Podcasts about lone star capital

In this episode, Craig and I tackle the controversial topic of promote structures and fund manager compensation. We break down the double waterfall structure for fund managers and why projected compensation is never guaranteed.I share the framework for evaluating deal quality across four key factors: location, vintage, leverage, and business plan. We explain why chasing deals with sky-high projected returns often leads to disappointed fund managers earning zero when aggressive underwriting meets reality. We also emphasize that sustainable success comes from serving tenants and investors first, not chasing the highest projected compensation. Apply to attend the LSC Summit 2025:www.lscsummit.com Download our FREE Passive Investor Guide:https://www.lscre.com/content/passive-investor-guide Subscribe to our newsletter and get the FREE Underwriting Toolkit:https://www.lscre.com/resource/fof-underwriting-toolkitLearn more about Lone Star Capital:www.lscre.comFollow me on LinkedIn:https://www.linkedin.com/in/rob-beardsleyRead my latest articles:https://www.lscre.com/blog

In this episode, Craig McGrouther sits down with Hannah Wyatt, Lone Star Capital's Director of HR, who shares her remarkable journey from Executive Assistant to building our HR infrastructure. Hannah reveals how she absorbed HR operations when they brought everything in-house, creating systems that now support over 5,000 units across our portfolio. She breaks down their innovative hiring pipeline using AI-powered resume screening and Culture Index personality assessments to match candidates with the right roles. Hannah explains their unique position structure, including the Community Relations Representative role they created for highly sociable candidates who might not fit traditional property management positions. Her philosophy: "You're not just completing tasks, you're building solutions" that impact everyone in the organization.Learn more about Lone Star Capital at www.lscre.comApply to attend the LSC Summit 2025: www.lscsummit.com Get a FREE copy of the Passive Investor Guide:https://www.lscre.com/content/passive-investor-guide Subscribe to our newsletter and receive our FREE underwriting model package:https://www.lscre.com/resource/fof-underwriting-toolkit Follow Rob Beardsley:https://www.linkedin.com/in/rob-beardsley/ Read Rob's articles:https://www.lscre.com/blog 

In this episode of Fund Friday, Craig McGrouther interviews Sarah Miskelly, founder of Hylee Capital, who shares her inspiring journey from growing up in multifamily property management in Toronto to becoming a location-independent fund manager living between Costa Rica and Canada.Sarah reveals how real estate created lifestyle freedom for her family and why she pivoted from being a top-producing real estate broker to launching her own investment fund. She explains the disciplined due diligence process she uses today to vet institutional-grade deals and protect investor capital.You'll learn:• Why DSCR at 1.0 is a red flag• How she evaluates cap rate assumptions for risk• The power of private credit and diversification across multifamily, triple-net, and energy assets• How she built sustainable income beyond back-end equity• Candid advice for aspiring fund managers and capital raisersIf you're raising capital, evaluating deals, or designing a lifestyle around real estate investing, this episode is packed with actionable insight.Learn more about Lone Star Capital at www.lscre.comApply to attend the LSC Summit 2025: www.lscsummit.com Get a FREE copy of the Passive Investor Guide:https://www.lscre.com/content/passive-investor-guide Subscribe to our newsletter and receive our FREE underwriting model package:https://www.lscre.com/resource/fof-underwriting-toolkit Follow Rob Beardsley:https://www.linkedin.com/in/rob-beardsley/ Read Rob's articles:https://www.lscre.com/blog

In this milestone 100th episode, Craig McGrouther and I share an incredible news: Preserve at Copperleaf, a 240-unit, 2003-vintage apartment community Lone Star Capital acquired in May 2024, just closed on a hugely successful 45% cash out refinance! We acquired this property for $34M and it appraised at $53.7M, allowing investors to receive 45% of their investment back while the remaining equity continues earning 8% cash flow. We break down how we achieved this through strategic timing, tax exemptions, and securing a 7-year full-term interest-only Freddie Mac loan at 65% LTV. We also dive deep into our unique anniversary-based budgeting system that keeps us accountable year-round rather than scrambling during "budget season," plus how our operations team earns bonuses based on actual performance versus budget across revenue, R&M, payroll, and expenses.Apply to attend the LSC Summit 2025:www.lscsummit.com Download our FREE Passive Investor Guide:https://www.lscre.com/content/passive-investor-guide Subscribe to our newsletter and get the FREE Underwriting Toolkit:https://www.lscre.com/resource/fof-underwriting-toolkitLearn more about Lone Star Capital:www.lscre.comFollow me on LinkedIn:https://www.linkedin.com/in/rob-beardsleyRead my latest articles:https://www.lscre.com/blog 

In this episode, Craig McGrouther sits down with Scott Croul of George Smith Partners to discuss navigating the longest multifamily downturn in recent memory at 36 months and counting. Scott breaks down the current capital stack dynamics, revealing that preferred equity is now pricing at 12-14% with roughly 50% current pay, making it surprisingly competitive for sponsors. They dive into why bridge-to-bridge financing went from "bad word" to standard practice, and how sponsors are focusing on capital preservation rather than chasing returns. Scott also highlights the market bifurcation: institutional investors are flooding into 2000+ vintage properties with all-cash offers while pre-90s assets struggle to find any buyers. Despite the challenges, Scott sees light at the end of the tunnel with supply chains frozen and absorption remaining strong across major Texas markets.Learn more about Lone Star Capital at www.lscre.comApply to attend the LSC Summit 2025: www.lscsummit.comGet a FREE copy of the Passive Investor Guide:https://www.lscre.com/content/passive-investor-guideSubscribe to our newsletter and receive our FREE underwriting model package:https://www.lscre.com/resource/fof-underwriting-toolkit Follow Rob Beardsley:https://www.linkedin.com/in/rob-beardsley/ Read Rob's articles:https://www.lscre.com/blog 

In this Topical Tuesday episode, I spoke with Sam Morris who is a Partner at Lone Star Capital, where he oversees acquisitions, asset management, and investor relations. Be sure to tune in if you're interested in learning about: The HB 21 legislation and how it affects tax abatement strategies in Texas multifamily deals The difference between in-jurisdiction and out-of-jurisdiction HFCs, and why the “traveling HFC” model is under fire Key investor concerns like the new rent reduction test and the lack of a grandfather clause The potential legal and financial ripple effects of the law—including lender lawsuits and risk to affordable housing supply To your success, Tyler Lyons Resources mentioned in the episode: Sam Morris Website Email Interested in learning how to take your capital raising game to the next level? Meet us at Capital Raiser's Edge. Learn more here: https://raisingcapital.com/cre

