In this special episode of The Gray Report, Spencer Gray takes you behind the scenes of Gray Capital’s latest acquisition: The Flats at Stones Crossing, a 292-unit Class A multifamily community in Indianapolis.Recorded live on closing day with CIO Jay Reeder and SVP of Gray Residential Katrina Greene, the team shares what it really takes to close a large multifamily deal, while also breaking down the latest Yardi Matrix September Report and multifamily market trends—rent growth, supply, and Midwest resilience.👉 Subscribe to The Gray Report on YouTube👉 Sign up for the free newsletter: graycapitalllc.com/newsletter
In this episode of The Gray Report, Spencer Gray is joined by Gray Capital’s Griffin Haddad, Investor Relations, for a wide-ranging conversation on the state of the multifamily housing market, the broader economy, and the human side of investing.We cover:Why national rent growth is turning negative — and how the Midwest is bucking the trendVacancy, absorption, and the true drivers of NOI growth in today’s marketHow interest rates, the Fed, and the 10-year Treasury shape multifamily investingWhat investors should know about affordability, homeownership vs. renting, and value-add strategiesThe risks of institutional over-investment in markets like DenverGriffin’s remarkable career shift — from the NFL sidelines as an athletic trainer to guiding investors at Gray CapitalIf you’re a multifamily investor (active or passive), or just want to understand the forces shaping real estate and the economy, you’re in the right place. Subscribe for weekly insights, market data, and honest conversations about multifamily real estate and investing.Sign up for our free weekly newsletter: graycapitalllc.com/newsletter
On this episode of The Gray Report, Spencer Gray goes solo for an in-depth look at today’s multifamily market and the journey behind Gray Capital. He unpacks what the latest Fed rate cuts really mean, why CPI’s “shelter” component can be misleading, and how uncertainty in the labor market is reshaping leasing and renewal trends. Spencer also explores the slowdown in new apartment construction, the policy levers that could address affordability, and the resilience of single-family housing despite higher borrowing costs.Beyond the headlines, Spencer shares the personal story of founding Gray Capital—from early ventures in hops farming to building a private equity firm focused on stabilized, cash-flowing multifamily assets in the Midwest. He reflects on the first capital raises, lessons learned from syndication, the launch of Gray Residential to bring management in-house, and why a Midwest strategy continues to offer compelling opportunities.Whether you’re an investor, operator, lender, or just someone who follows the multifamily market closely, this episode offers a candid mix of market insights and entrepreneurial perspective.Subscribe to The Gray Report for more weekly analysis, research, and original commentary on multifamily real estate and the economy.
Spencer and Co-Host Addison examine the latest market developments and the trends driving today’s economic landscape. Topics include the recent cooling in housing prices and the factors contributing to this shift, the Federal Reserve’s latest rate cut and whether it was warranted, and current consumer sentiment toward the economy. Join the discussion for a clear, data-driven perspective on where the market stands and what these changes may signal for the months ahead.
2025 is reshaping how investors approach raising capital in multifamily real estate. From shifting market dynamics to evolving investor expectations, strategies that worked before may not be enough today.Spencer Gray, Founder & CEO of Gray Capital, sits down with special guest Blake Pieroni to discuss:The state of raising capital in 2025How multifamily investors can position themselves for successKey lessons and pitfalls from real-world capital raisesGain insights designed for investors navigating today’s market.Subscribe to The Gray Report for weekly perspectives on multifamily investing, capital markets, and building long-term wealth.
In this weeks episode Jay Reeder, our Chief Investment Officer, and Spencer dive deep into the multifamily real estate landscape for 2025. Learn about the latest acquisition strategies to identify and secure profitable deals, what a "good deal" truly looks like in today’s market, and the best financing options available for investors. We’ll also uncover the critical discrepancies between public and private market data, helping you navigate the noise and make more informed decisions. Whether you’re a seasoned investor or just getting started, this video is packed with insights to help you thrive in the dynamic world of multifamily real estate.
