Old Capital Real Estate Investing Podcast with Michael Becker & Paul Peebles

What if the biggest apartment investment opportunity of the next decade is being created RIGHT NOW…because developers have STOPPED building? After three years of record apartment deliveries, falling rents, and aggressive concessions, the multifamily development market may finally be approaching a major turning point. On this episode of the Old Capital Real Estate Investing Podcast, we welcome Matt Enzler with Trammell Crow Residential (TCR), one of the nation's leading multifamily developers, to explain why today's construction slowdown could set the stage for significant rent growth between 2027 and 2030.  Matt takes us behind the scenes of apartment development, from finding the perfect piece of land to navigating zoning approvals, construction challenges, and institutional equity requirements.  Did you know that developers can spend $500,000 to $1 million just getting a property entitled, without any guarantee they'll ever be allowed to build? Matt explains why institutional investors are demanding 6.5% to 7% yields on cost, why higher interest rates continue to kill potential deals, and why many developers are sitting on the sidelines. But here's the interesting twist: Construction costs have reportedly dropped 15% to 20% in certain markets, potentially creating a major competitive advantage for experienced developers willing to move forward today. We also discuss why many inexperienced developers may never return, how luxury apartment amenities are changing, and why the shortage of new construction could eventually shift pricing power back to apartment owners. The big question: When everyone else has stopped building apartments, is that exactly when the smartest developers should be getting started?   Learn alongside experienced apartment owners, brokers, property managers, attorneys, and other industry professionals as we walk through the entire acquisition process—from finding and underwriting deals to financing, due diligence, raising equity, and submitting an offer. This isn't about theory. It's about learning how apartment deals actually get done in today's market. Real Deals. Real Experts. Real-World Experience.   Learn more and apply to the Old Capital Multifamily Accelerator: OldCapitalAccelerator.com  

Nearly 300 apartment investors gathered in Dallas for the 10th Annual Old Capital Conference—but this year felt very different.  With a "Survivor" theme, the conversation focused on what multifamily investors have endured: higher interest rates, rising insurance and taxes, expanding cap rates, difficult equity raises, and property values that in some cases have fallen back toward 2016 pricing.  But after several painful years, could the market finally be creating one of the most interesting buying opportunities in a decade?  In this episode, we break down what we heard from experienced operators, lenders, GPs, and investors about distressed properties, lender foreclosures, repair escrows, and why even Fannie Mae borrowers are beginning to feel pressure.  Michael shares his success story on purchasing a large apartment property that was roughly 50% occupancy to 95% through disciplined management, capital improvements, competitive pricing, and relentless execution. Michael also discusses why raising equity takes longer today, why GPs are talking with investors before putting deals under contract, and why a big social-media following is no substitute for knowing how to operate an apartment property.   We share lessons from the Old Capital Accelerator Program, where aspiring investors move beyond spreadsheets and into real-world underwriting, property tours, deal analysis, and conversations with experienced GPs.   Keynote speaker and 9/11 survivor Darren Kinder brought the conference theme full circle with a powerful message about resilience, community, and what surviving adversity can teach us.   The multifamily storm has taken out plenty of investors—but for those still standing, educated, disciplined, and prepared to act, this window in time may look very different from the last four years.   Learn alongside experienced apartment owners, brokers, property managers, attorneys, and other industry professionals as we walk through the entire acquisition process—from finding and underwriting deals to financing, due diligence, raising equity, and submitting an offer. This isn't about theory. It's about learning how apartment deals actually get done in today's market. Real Deals. Real Experts. Real-World Experience.   Learn more and apply to the Old Capital Multifamily Accelerator: OldCapitalAccelerator.com

Zach Fugman didn't start his career in real estate—he started in the oil fields, moving from job to job before discovering multifamily investing in 2014. His first apartment investment was a 50-unit property in Slidell, Louisiana, purchased for $2 million, where he raised $700,000 from friends and began learning the business firsthand. From that first deal, Zach steadily scaled his portfolio to more than 4,000 units and over $200 million in assets, investing across multiple states and learning some expensive lessons along the way. Zach shares why building the right team, finding experienced partners, and surrounding yourself with knowledgeable lenders, property managers, and operators can dramatically shorten the learning curve. He also explains his evolution from using third-party property management to building an in-house management company overseeing thousands of units. Zach discusses how raising capital changes as you grow—from asking friends to invest in your first deal to eventually raising millions of dollars from a much larger investor network. For aspiring apartment investors, his advice is simple: consider starting as an LP, get educated, build relationships, attend events, and learn from experienced operators before trying to do everything yourself. Most importantly, Zach's story demonstrates that multifamily success rarely happens overnight—it comes from years of learning, networking, adapting, building the right team, and consistently taking the next step. To contact Zach Fugman: [email protected] Learn alongside experienced apartment owners, brokers, property managers, attorneys, and other industry professionals as we walk through the entire acquisition process—from finding and underwriting deals to financing, due diligence, raising equity, and submitting an offer. This isn't about theory. It's about learning how apartment deals actually get done in today's market. Real Deals. Real Experts. Real-World Experience. Learn more and apply to the Old Capital Multifamily Accelerator: OldCapitalAccelerator.com