There's a lot of noise in the commercial real estate space—but today's guest brings the kind of clarity that only comes from experience and execution.  Rob Beardsley is the Founder of Lone Star Capital, and in just a few years, he's built a portfolio of over $750 million in multifamily real estate. He's the author of two best-selling books on commercial real estate, a national speaker, and the host of The Lone Star Capital Podcast. Rob is known for breaking down complex topics like underwriting, equity and debt structuring, and institutional operations, making them accessible to investors at every level. He's here to share the strategies that have helped him scale, raise capital, and operate at a high level in today's shifting real estate landscape. Find out more: www.lscre.com Today's episode is brought to you by Green Property Management, managing everything from single family homes to apartment complexes in the West Michigan area. https://www.livegreenlocal.com And RCB & Associates, helping Michigan-based real estate investors and small business owners navigate the complex world of health insurance and Medicare benefits. https://www.rcbassociatesllc.com

In this Fund Friday episode, Craig McGrouther welcomes Pascal Wagner, founder of Grow Your Cashflow. Pascal shares his journey from managing a $150M venture capital fund at Techstars to becoming an LP investor with $250K+ in annual passive income across 23 investments. He reveals how his Venture Capital background shaped his investment thesis approach and why he shifted focus to debt funds in 2022, perfect timing to avoid the multifamily distress. Pascal breaks down his three pillar framework for LP success: having a clear investment plan, comparing deals with proper context not in isolation, and mastering due diligence with his 100 point checklist. Plus, he explains the "money pie" concept, how to balance investments between cash flow, equity growth, and tax benefits to build sustainable six figure passive income.Learn more about Lone Star Capital at www.lscre.comApply to attend the LSC Summit 2025: www.lscsummit.com Get a FREE copy of the Passive Investor Guide:https://www.lscre.com/content/passive-investor-guide Subscribe to our newsletter and receive our FREE underwriting model package:https://www.lscre.com/resource/fof-underwriting-toolkit Follow Rob Beardsley:https://www.linkedin.com/in/rob-beardsley/ Read Rob's articles:https://www.lscre.com/blog 

In this episode, Craig McGrouther sits down with Sawyer Zimmerman from our asset management team to discuss what really drives property performance in today's challenging market. Sawyer manages over 2,000 units across our portfolio and shares how we've revolutionized our hiring process using Culture Index assessments to find the right talent for each role. We dive into why curb appeal and maintenance teams are critical for resident retention, how our new community admin onboarding program reduces turnover, and why renewals (not new leases) are where you actually make money in multifamily. Sawyer also reveals how proper staffing can be more cost-effective than vendoring out services, and why having people "act like owners" makes all the difference in property performance. Learn more about Lone Star Capital at www.lscre.comApply to attend the LSC Summit 2025: www.lscsummit.com Get a FREE copy of the Passive Investor Guide:https://www.lscre.com/content/passive-investor-guide Subscribe to our newsletter and receive our FREE underwriting model package:https://www.lscre.com/resource/fof-underwriting-toolkit Follow Rob Beardsley:https://www.linkedin.com/in/rob-beardsley/ Read Rob's articles:https://www.lscre.com/blog

In today's RaiseMasters Radio episode, Adam is joined by Dasha Beardsley, author of Maximizing Wealth Through Syndicated 1031 Exchanges. They talk about her journey writing the book, why syndicated 1031s are still a hidden gem for many investors, and what it really takes to publish a high-value resource in today's AI-heavy world. Dasha also shares what Lone Star Capital is focused on right now and offers some insight into how RaiseMasters has helped her along the way. Tune in to hear how she turned an ebook idea into a true industry resource. Resources mentioned in the episode: Dasha Beardsley Book Interested in learning how to take your capital raising game to the next level? Meet us at Capital Raiser's Edge. Learn more here: https://raisingcapital.com/cre  

In this episode, Craig McGrouther is joined by Dasha Beardsley, Director of Investor Relations at Lone Star Capital, and Brandon Claisse from Tribevest, to walk through exactly how fund managers and capital allocators can raise capital alongside Lone Star through our fund-to-fund program.This episode is specifically for capital allocators and fund managers looking to raise $500K+ for our deals. We walk through the entire process from initial deal notification to fund creation in just 5-7 business days, including entity formation, bank accounts, offering docs, and ongoing administration costs. Dasha shares what marketing materials and support Lone Star provides, while Brandon details TriVest's streamlined "SPV in a box" solution that handles all the back-office work so you can focus on raising capital. Plus, congratulations to Dasha on completing her new book "Maximizing Wealth Through Syndicated 1031 Exchanges" available at maximizing1031.com!Learn more about Lone Star Capital at www.lscre.comApply to attend the LSC Summit 2025: www.lscsummit.com Get a FREE copy of the Passive Investor Guide:https://www.lscre.com/content/passive-investor-guide Subscribe to our newsletter and receive our FREE underwriting model package:https://www.lscre.com/resource/fof-underwriting-toolkit Follow Rob Beardsley:https://www.linkedin.com/in/rob-beardsley/ Read Rob's articles:https://www.lscre.com/blog

In this episode, Craig McGrouther sits down with Ellis Hammond, VP of Capital at Aspen Funds, fresh off our co-hosted mastermind in Austin. Ellis shares his unconventional journey from college pastor to raising $250M+ in equity and reveals why Aspen's oil and gas fund raised $60M in just 60 days while their industrial fund struggles at $4M.His key insight for fund managers: "The lifeblood of your business is 100% correlated to the cash flow you generate" - which is why smart sponsors are adding private credit funds paying 10-12% to create recurring revenue while building long-term wealth. Learn more about Lone Star Capital at www.lscre.com Apply to attend the LSC Summit 2025: www.lscsummit.com Get a FREE copy of the Passive Investor Guide:https://www.lscre.com/content/passive-investor-guide Subscribe to our newsletter and receive our FREE underwriting model package:https://www.lscre.com/resource/fof-underwriting-toolkit Follow Rob Beardsley:https://www.linkedin.com/in/rob-beardsley/Read Rob's articles:https://www.lscre.com/blog

Get free investing resources from Rob Beardsley and Lone Star Capital here: https://www.lscre.com/    