Spencer Gray sits down with Gray Residential's own SVP, Katrina Greene to unpack four timely topics shaping multifamily operations and investment today: the latest CBRE cap rate survey and what it implies for pricing and risk; key takeaways from Chair Powell’s Jackson Hole remarks; practical causes behind the current leasing slowdown—and how operators can respond; plus a grounded look at AI in the multifamily workforce—where it adds value, what to pilot, and how to upskill teams.https://jayparsons.com/2025/08/19/august-multifamily-update-the-summer-rent-slump-continues/?utm_source=chatgpt.comhttps://www.reuters.com/business/finance/powell-fires-up-markets-some-investors-see-reason-caution-2025-08-22/?utm_source=chatgpt.com
Apartment construction activity is shrinking, despite a recent housing report showing increased multifamily starts. After 2+ years of stagnant rent growth in the wake of a once-in-a-generation surge in apartment building, the multifamily market is on the edge of a shift towards a demand-driven market. Slower-moving investors are waiting for interest rate cuts to jump into the market, but in many midwestern markets (like Indianapolis) that have been the best-performing in recent years, forward-looking investors are investing with confidence.Link to sources discussed in this episode:CNBC: “When ‘invest like the 1%’ fails: How Yieldstreet’s real estate bets left customers with massive losses” - https://www.cnbc.com/2025/08/18/yieldstreet-real-estate-bets-customer-losses.htmlReuters: “US housing starts tick higher in July, led by apartment construction” - https://www.reuters.com/world/us/us-housing-starts-tick-higher-july-led-by-apartment-construction-2025-08-19/RealPage: “Seven Markets with Deep Supply Drops in the Next Year” - https://www.realpage.com/analytics/supply-volumes-decline-markets/Newmark: “2Q25 U.S. Multifamily Capital Markets Report” - https://www.nmrk.com/insights/market-report/2q-2025-united-states-multifamily-capital-markets-reportLearn more about Gray Capital's latest multifamily investment opportunity: https://www.graycapitalllc.com/invest-in-flats Download Gray Capital's latest report: https://www.graycapitalllc.com/future Sign up for our free multifamily newsletter here: https://www.graycapitalllc.com/newsletter DISCLAIMERS: This video does not constitute professional financial advice and is for educational/entertainment purposes only. This video is not an offer to invest. Any offering would be made through a private placement memorandum and would be limited to accredited investors.
While near-term interest cuts will not be deep enough to rescue troubled or financially distressed multifamily borrowers, if the Fed signals a shift to a less restrictive/elevated interest rate regime, the growing amount of investors re-entering the multifamily market will very quickly accelerate.Link to sources discussed in this episode:Bureau of Labor Statistics: “July 2025 Consumer Price Index: All Items Steady at 2.7% YoY Increase, Core up from 2.9 to 3.1% YoY Increase” Marcus & Millichap: “The Forces Driving Interest Rates Lower – Will They Last?” - https://www.marcusmillichap.com/research/videos/the-forces-driving-interest-rates-lower-will-they-lastRealtor.com: “Trump Plans IPO for Fannie Mae and Freddie Mac in Late 2025, Report Claims” - https://www.realtor.com/news/trends/trump-freddie-mac-fannie-mae-ipo/Newmark: “2Q25 State of the U.S. Capital Markets: Sales Activity Increasing, but Loan Maturities Dampen the Excitement” - https://www.nmrk.com/insights/market-report/2q25-state-of-u-s-capital-marketsCRED iQ: “CMBS Distress Rate Adds 32 BPS as the Seesaw Effect Plays Out in CMBS” - https://cred-iq.com/blog/2025/08/07/cmbs-distress-rate-adds-32-bps-as-the-seesaw-effect-plays-out-in-cmbs/Trepp: “Special Servicing Rate Retreats Slightly in July, After Three Consecutive Monthly Increases” - https://www.trepp.com/trepptalk/special-servicing-rate-retreats-slightly-in-july-2025RealPage: “U.S. Apartment Construction Activity at a Decade Low” - https://www.realpage.com/analytics/apartment-construction-decade-low/Learn more about Gray Capital's latest multifamily investment opportunity: https://www.graycapitalllc.com/invest-in-flats Download Gray Capital's latest report: https://www.graycapitalllc.com/future Sign up for our free multifamily newsletter here: https://www.graycapitalllc.com/newsletter DISCLAIMERS: This podcast does not constitute professional financial advice and is for educational/entertainment purposes only. This podcast is not an offer to invest. Any offering would be made through a private placement memorandum and would be limited to accredited investors.
