyers, we do the same. Using this we have been able to close over the last few years on deals timely and at the contract price, whereas others had to back away or attempt to re-trade. We pride ourselves on closing.

2. What are your biggest concerns regarding rent growth and occupancy trends in the DFW market?
The volume of new deliveries in certain submarkets has introduced more volatility around rent growth, particularly where concessions are becoming more common. While the long-term trajectory for DFW is strong, we’re approaching forecasts cautiously and reinforcing resident engagement to preserve occupancy. Our teams are focused on building long-term loyalty through service, community, and consistent quality.

3. Has supply peaked in the DFW market? Will the market stabilize in 2026?
We believe supply is nearing its peak, with a significant number of units still expected to deliver through 2025. However, a noticeable slowdown in permitting and new starts suggests we’re entering a cooldown. If this trend continues—and interest rates begin to ease—we anticipate a more balanced environment emerging by 2026. Stabilization will come first in submarkets with limited future pipeline and continued job inflow, which DFW has in abundance.

4. What trends are you seeing in tenant demand, and how are you positioning your properties to stay competitive in today’s market?
Today’s renters are seeking more than just a unit—they want convenience, community, and a sense of care. We’re aligning with that by investing in technology that improves everyday living, prioritizing service consistency, and creating spaces that support connection and lifestyle. Competitive properties are those that combine functional excellence with hospitality-driven experience.

5. What strategies are you using to maintain or improve occupancy rates in a softening rental market?
We’re taking a proactive and personalized approach. Our teams monitor renewal patterns and resident feedback in real time, allowing us to intervene early with retention offers or service adjustments. On the leasing side, we’re refining marketing to speak directly to what residents care about most—flexibility, quality, and experience—and we’re backing it up on-site every day.

6. How are you leveraging technology and AI to improve operational efficiency and reduce costs?
Technology is helping us move faster and smarter. We’ve implemented AI for predictive maintenance, pricing recommendations, and service request triage, which reduces downtime and frees our teams to focus on resident needs. These tools help streamline decision-making and enhance consistency, especially across larger portfolios.

7. What challenges are you facing with rent collections, and have you adjusted your screening or leasing processes in response?
Rent collections remain stable overall, but we’ve seen localized pressure in economically vulnerable areas. We’ve refined our screening process to place more weight on income consistency and rental history, and we’re engaging residents earlier when payment issues arise. We also offer more flexible payment solutions and work with local assistance partners to help residents stay current thus supporting both stability and retention.

8. How are you handling vendor relationships and contract negotiations to control expenses and ensure high-quality services?
We’re being very intentional in our vendor strategy. That includes consolidating contracts across regions, tying renewals to measurable performance, and fostering long-term partnerships with vendors who share our standards. The goal is to create alignment and accountability, not just cost savings.

9. How are submarkets outside of the metroplex positioned?
Many of the outer-ring and tertiary markets are showing resilience—especially those with strong employment anchors and limited new supply. We see long-term opportunity in these areas, where demand is steady, and competition is less aggressive. These submarkets can offer a more balanced risk-return profile in a high-rate environment.

10. What was the best vacation you’ve ever been on?
That’s a tough one—I really believe in carving out time to recharge, and each trip has offered something unique. Hiking Huayna Picchu and staying above Machu Picchu was one of the most grounding experiences I’ve ever had. Carnival in Brazil was pure energy—completely unforgettable. And time spent in the Maldives and the Philippines gave me that rare stillness and beauty that lingers long after you return home.

10. What was the best vacation you’ve ever been on?
That’s a tough one—I really believe in carving out time to recharge, and each trip I take has offered something unique. Hiking Huayna Picchu and staying at the sanctuary above Machu Picchu was soul-restoring—having the site to myself gave me space to reflect and return recharged. Carnival in Rio was unforgettable—the energy at the Sambadrome was beyond compare. And the serene beauty of the Maldives and the Philippine islands offered a level of peace and natural splendor that was truly divine.