In this episode of the Lone Star Capital podcast, Craig McGrouther and I sit down with Sam Morris to discuss the significant positive shifts happening in the multifamily market after three challenging years. We reveal how our property insurance costs just dropped 32% at renewal, potentially adding millions in property value and increasing investor distributions by nearly 1%. We share exciting success stories from our portfolio, including record-breaking collections at multiple properties and Preserve at Copperleaf achieving an incredible 234 paid-up units out of 238 possible. Our conversation also explores why deal flow remains challenging in 2025 despite these improving fundamentals, with San Antonio seeing only six transactions in Q1 with an average property vintage of 1972, highlighting the persistent bid-ask spread gap in the market.Apply to attend the LSC Summit 2025:www.lscsummit.com Download our FREE Passive Investor Guide:https://www.lscre.com/content/passive-investor-guide Subscribe to our newsletter and get the FREE Underwriting Toolkit:https://www.lscre.com/resource/fof-underwriting-toolkitLearn more about Lone Star Capital:www.lscre.comFollow me on LinkedIn:https://www.linkedin.com/in/rob-beardsleyRead my latest articles:https://www.lscre.com/blog

In this episode of the Fund Friday podcast, hosts Craig McGrouther and Joe Pistorius dive into the critical role of asset management in multifamily. Joe shares insights from managing over 2,500 units across 11 properties, revealing how different property vintages require different levels of care and why having the right on-site teams can make or break a property's performance. The conversation explores innovative approaches to team structure, including creating separate career tracks for sales-focused leasing agents versus operations-focused managers, and how Lone Star's unique "paid-up unit" bonus structure drives both collections and retention. They also discusses how LSC is leveraging social media platforms like TikTok for leasing, moving beyond traditional apartment listing sites to meet the next generation of renters where they are.Apply to attend the LSC Summit 2025:www.lscsummit.comDownload our FREE Passive Investor Guide:https://www.lscre.com/content/passive-investor-guide Subscribe to our newsletter and get the FREE Underwriting Toolkit:https://www.lscre.com/resource/fof-underwriting-toolkitLearn more about Lone Star Capital:www.lscre.comFollow me on LinkedIn:https://www.linkedin.com/in/rob-beardsleyRead my latest articles:https://www.lscre.com/blog 

In this episode of the Lone Star Capital podcast, Craig McGrouther and I sit down with Sam Morris, Partner at Lone Star Capital to discuss the impact of Texas HB21 on property tax exemptions and affordable housing deals. We explore how this new law eliminates "traveling HFC" tax exemptions by 2027 without grandfather clauses, potentially devastating many operators who relied on these structures. The conversation reveals why operators used out-of-jurisdiction housing authorities as lifelines during tough market conditions, what options remain for affected properties, and how Lone Star Capital's strategy of working exclusively with local jurisdictions protects our 13 tax-exempt properties from impact. Sam also shares insights from his recent NYC office visit, highlighting our team's strength and culture.Apply to attend the LSC Summit 2025:www.lscsummit.com Download our FREE Passive Investor Guide:https://www.lscre.com/content/passive-investor-guide Subscribe to our newsletter and get the FREE Underwriting Toolkit:https://www.lscre.com/resource/fof-underwriting-toolkitLearn more about Lone Star Capital:www.lscre.comFollow me on LinkedIn:https://www.linkedin.com/in/rob-beardsleyRead my latest articles:https://www.lscre.com/blog 

In this episode of the Fund Friday, Craig McGrouther and Sam Morris outline what it really takes to raise capital consistently in today's market. They break down the exact system that helped close over $100 million in equity, including how they build trust, set expectations, and stay committed to investor relationships for the long haul. This isn't about flashy pitches — it's about clear communication, repeatability, and long-term partnership. Learn more about Lone Star Capital at www.lscre.com Apply to attend the LSC Summit 2025: www.lscsummit.com Get a FREE copy of the Passive Investor Guide:https://www.lscre.com/content/passive-investor-guide Subscribe to our newsletter and receive our FREE underwriting model package:https://www.lscre.com/resource/fof-underwriting-toolkit Follow Rob Beardsley:https://www.linkedin.com/in/rob-beardsley/Read Rob's articles:https://www.lscre.com/blog 

Rob Beardsley didn't flip houses. He didn't save up for years. Instead, he went straight from college to commercial real estate—and scaled to $750M in acquisitions in just seven years. In this episode, Rob breaks down how he used partnerships, mindset, and relentless focus to overcome limited capital, lack of experience, and a steep learning curve. You'll learn what it really takes to scale a multifamily business from zero, how to raise capital without a track record, and why operating in today's market is the ultimate advantage. If you're serious about building a business—not just doing deals—this is a can't-miss episode.Key TakeawaysFrom College Kid to $750M OperatorWhy Rob skipped flipping and went straight to syndicationsHow growing up in a struggling real estate household shaped his long-term mindsetWhat triggered his obsession with scaling—before he ever bought a dealHow to Raise Capital Without a Track RecordWhy being naïve can actually help early investors take actionThe moment Rob realized capital raising is sales and marketingHow he overcame his fear of “selling” and built a system for trust and credibilityThe Power of Partnerships in MultifamilyWhy going it alone almost never works—and what to do insteadHow Rob structured his first deals with more experienced partnersThe myth of “less equity” when you partner—and how the pie gets biggerWhat Most Investors Get Wrong About ScalingThe difference between doing deals and building a real businessHow Rob built Lone Star Capital from a two-man shop to a vertically integrated firmThe right first hire if you want to get out of spreadsheets and growLessons from $750M in Deals (and What Rob Would Do Differently)The #1 thing he wishes he knew before his first dealWhy he avoids C-class properties despite their “better returns” on paperHow less leverage and better locations create more stability—and scaleWhat It Takes to Succeed in Today's MarketWhy flat or down markets are the ultimate test of operational excellenceHow Rob stayed active—even without new acquisitions—by doubling down on systems and teamThe creative strategies he uses to stay top-of-mind with investors between dealsConnect with Robhttps://lscre.com/ Connect with MichaelFacebookInstagramYouTubeTikTokResourcesTheFreedomPodcast.com Access the #1 FREE Apartment Investing Course (Apartments 101)Schedule a Free Strategy Session with Michael's Team of AdvisorsExplore Michael's Mentoring ProgramJoin the Nighthawk Equity Investor Club