The multifamily market has seen lower rent growth and lower investment activity for more than two years, and there is little indication that interest rates will fall quickly enough or reach the levels they were in 2021 when the apartment investment market was at its hottest. There are still deals being done, however, and some are looking at the market and seeing significant potential for growth, arguing that these past few years of cooling multifamily valuations and lower rent growth have "reset" pricing and opened up opportunities for investments that could achieve outsized returns as the multifamily market and commercial real estate as a whole shifts into accelerated growth in the years to come.Link to sources discussed in this episode:Berkadia: “Cracks Emerging in Labor Market, Bets Grow for September Cut” - https://berkadia.com/blog/cracks-emerging-in-labor-market-bets-grow-for-september-cut/Cushman & Wakefield: “Tide is Turning: Conviction Points for Entry into U.S. Commercial Real Estate” - https://www.cushmanwakefield.com/en/insights/conviction-points-for-entry-us-creCBRE: “2025 U.S. Real Estate Market Outlook Midyear Review: ‘Market Fundamentals Remain Stable’” (is stagnant the same as stable?) - https://www.cbre.com/insights/reports/2025-us-real-estate-market-outlook-midyear-reviewApartment List: “National Rent Report (July 2025), Summer Apartment Cooldown Continues” - https://www.apartmentlist.com/research/national-rent-dataLearn more about Gray Capital's latest multifamily investment opportunity: https://www.graycapitalllc.com/invest-in-flats Download Gray Capital's latest report: https://www.graycapitalllc.com/future Sign up for our free multifamily newsletter here: https://www.graycapitalllc.com/newsletter DISCLAIMERS: This video does not constitute professional financial advice and is for educational/entertainment purposes only. This video is not an offer to invest. Any offering would be made through a private placement memorandum and would be limited to accredited investors.
This week's episode highlights the work of Data Scientist John Chapman and his research aimed at accurately predicting future apartment supply, a topic that has become increasingly more relevant in the transition from the high levels of apartment building into a greater balance between supply and demand.Link to sources discussed in this episode:RealPage: “Multifamily Momentum Shifting in Top U.S. Markets” - https://www.realpage.com/analytics/june-2025-metro-permit-update/NAR: “June 2025 CRE Market Insights” - https://www.nar.realtor/research-and-statistics/research-reports/june-2025-commercial-real-estate-market-insightsCotality: “Who Really Owns the Homebuyer?” - https://www.cotality.com/insights/analysis/who-really-owns-the-homebuyerLearn more about Gray Capital's latest multifamily investment opportunity: https://www.graycapitalllc.com/invest-in-flats Download Gray Capital's latest report: https://www.graycapitalllc.com/future Sign up for our free multifamily newsletter here: https://www.graycapitalllc.com/newsletter DISCLAIMERS: This video does not constitute professional financial advice and is for educational/entertainment purposes only. This video is not an offer to invest. Any offering would be made through a private placement memorandum and would be limited to accredited investors.