Mark Allen of Colliers- Dallas joins the Old Capital Real Estate Investing Podcast to explain how distressed properties, forced sales, and lender-owned assets are reshaping the multifamily market. According to Mark, nearly 60% of apartment sales during the first half of 2026 involved properties built before 1990—evidence that workforce housing has moved to the center of the market.   "I look at this as really the resolution phase of the market, so we're starting to resolve a lot of this distress," Mark explains. High-net-worth investors now represent many of the buyers pursuing these opportunistic acquisitions, replacing some of the traditional syndication groups that previously dominated bid sheets. For sellers, Mark says the most important consideration is no longer necessarily the highest offer: "Surety of close is key in today's market. Not price—surety of close."   Mark also describes two extraordinary transactions in which sellers are willing to pay buyers to assume loans and avoid agency foreclosures—something he has never witnessed during his career. Although today's market remains challenging, he believes some properties are trading at values that could eventually produce exceptional returns as demand and rent growth recover. "At some point, they're going to look great," Mark says, predicting that certain properties could eventually trade for twice their current purchase prices.  "If you felt like you missed the opportunity 10 years ago, we're back—same pricing, same opportunity."   His advice to sellers is to carefully investigate each buyer's transaction history and personally contact their references. His advice to buyers is equally direct: "Location is key," and investors entering difficult submarkets should have sufficient capital to withstand a potentially extended recovery. In today's market, Mark believes being overcapitalized is far wiser than being undercapitalized.   Paul also shares how the Old Capital Accelerator provides hands-on education, property tours, and practical experience for investors who want to grow into multifamily ownership.   Learn alongside experienced apartment owners, brokers, property managers, attorneys, and other industry professionals as we walk through the entire acquisition process—from finding and underwriting deals to financing, due diligence, raising equity, and submitting an offer. This isn't about theory. It's about learning how apartment deals actually get done in today's market. Real Deals. Real Experts. Real-World Experience.   Learn more and apply to the Old Capital Multifamily Accelerator: OldCapitalAccelerator.com

Vivek and Asha, founders of Starcore Capital, are successful entrepreneurs and multifamily operators in the Dallas-Fort Worth area. Their story began when they immigrated to the United States in 2010 with two young children, determined to build a better future for their family. Their journey was not without challenges. After Vivek unexpectedly lost his job, they quickly realized they wanted greater control over their financial future. That setback became the catalyst for entrepreneurship. They first entered the business world by starting a granite import company, learning many lessons through trial and error. They later launched a successful cookware brand, where their focus on customer service, operational efficiency, and building strong systems helped drive the company's growth. That entrepreneurial experience eventually led them to multifamily real estate. They began as passive investors, using education and mentorship to better understand the business before making the transition to acquiring and operating apartment communities themselves. Today, Vivek and Asha bring an operator's mindset to multifamily investing—emphasizing strong systems, disciplined underwriting, teamwork, and data-driven decision-making. They believe the current DFW market cycle is creating compelling opportunities as distressed properties and motivated sellers begin to emerge. Now, through Starcore Capital, they are taking the next step by launching a multifamily investment fund focused on opportunities throughout DFW. Their goal is to combine their entrepreneurial experience, operational expertise, and disciplined investment approach to identify and improve well-located multifamily assets. The Old Capital Multifamily Accelerator is built for investors who are ready to move beyond podcasts, books, and seminars—and start evaluating real multifamily opportunities. To contact- Vivek & Asha: [email protected] Learn alongside experienced apartment owners, brokers, property managers, attorneys, and other industry professionals as we walk through the entire acquisition process—from finding and underwriting deals to financing, due diligence, raising equity, and submitting an offer. This isn't about theory. It's about learning how apartment deals actually get done in today's market. Real Deals. Real Experts. Real-World Experience. Learn more and apply to the Old Capital Multifamily Accelerator:OldCapitalAccelerator.com