In this episode of the Lone Star Capital Podcast, Craig McGrouther and I dive into what's really happening in the Austin multifamily market and why investors shouldn't be scared off by the headlines.We break down how recent pressure from tech layoffs and new development is creating pricing dislocation and why that could mean opportunity for long-term buyers. Drawing from what we've seen in other post-correction markets like San Francisco and New York, we discuss why Austin's strong fundamentals and job growth could make now a smart entry point.If you're serious about understanding the real story behind the numbers, this conversation is worth your time.Apply to attend the LSC Summit 2025:www.lscsummit.comDownload our FREE Passive Investor Guide:https://www.lscre.com/content/passive-investor-guideSubscribe to our newsletter and get the FREE Underwriting Toolkit:https://www.lscre.com/resource/fof-underwriting-toolkitLearn more about Lone Star Capital:www.lscre.comFollow me on LinkedIn:https://www.linkedin.com/in/rob-beardsleyRead my latest articles:https://www.lscre.com/blog

In this Fund Friday episode, Craig McGrouther interviews Dasha Beardsley, Director of Investor Relations at Lone Star Capital and now author of Maximizing Wealth through Syndicated 1031 Exchanges. They dive into how passive investors can use 1031 exchanges to defer taxes, scale into larger deals, and preserve wealth across generations.Dasha shares why many experienced real estate investors still don't know they can 1031 into syndications — and how Lone Star's structure makes this accessible and efficient. They also highlight key differences between syndicated exchanges and DSTs, the legal process behind a successful exchange, and what sets Lone Star apart as a long-term partner for rolling equity.Plus, hear how this year's LSC Summit is evolving to provide an even more curated, high-value networking experience for serious investors and sponsors alike.Check it out now at Maximizing1031.com to learn more.Learn more about Lone Star Capital at www.lscre.com.Apply to attend the LSC Summit 2025: www.lscsummit.com Get a FREE copy of the Passive Investor Guide:https://www.lscre.com/content/passive-investor-guide Subscribe to our newsletter and receive our FREE underwriting model package:https://www.lscre.com/resource/fof-underwriting-toolkit Follow Rob Beardsley:https://www.linkedin.com/in/rob-beardsley/Read Rob's articles:https://www.lscre.com/blog

Is real estate still the best investment vehicle in today's market? Rob Beardsley and Craig McGrouther break it all down in this data-driven episode.In this episode of the Lone Star Capital Podcast, Rob Beardsley and Craig McGrouther go deep into real estate fundamentals, compare the risk-adjusted performance of multifamily investing to the S&P 500, and explain why overleveraging can turn a good deal into a bad one.Using real numbers and a simple spreadsheet model, Rob walks through how cap rates, closing costs, recurring CapEx, and volatility all impact actual investor returns. The duo also explores Sharpe ratios, the myth of safety in stocks, and why long-term, disciplined real estate investing still wins—if done correctly.This is a must-listen episode for investors trying to understand how to think clearly about return, risk, and the long-term power of real estate.Apply to attend the LSC Summit 2025:www.lscsummit.comDownload our FREE Passive Investor Guide:https://www.lscre.com/content/passive-investor-guideSubscribe to our newsletter and get the FREE Underwriting Toolkit:https://www.lscre.com/resource/fof-underwriting-toolkitLearn more about Lone Star Capital:www.lscre.comFollow Rob Beardsley on LinkedIn:https://www.linkedin.com/in/rob-beardsleyRead Rob's articles:https://www.lscre.com/blog 

In this episode of Fund Friday, Craig McGrouther interviews Igor Shaltanov, founder of Avista Fund, who shares his unique journey from Russia to the United States and his evolution into real estate investing. Igor discusses his early experiences with real estate in Russia, the challenges he faced upon moving to America, and the lessons learned in property management and alternative investing. The conversation highlights the importance of mindset, the immigrant experience, and the transition to syndication as a means of achieving passive income. Igor discusses the misconceptions surrounding passive real estate investing, emphasizing that it often requires active management and strategic decision-making. He shares insights on the importance of team dynamics in investment success, the challenges of navigating market fluctuations, and the value of a long-term investment mindset. Igor advocates for a consistent investment approach and highlights the necessity of understanding market fundamentals to achieve success in real estate.Learn more about Lone Star Capital at www.lscre.com Apply to attend the LSC Summit 2025: www.lscsummit.com Get a FREE copy of the Passive Investor Guide:https://www.lscre.com/content/passive-investor-guide Subscribe to our newsletter and receive our FREE underwriting model package:https://www.lscre.com/resource/fof-underwriting-toolkit Follow Rob Beardsley:https://www.linkedin.com/in/rob-beardsley/Read Rob's articles:https://www.lscre.com/blog 

In this episode of the Lone Star Capital podcast, Todd Beardsley joins us to dive into the importance of procurement, networking, and strategic purchasing. We discuss how adopting the right mindset for effective procurement can make a significant impact, as well as the value of leveraging scale in purchasing decisions.The conversation also covers managing contractor relationships and the role of inventory management in maximizing investment returns. We explore key aspects of property management, including HVAC repairs, the impact of tariffs on property values, and the challenges posed by renovation costs. Additionally, we discuss the ongoing debate between roof repairs and replacements, the complexities of supply chains, and innovative procurement strategies to help save costs. Finally, we highlight the benefits of managing repairs in-house to improve efficiency and save on expenses.Learn more about Lone Star Capital at www.lscre.com.Apply to attend the LSC Summit 2025: www.lscsummit.com Get a FREE copy of the Passive Investor Guide:https://www.lscre.com/content/passive-investor-guide Subscribe to our newsletter and receive our FREE underwriting model package:https://www.lscre.com/resource/fof-underwriting-toolkit Follow Rob Beardsley:https://www.linkedin.com/in/rob-beardsley/Read Rob's articles:https://www.lscre.com/blog 

In this episode, Chris Davis, founder of Davis Capital Partners, shares his journey from the mortgage industry to multifamily real estate investing. He discusses the evolution of the mortgage industry, the impact of the Great Recession, and the lessons learned from his experiences in real estate. Chris emphasizes the importance of cash flow in investments, the appeal of multifamily properties, and the growth potential in Northwest Arkansas. He also provides insights on diversification in real estate, finding the right partners, and offers advice for aspiring investors.Learn more about Lone Star Capital at www.lscre.com Apply to attend the LSC Summit 2025: www.lscsummit.com Get a FREE copy of the Passive Investor Guide:https://www.lscre.com/content/passive-investor-guide Subscribe to our newsletter and receive our FREE underwriting model package:https://www.lscre.com/resource/fof-underwriting-toolkit Follow Rob Beardsley:https://www.linkedin.com/in/rob-beardsley/Read Rob's articles:https://www.lscre.com/blog 