While some are warning of a persistent cooldown in the housing market, multifamily investors are getting (gradually) more optimistic about the apartment sector.Link to sources discussed in this episode:RealPage: “Concession Values are Up, but the Number of Units Offering Discounts Has Faded” - https://www.realpage.com/analytics/market-questions-recap-2q-2025/Trepp: “Why CRE's Current Stability May Be Masking Mounting Risks” - https://www.trepp.com/trepptalk/why-cre-stability-may-be-masking-mounting-risks John Burns Research and Consulting: “The multifamily reset is taking shape” - https://jbrec.com/insights/multifamily-reset-taking-shape-2025/CBRE: “Multifamily Underwriting Metrics Improve in Q2” - https://www.cbre.com/insights/briefs/multifamily-underwriting-metrics-improve-in-q2NMHC: “Survey of Apartment Conditions” - https://www.nmhc.org/research-insight/quarterly-survey/2025/nmhc-quarterly-survey-of-apartment-conditions-july-2025/Learn more about Gray Capital's Midwest Multifamily Fund: https://www.graycapitalllc.com/midwest Download Gray Capital's latest report: https://www.graycapitalllc.com/future Sign up for our free multifamily newsletter here: https://www.graycapitalllc.com/newsletter DISCLAIMERS: This video does not constitute professional financial advice and is for educational/entertainment purposes only. This video is not an offer to invest. Any offering would be made through a private placement memorandum and would be limited to accredited investors.
The Consumer Price Index showed housing inflation higher than overall inflation, but the for-sale home market has been softening, leading some to question whether falling single family home prices will lead to broader economic disruption.Link to sources discussed in this episode:Bureau of Labor Statistics: “Consumer Price Index, June 2025” - https://www.bls.gov/news.release/cpi.nr0.htm Cotality: “The rising cost of staying put” - https://www.cotality.com/insights/articles/serious-mortgage-delinquencies-rising CNBC: “Nearly one third of major U.S. housing markets now see falling home prices” - https://www.cnbc.com/2025/07/14/us-housing-markets-falling-prices.html Zillow: “The National Housing Deficit Grew by 159,000 Homes in 2023, Reaching 4.7 Million” - https://www.zillow.com/research/housing-deficit-35317/ Learn more about Gray Capital's Midwest Multifamily Fund: https://www.graycapitalllc.com/midwest Download Gray Capital's latest report: https://www.graycapitalllc.com/future Sign up for our free multifamily newsletter here: https://www.graycapitalllc.com/newsletter DISCLAIMERS: This podcast does not constitute professional financial advice and is for educational/entertainment purposes only. This podcast is not an offer to invest. Any offering would be made through a private placement memorandum and would be limited to accredited investors.
The recent passage of the Trump administration's "Big Beautiful Bill," which permanently restores major tax benefits like 100% bonus depreciation, among other tax breaks, has been very well received among real estate investors. On the other hand, multiple recent reports on the multifamily forcefully confront the possibility of a continued downturn in the apartment market, but the enormous amount of demand and the significantly lower levels of construction activity are clear indicators that, after more than 2 years of stagnation and cooldowns, apartment market fundamentals are poised for major positive growth moving forward.Link to sources discussed in this episode:Trepp: “Senate's 'One Big Beautiful Bill': CRE Tax Wins Clouded by Rising Rate Pressures” - https://www.trepp.com/trepptalk/senates-one-big-beautiful-bill-cre-tax-wins-clouded-by-rising-rate-pressuresThe Wall Street Journal: “Where Things Stand with Trump’s Tariffs” - https://www.wsj.com/economy/trade/trump-tariffs-countries-goods-explained-b9878e1aCoStar: “US apartment rent growth eases for first time since early 2024” - https://product.costar.com/home/news/398384473RealPage: “Resilient Demand and Still-Muted Rent Growth Defines U.S. Apartment Market in 2nd Quarter 2025” - https://www.realpage.com/analytics/2q-2025-data-update/CRED iQ: “Tracking CRE Delinquency Trends: Insights from the Great Financial Crisis to Q1 2025” - https://cred-iq.com/blog/2025/07/02/tracking-cre-delinquency-trends-insights-from-the-great-financial-crisis-to-q1-2025/Learn more about Gray Capital's Midwest Multifamily Fund: https://www.graycapitalllc.com/midwest Download Gray Capital's latest report: https://www.graycapitalllc.com/future Sign up for our free multifamily newsletter here: https://www.graycapitalllc.com/newsletter DISCLAIMERS: This video does not constitute professional financial advice and is for educational/entertainment purposes only. This video is not an offer to invest. Any offering would be made through a private placement memorandum and would be limited to accredited investors.
