The Value of Value-Add

In this post-LSC Summit episode recorded in NYC, Craig McGrouther and I reflect on another successful investor event and dive deep into current market opportunities. We share behind-the-scenes insight on why our summit is designed to break even, the power of curated in-person networking, and the culture of accessibility that sets our events apart.

We break down why 1970s-80s vintage multifamily is becoming the sweet spot – institutional capital is chasing 2000s and newer assets while retail syndicators who dominated older stock have retreated after losses.

I explain how concessions persist in Class A despite predictions they'd burn off, while the "Goldilocks" 2005-vintage market is now overpriced.

The key insight: older assets in prime locations offer the best risk-adjusted returns if you have the operational expertise to handle deferred maintenance. We also dissect why traditional value-add strategies often fail when brokers pitch replacing perfectly good countertops.

Our contrarian view: the best time to spend CapEx is when nobody else wants to.

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