Thank you to everyone who joined us at LSC Summit West! It was great to have you there, and we truly appreciate the time you spent with us.In this video, I share Lone Star Capital's long-term vision. I know long-term planning can feel abstract when there are so many immediate concerns—quarterly reports, near-term acquisitions, year-end goals but I think it's important to understand the direction we're moving in. Over the next 20–25 years, our goal is to build a $5 billion portfolio across 50 properties. Not just properties, we're talking about high-quality assets in locations so good, and in such strong condition that we'd be proud to live in them ourselves.That's the bar we're setting.We're not focused on growth for growth's sake. Instead, we're committed to building something sustainable and resilient.Check it out now at Maximizing1031.com to learn more.Learn more about Lone Star Capital at www.lscre.com.Apply to attend the LSC Summit 2025: www.lscsummit.com Get a FREE copy of the Passive Investor Guide:https://www.lscre.com/content/passive-investor-guide Subscribe to our newsletter and receive our FREE underwriting model package:https://www.lscre.com/resource/fof-underwriting-toolkit Follow Rob Beardsley:https://www.linkedin.com/in/rob-beardsley/Read Rob's articles:https://www.lscre.com/blog

In this episode of the Lone Star Capital podcast, hosts Rob Beardsley and Craig McGrother discuss the intricacies of 1031 exchanges with Dasha Beardsley, author of Maximizing Wealth through Synidcated 1031 Exchanges. We explore the benefits of 1031 exchanges, the mechanics involved, and the various structures available for investors. The conversation highlights the importance of planning, the role of qualified intermediaries, and the potential for tax deferral and wealth compounding through real estate investments. Real-life success stories and common misconceptions are also addressed, providing listeners with valuable insights into maximizing their investment strategies.Check it out now at Maximizing1031.com to learn more.Learn more about Lone Star Capital at www.lscre.com.Apply to attend the LSC Summit 2025: www.lscsummit.com Get a FREE copy of the Passive Investor Guide:https://www.lscre.com/content/passive-investor-guide Subscribe to our newsletter and receive our FREE underwriting model package:https://www.lscre.com/resource/fof-underwriting-toolkit Follow Rob Beardsley:https://www.linkedin.com/in/rob-beardsley/Read Rob's articles:https://www.lscre.com/blog

In this episode, Craig McGrouther interviews Gerrit Van Maanen, co-founder of Playground and a key figure in the self-storage industry. He discusses the importance of retail capital in real estate, the challenges and opportunities in self-storage, and introduces his new venture focusing on garage condos. The conversation highlights the evolution of the self-storage market and the innovative approach Gerrit is taking with Playground. Craig McGrouther and Gerrit Van Maanen delve into the intricacies of condo development, the importance of pre-sales in de-risking investments, and the unique challenges of navigating niche markets in real estate. They discuss their innovative approach to investment strategies, focusing on minimizing development risks for LPs, and outline their future plans for expansion into rental models. Learn more about Lone Star Capital at www.lscre.com Apply to attend the LSC Summit 2025: www.lscsummit.com Get a FREE copy of the Passive Investor Guide:https://www.lscre.com/content/passive-investor-guide Subscribe to our newsletter and receive our FREE underwriting model package:https://www.lscre.com/resource/fof-underwriting-toolkit Follow Rob Beardsley:https://www.linkedin.com/in/rob-beardsley/Read Rob's articles:https://www.lscre.com/blog 

We're excited to officially launch Maximizing Wealth Through Syndicated 1031 Exchanges, the new book authored by Dasha Beardsley! At Lone Star Capital, 1031 exchanges are a significant part of our business. To date, we have facilitated over $60 million in 1031 exchange transactions, helping investors successfully roll their equity into multifamily real estate deals. In the book, Dasha outlines how Lone Star Capital structures acquisitions, debt, and equity, providing readers with insights into how we manage 1031 exchanges in our transactions. Our goal is to make the process as efficient and transparent as possible for our exchange investors.Check it out now at Maximizing1031.com to learn more.Learn more about Lone Star Capital at www.lscre.com Apply to attend the LSC Summit 2025: www.lscsummit.com Get a FREE copy of the Passive Investor Guide:https://www.lscre.com/content/passive-investor-guide Subscribe to our newsletter and receive our FREE underwriting model package:https://www.lscre.com/resource/fof-underwriting-toolkit Follow Rob Beardsley:https://www.linkedin.com/in/rob-beardsley/Read Rob's articles:https://www.lscre.com/blog 

In this episode, Brad Oliver, Director of Acquisitions, joins us to discuss the current state of the real estate market, highlighting both challenges and opportunities in key markets like Houston and DFW. We dive into the concept of scarcity premiums, the importance of location, and how debt structures impact investment decisions. Brad also shares insights on investor psychology and market sentiment, stressing the need for a contrarian approach in today's volatile environment.We also explore the challenges facing the market, such as foreclosures, and the importance of understanding investment risks. The discussion highlights positive trends in Houston, especially regarding rental growth and income, and covers how adapting debt strategies can enhance cash flow. We wrap up by emphasizing the significance of preserving capital through smart leverage decisions, reminding investors to stay cautious and informed as they navigate the market.Learn more about Lone Star Capital at www.lscre.com Apply to attend the LSC Summit 2025: www.lscsummit.com Get a FREE copy of the Passive Investor Guide:https://www.lscre.com/content/passive-investor-guide Subscribe to our newsletter and receive our FREE underwriting model package:https://www.lscre.com/resource/fof-underwriting-toolkit Follow Rob Beardsley:https://www.linkedin.com/in/rob-beardsley/Read Rob's articles:https://www.lscre.com/blog