Learn more about Gray Capital's Midwest Multifamily Fund: https://www.graycapitalllc.com/midwest Download Gray Capital's latest report: https://www.graycapitalllc.com/future Sign up for our free multifamily newsletter here: https://www.graycapitalllc.com/newsletter DISCLAIMERS: This video does not constitute professional financial advice and is for educational/entertainment purposes only. This video is not an offer to invest. Any offering would be made through a private placement memorandum and would be limited to accredited investors.
As multifamily investor sentiment continues the noncommittal "cautious optimism" that has prevailed these past few years, certain markets and asset classes have had much stronger and steadier performance than others.Sources discussed in this episode: John Burns Research and Consulting: “Commercial real estate capital still sidelined; foreign investors pulling back” - https://jbrec.com/wp-content/uploads/2025/06/Burns-CRE-Daily_Fear-and-Greed-Index-Chartbook_2025-06.pdf Berkadia: “How emerging trends are impacting multifamily investor sentiment” - https://berkadia.com/wp-content/uploads/2025/05/Berkadia-Mid-Multifamily-Investor-Pulse-Survey.pdf Avison Young: “Mid-Year CRE Outlook: ‘a dynamic blend of resilience, recalibration, and cautious optimism’” - https://www.avisonyoung.us/outlook/2025-mid-year Realtor.com: “Investors Are Selling a Record Share of Homes To Cut Their Losses—Especially in These 5 States” - https://www.realtor.com/news/trends/real-estate-investors-report-selling/ RealPage: “Occupancy Slumps in Major South Region Markets” - https://www.realpage.com/analytics/south-occupancy-underperformance-may-2025/ RealPage: “Class A Occupancy Recovers, Though Still Trails B and C Assets” - https://www.realpage.com/analytics/class-a-recovery/ Learn more about Gray Capital's Midwest Multifamily Fund: https://www.graycapitalllc.com/midwest Download Gray Capital's latest report: https://www.graycapitalllc.com/midwest-report/ Sign up for our free multifamily newsletter here: https://www.graycapitalllc.com/newsletter DISCLAIMERS: This podcast does not constitute professional financial advice and is for educational/entertainment purposes only. This podcast is not an offer to invest. Any offering would be made through a private placement memorandum and would be limited to accredited investors.
Venture capital fund Andreesen Horowitz pumps more money into WeWork founder’s apartment investment company, Flow. Is it worth the money, and what’s the real investment? We discuss the housing dynamics that are catching Flow investors' attention and the commercial real estate dynamics that are highlighting multifamily's solid performance amid a shaky CRE market.Sources discussed in this episode: Bisnow: “Marc Andreessen Is 'Doubling Down' On Adam Neumann’s Flow” - https://www.bisnow.com/national/news/capital-markets/marc-andreessen-is-doubling-down-on-adam-neumanns-growing-cre-empire-129777 Curbed (New York Magazine): " The Baffling Return of Adam Neumann, Megalandlord" - https://www.curbed.com/article/what-we-know-about-adam-neumanns-flow.html Andreesen Horowitz: "Flow" - https://a16z.com/announcement/flow/ Trepp: “Housing Becomes a Luxury Good; Good News for Apartments” - https://www.trepp.com/trepptalk/housing-becomes-a-luxury-good-good-news-for-apartments NAHB: “Household Real Estate Asset Value Falls to Start the Year” - https://eyeonhousing.org/2025/06/household-real-estate-asset-value-falls-to-start-the-year/?_ga=2.18177209.1614152077.1750087620-1404932238.1722348736 Cushman & Wakefield: “Midpoint 2025, Economic and CRE Outlook” - https://digital.cushmanwakefield.com/united-states-midpoint-2025/ Learn more about Gray Capital's Midwest Multifamily Fund: https://www.graycapitalllc.com/midwest Download Gray Capital's latest report: https://www.graycapitalllc.com/midwest-report/ Sign up for our free multifamily newsletter here: https://www.graycapitalllc.com/newsletter DISCLAIMERS: This podcast does not constitute professional financial advice and is for educational/entertainment purposes only. This podcast is not an offer to invest. Any offering would be made through a private placement memorandum and would be limited to accredited investors.