In this episode, Craig McGrouther interviews Suja Shyam, founder of Luxe Capital. Suja discusses her transformative 18-month travel experience, the importance of valuing time and freedom, and her transition from institutional finance to private capital raising. She emphasizes the significance of taking risks, understanding value in investments, and the unique strategies that set her apart in the competitive real estate market. In this conversation, Craig McGrouther and Suja Shyam discuss various aspects of real estate investment, including the impact of property tax exemptions, overcoming limiting beliefs, the importance of self-confidence, adapting investment strategies in a changing market, and exploring private equity opportunities. Learn more about Lone Star Capital at www.lscre.com Apply to attend the LSC Summit 2025: www.lscsummit.com Get a FREE copy of the Passive Investor Guide:https://www.lscre.com/content/passive-investor-guide Subscribe to our newsletter and receive our FREE underwriting model package:https://www.lscre.com/resource/fof-underwriting-toolkit Follow Rob Beardsley:https://www.linkedin.com/in/rob-beardsley/Read Rob's articles:https://www.lscre.com/blog 

Join Craig McGrouther, Sam Morris, and myself on this episode of the Lone Star Capital podcast, where we discuss the latest market trends, upcoming events, and debt strategies. We tackle the challenges of market volatility and fluctuating interest rates, while also considering the opportunities presented by floating-rate debt. Additionally, we cover how job growth in Houston is driving economic expansion and impacting future developments.Learn more about Lone Star Capital at www.lscre.com Apply to attend the LSC Summit 2025: www.lscsummit.com Get a FREE copy of the Passive Investor Guide:https://www.lscre.com/content/passive-investor-guide Subscribe to our newsletter and receive our FREE underwriting model package:https://www.lscre.com/resource/fof-underwriting-toolkit Follow Rob Beardsley:https://www.linkedin.com/in/rob-beardsley/Read Rob's articles:https://www.lscre.com/blog 

In this episode, Jeff Ervick takes us through his transition from a successful career in tech sales to becoming a managing partner at Valoris Capital Partners, where he now focuses on real estate investments. He shares his insights on the importance of building authentic relationships in business, the challenges of scaling single-family rental properties, and the diverse investment strategies his company employs, including value-add multifamily projects and industrial developments.Jeff Ervick and Craig McGrouther dive into the significance of timing in investments and stresses the need for multiple income streams to achieve financial stability. They also discusses the current challenges facing the multifamily market, the opportunities in industrial real estate, and the complexities of the development process.Learn more about Lone Star Capital at www.lscre.com Apply to attend the LSC Summit 2025: www.lscsummit.com Get a FREE copy of the Passive Investor Guide:https://www.lscre.com/content/passive-investor-guide Subscribe to our newsletter and receive our FREE underwriting model package:https://www.lscre.com/resource/fof-underwriting-toolkit Follow Rob Beardsley:https://www.linkedin.com/in/rob-beardsley/Read Rob's articles:https://www.lscre.com/blog 

When interest rates rise and fall, do you have a strategy to stay ahead?In today's unpredictable real estate market, being able to adjust to changing interest rates is more important than ever. While many investors avoid floating rates, our flexibility helps us grab opportunities others might miss. We can shift strategies when needed, which not only helps our investors but also gives sellers the confidence to move forward.When the market is unstable, being flexible is what helps us close deals and make the most of every opportunity. Learn more about Lone Star Capital at www.lscre.com Apply to attend the LSC Summit 2025: www.lscsummit.com Get a FREE copy of the Passive Investor Guide:https://www.lscre.com/content/passive-investor-guide Subscribe to our newsletter and receive our FREE underwriting model package:https://www.lscre.com/resource/fof-underwriting-toolkit Follow Rob Beardsley:https://www.linkedin.com/in/rob-beardsley/Read Rob's articles:https://www.lscre.com/blog 

In this episode of the Lone Star Capital podcast, Craig McGrouther and I discuss the volatile state of the market, its implications for investors, and strategies for navigating these turbulent times. We explore the significance of Price to Earnings (PE) ratios in assessing market valuation, the challenges posed by fluctuating interest rates, and the potential for a recession. The conversation emphasizes the importance of relationships in the investment landscape and the need for prudent decision-making to ensure investor confidence and security.Learn more about Lone Star Capital at www.lscre.com Apply to attend the LSC Summit 2025: www.lscsummit.com Get a FREE copy of the Passive Investor Guide:https://www.lscre.com/content/passive-investor-guide Subscribe to our newsletter and receive our FREE underwriting model package:https://www.lscre.com/resource/fof-underwriting-toolkit Follow Rob Beardsley:https://www.linkedin.com/in/rob-beardsley/Read Rob's articles:https://www.lscre.com/blog 

In this episode, Craig McGrouther and Sam Morris share key insights for fund managers and LPs in real estate investing. They discuss how to save time in deal evaluation by focusing on four key areas: alignment, sponsor evaluation, structure, and the deal itself. The conversation emphasizes the importance of understanding your investment thesis, the role of the sponsor, transparency, and building long-term relationships.Learn more about Lone Star Capital at www.lscre.com Apply to attend the LSC Summit 2025: www.lscsummit.com Get a FREE copy of the Passive Investor Guide:https://www.lscre.com/content/passive-investor-guide Subscribe to our newsletter and receive our FREE underwriting model package:https://www.lscre.com/resource/fof-underwriting-toolkit Follow Rob Beardsley:https://www.linkedin.com/in/rob-beardsley/Read Rob's articles:https://www.lscre.com/blog

Curious about how we report monthly and quarterly to our investors? Today, I will share how we structure these updates and why we focus on certain metrics over others. At Lone Star Capital, we believe in providing transparent, insightful reporting, and this is a key part of how we communicate with our investors.Learn more about Lone Star Capital at www.lscre.com Get a FREE copy of the Passive Investor Guide:https://www.lscre.com/content/passive-investor-guide Subscribe to our newsletter and receive our FREE underwriting model package:https://www.lscre.com/resource/fof-underwriting-toolkit Follow Rob Beardsley:https://www.linkedin.com/in/rob-beardsley/Read Rob's articles:https://www.lscre.com/blog

In this episode, Craig McGrouther and I discuss the details of the upcoming Lone Star Capital Summit, giving you an inside look at the event's structure, featured keynote speakers, and top-tier networking opportunities.We also share our vision for the future of Lone Star Capital, how we're planning to expand our portfolio and evolve our investment strategy in the multifamily real estate space. Plus, we touch on current market conditions and why downturns can be a smart time to invest.If you're looking to gain insights on the multifamily market and learn about the latest trends, this episode is packed with valuable takeaways. Don't miss out on what's to come for Lone Star Capital and the real estate industry!Learn more about Lone Star Capital at www.lscre.com Get a FREE copy of the Passive Investor Guide:https://www.lscre.com/content/passive-investor-guide Subscribe to our newsletter and receive our FREE underwriting model package:https://www.lscre.com/resource/fof-underwriting-toolkit Follow Rob Beardsley:https://www.linkedin.com/in/rob-beardsley/Read Rob's articles:https://www.lscre.com/blog 

In this episode, Craig McGrouther interviews Paul Herbes from Equity Institutional Services, discussing the intricacies of self-directed IRAs and their role in alternative investments like syndications. Paul shares his background, the process of investing through self-directed IRAs, common misconceptions about taxes, and the competitive advantages of their services. The conversation also covers important topics such as 1031 exchanges, prohibited transactions, and the benefits of Roth IRAs, providing listeners with a comprehensive understanding of how to optimize their retirement funds.Learn more about Lone Star Capital at www.lscre.com Get a FREE copy of the Passive Investor Guide:https://www.lscre.com/content/passive-investor-guide Subscribe to our newsletter and receive our FREE underwriting model package:https://www.lscre.com/resource/fof-underwriting-toolkit Follow Rob Beardsley:https://www.linkedin.com/in/rob-beardsley/https://www.facebook.com/RobBeardsleyLSC/Read Rob's articles:https://www.lscre.com/blog 

"Buy when there's blood in the streets. Be greedy when others are fearful."We've all heard these sayings, but living through a full market cycle proves just how tough they are to follow.Take Peter Lynch's Magellan Fund as an example. Despite delivering legendary 28% annual returns from 1977 to 1990, the average investor in the fund actually lost money. Why? Because they chased performance, jumping in when returns were soaring and pulling out when markets dipped.The same pattern plays out in real estate, stocks, and crypto. When markets boom, everyone wants in. When prices drop, fear takes over, and people sit on the sidelines or sell at a loss. Wealth is built by those who stay consistent, investing through all phases of the cycle, not just when it feels good.We do not know exactly where we are in the cycle today, but one thing is certain. When pessimism is high, opportunities are everywhere. Learn more about Lone Star Capital at www.lscre.com Get a FREE copy of the Passive Investor Guide:https://www.lscre.com/content/passive-investor-guide Subscribe to our newsletter and receive our FREE underwriting model package:https://www.lscre.com/resource/fof-underwriting-toolkit Follow Rob Beardsley:https://www.linkedin.com/in/rob-beardsley/https://www.facebook.com/RobBeardsleyLSC/Read Rob's articles:https://www.lscre.com/blog

In this episode of the Lone Star Capital podcast, Craig McGrouther and I dive into the excitement surrounding the upcoming LSC Summit! We break down the fresh new format, highlight some of the powerhouse speakers, and share what attendees can expect.We also explore the crucial role of talent and compensation in the investment industry, the real impact of profit splits, and why critical thinking is essential in every investment decision.Learn more about Lone Star Capital at www.lscre.com Get a FREE copy of the Passive Investor Guide:https://www.lscre.com/content/passive-investor-guide Subscribe to our newsletter and receive our FREE underwriting model package:https://www.lscre.com/resource/fof-underwriting-toolkit Follow Rob Beardsley:https://www.linkedin.com/in/rob-beardsley/Read Rob's articles:https://www.lscre.com/blog

In this conversation, Craig McGrouther interviews Joseph Woodbury, the CEO and founder of Neighbor, a unique storage and parking marketplace. Joseph shares his journey from a traditional career in finance to entrepreneurship, detailing how Neighbor allows homeowners to rent out extra space for storage and parking. The discussion covers the vetting process for hosts, the flexibility of rental durations, and how property operators can maximize revenue through ancillary income. Joseph also highlights the potential for capital improvements and the growing demand for storage solutions in the real estate market. Joseph Woodbury discusses the current state of the self-storage industry, emphasizing its resilience and low distress rates compared to other real estate sectors. He highlights the importance of innovative strategies for property monetization and the need for property owners to adapt creatively to market changes. Craig and Joseph also cover the impact of rising interest rates and economic cycles on real estate investments, as well as insights into the venture capital landscape and the growth strategies for his company, Neighbor.Learn more about Lone Star Capital at www.lscre.com Get a FREE copy of the Passive Investor Guide:https://www.lscre.com/content/passive-investor-guide Subscribe to our newsletter and receive our FREE underwriting model package:https://www.lscre.com/resource/fof-underwriting-toolkit Follow Rob Beardsley:https://www.linkedin.com/in/rob-beardsley/https://www.facebook.com/RobBeardsleyLSC/Read Rob's articles:https://www.lscre.com/blog

One of the most fundamental principles of investing is the relationship between risk and return. At its core, this concept suggests a positive correlation: the more risk you take, the more return you can potentially make. However, the key word here is can—because returns are never guaranteed. Greater risk doesn't just mean the possibility of greater rewards; it also means a greater dispersion of outcomes, including the potential for losses.In this video, I discuss how this risk-return dynamic applies not only to evaluating investments but also to fund managers raising capital. I break down why fund managers must think like investors, not just brokers, and how their compensation, reputation, and investor relationships are all on the line with every deal they take on.Learn more about Lone Star Capital at www.lscre.com Get a FREE copy of the Passive Investor Guide:https://www.lscre.com/content/passive-investor-guide Subscribe to our newsletter and receive our FREE underwriting model package:https://www.lscre.com/resource/fof-underwriting-toolkit Follow Rob Beardsley:https://www.linkedin.com/in/rob-beardsley/https://www.facebook.com/RobBeardsleyLSC/Read Rob's articles:https://www.lscre.com/blog

Prices on most value-add workforce class B and C multifamily properties are too high to execute successful business plans. Construction costs have escalated and obtaining higher rents is not a certainty as renters are being squeezed by inflation. Rob Beardsley, Founder and Principal of Lone Star Capital, started with workforce value-add multifamily, but has pivoted to affordable housing with mostly later vintage properties. Rob partners with non-profit entities, including municipalities, to receive tax abatements in exchange for protected rents for tenants. As a result, he's able to generate aggressive investor returns while providing much-needed affordable housing. 

In this episode of the Lone Star Capital podcast, Craig McGrouther and I discuss our experiences at the Best Ever Conference, insights on market trends, investor psychology, and the current economic landscape. We emphasize the importance of understanding market cycles, the resilience of multifamily investments, and the need for investors to adjust their expectations in light of current conditions.Learn more about Lone Star Capital at www.lscre.com Get a FREE copy of the Passive Investor Guide:https://www.lscre.com/content/passive-investor-guide Subscribe to our newsletter and receive our FREE underwriting model package:https://www.lscre.com/resource/fof-underwriting-toolkit Follow Rob Beardsley:https://www.linkedin.com/in/rob-beardsley/Read Rob's articles:https://www.lscre.com/blog 

In today's RaiseMasters Radio episode, I sit down with Craig McGrouther of Lone Star Capital to dive into the evolving world of capital raising. We discuss the key differences between retail and institutional investors, how to fast-track relationships with family offices, and why fund managers might have the upper hand in today's market. Craig shares his journey into real estate, insights on building strategic connections, and why syndication could be the smarter play over chasing institutional capital. Don't miss this one! Resources mentioned in the episode: Craig McGrouther LinkedIn Interested in learning how to take your capital raising game to the next level? Meet us at Capital Raiser's Edge. Learn more here: https://raisingcapital.com/cre

In this episode, Craig McGrouther interviews Garrett Nondorf from Flagship Capital, discussing his career journey, the unique operations of Flagship Capital, and their investment strategies. They explore the challenges and opportunities in the current real estate market, particularly focusing on debt and equity funding, and the importance of strong property management in secondary and tertiary markets. In this conversation, Craig McGrouther and Garrett Nondorf discuss the current state of the real estate market, focusing on investment strategies, deal flow, and the dynamics of institutional investing. The discussion also touches on future market outlooks and the criteria for identifying ideal investment opportunities.Learn more about Lone Star Capital at www.lscre.com Get a FREE copy of the Passive Investor Guide:https://www.lscre.com/content/passive-investor-guide Subscribe to our newsletter and receive our FREE underwriting model package:https://www.lscre.com/resource/fof-underwriting-toolkit Follow Rob Beardsley:https://www.linkedin.com/in/rob-beardsley/https://www.facebook.com/RobBeardsleyLSC/Read Rob's articles:https://www.lscre.com/blog

In this episode, we are joined by Sam Morris, Partner at Lone Star Capital to talk about the Houston real estate market - how it's grown, why people are moving there, and what makes it a great place to invest. Our discussion covers how Houston evolved from an oil-dependent economy to a diverse, thriving hub with a strong corporate presence and a unique cultural landscape. We analyze supply and demand trends, highlight the city's resilience against weather risks, and pinpoint strategic investment areas, particularly in suburban neighborhoods with top-tier schools. Plus, we break down our approach to affordable housing and property tax optimization. Learn more about Lone Star Capital at www.lscre.com Get a FREE copy of the Passive Investor Guide:https://www.lscre.com/content/passive-investor-guide Subscribe to our newsletter and receive our FREE underwriting model package:https://www.lscre.com/resource/fof-underwriting-toolkit Follow Rob Beardsley:https://www.linkedin.com/in/rob-beardsley/https://www.facebook.com/RobBeardsleyLSC/Read Rob's articles:https://www.lscre.com/blog 

In this episode, Craig McGrouther interviews Luis Frias, a real estate professional based in San Antonio, who shares his journey from being a licensed real estate agent to becoming a multifamily investor and owner-operator. They discuss the current state of the real estate market in Texas, focusing on the challenges and opportunities in cities like Austin, Dallas, Houston, and San Antonio. Luis emphasizes the importance of strong market fundamentals, the need for cash flow in investments, and the lessons learned from recent market cycles. He also provides valuable advice for new investors looking to navigate the changing landscape of real estate syndication.Learn more about Lone Star Capital at www.lscre.com Get a FREE copy of the Passive Investor Guide:https://www.lscre.com/content/passive-investor-guide Subscribe to our newsletter and receive our FREE underwriting model package:https://www.lscre.com/resource/fof-underwriting-toolkit Follow Rob Beardsley:https://www.linkedin.com/in/rob-beardsley/https://www.facebook.com/RobBeardsleyLSC/Read Rob's articles:https://www.lscre.com/blog 

This podcast episode discusses the recent merger between Lone Star Capital and Sunset Capital, highlighting the organic nature of the partnership and the benefits this merger brings to investors. In our conversation with Sam Morris, the newest LSC team member and partner at Lone Star Capital, we explore market insights, investment strategies, and the cultural alignment between the two firms, highlighting the importance of service to investors and the long-term goals of the newly formed team.Learn more about Lone Star Capital at www.lscre.com Get a FREE copy of the Passive Investor Guide:https://www.lscre.com/content/passive-investor-guide Subscribe to our newsletter and receive our FREE underwriting model package:https://www.lscre.com/resource/fof-underwriting-toolkit Follow Rob Beardsley:https://www.linkedin.com/in/rob-beardsley/https://www.facebook.com/RobBeardsleyLSC/Read Rob's articles:https://www.lscre.com/blog

In this episode of the Multifamily Wealth Podcast, I interview Rob Beardsley, founder of Lone Star Capital, a leading multifamily investment firm based in New York City. With over $700 million in multifamily real estate acquisitions under his belt, Rob shares his insights on the evolving landscape of the Texas real estate market, including DFW, Houston, and San Antonio.Join us as we dive into:- The evolution of Lone Star Capital's investment strategy and the types of deals they are currently pursuing - Key lessons learned from underwriting older properties versus newer, higher-quality assets - The impact of supply on the market and how it affects underwriting and investment decisions - Innovative strategies for repurposing multifamily assets into affordable housing and partnering with local tax authorities - Current trends in the Texas market, including rent growth projections, cap rates, and the effects of recent economic changesStruggling to find good multifamily deals? Looking to close deals with less of your own money? Want to operate like the pros and maximize the cash flow of your assets? Join The Multifamily Wealth Community, where we help multifamily investors start, build, and scale their businesses… specifically, those looking to grow from 1-10 units to 250+ units.Are you looking to invest in real estate, but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners provides investment opportunities to passive investors looking for the returns, stability, and tax benefits multifamily real estate offers, but without the work - join our investor club to be notified of future investment opportunities.Connect with Axel:Follow him on InstagramConnect with him on LinkedinSubscribe to our YouTube channelLearn more about Aligned Real Estate PartnersConnect with Rob:Connect with him on LinkedinLearn more about Lone Star CapitalRead his book - Structuring and Raising Debt & Equity for Real EstateRead his book - The Definitive Guide to Underwriting Multifamily Acquisitions