The broader commercial real estate landscape could see further pricing volatility, especially as distress levels tick upward and financing challenges persist. Multifamily, however, remains more stable, but current, more modest rent growth trends could be a challenge for markets/regions still working through the historic wave of apartment development. Many investors are looking past the current environment into a potential under-supply of apartments in 2026, and the continued divergence among different regions and markets will reward investors who can find opportunity in this current uncertainty.Sources discussed in this episode:MSCI: “Early Warnings of CRE Price Problems” - https://www.msci.com/research-and-insights/blog-post/early-warnings-of-cre-price-problems Trepp: “Investment Yield Spreads: Commercial Real Estate as an Investment Class” - https://www.trepp.com/trepptalk/investment-yield-spreads-commercial-real-estate-as-an-investment-class Marcus & Millichap: “Emerging Cap Rate Spreads and Trends” - https://www.marcusmillichap.com/research/videos/emerging-cap-rate-spreads-and-trends CRED iQ: “CMBS Distress Rate Reaches 11% –Breaking a Streak of 3 Consecutive Reductions” - https://cred-iq.com/blog/2025/06/05/cmbs-distress-rate-reaches-11-breaking-a-streak-of-3-consecutive-reductions/ Yardi Matrix: “Another Month of Steady Rent Gains for Multifamily” - https://www.yardimatrix.com/publications/download/file/7359-MatrixMultifamilyNationalReport-May2025 Learn more about Gray Capital's Midwest Multifamily Fund: https://www.graycapitalllc.com/midwestDownload Gray Capital's latest report: https://www.graycapitalllc.com/midwest-report/Sign up for our free multifamily newsletter here: https://www.graycapitalllc.com/newsletter DISCLAIMERS: This podcast does not constitute professional financial advice and is for educational/entertainment purposes only. This podcast is not an offer to invest. Any offering would be made through a private placement memorandum and would be limited to accredited investors.
Gray Report host Spencer Gray speaks with guest Paul Fiorilla, Director of Research at RealPage, about the big picture trends in housing and the economy, with insightful conversation about housing affordability, single-family rentals, macro-economic developments, and the multifamily market. Yardi Matrix: https://www.yardimatrix.com/ Yardi Matrix Research: https://www.yardimatrix.com/Publications Download Gray Capital's latest report: https://www.graycapitalllc.com/midwest-report/ Sign up for our free multifamily newsletter here: https://www.graycapitalllc.com/newsletter DISCLAIMERS: This podcast does not constitute professional financial advice and is for educational/entertainment purposes only. This podcast is not an offer to invest. Any offering would be made through a private placement memorandum and would be limited to accredited investors.
Signs of a softening for-sale home market are making some worry about a larger economic downturn, and apartment rent growth has faltered, growing less this year than in the past. That being said, apartment market performance varies considerably from region to region. Midwest and Northeast markets have rent growth close to 3-3.5%, while the South and West are less than 1% (and sometimes negative). Apartment construction trends point to a more balanced market as 2025 moves into 2026, but higher supply markets may take longer to get to this equilibrium.Sources discussed in this episode:GlobeSt: “Experts Warn Housing Could Be the Tipping Point for the Next Recession” - https://www.globest.com/2025/05/28/experts-warn-housing-could-be-the-tipping-point-for-the-next-recession/Cotality: "US home price insights — June 2025” - https://www.cotality.com/insights/articles/us-home-price-insights-june-2025Apartment List: “May 2025 National Rent Report” - https://www.apartmentlist.com/research/national-rent-dataColliers: “Path to Performance: Fundamentals Strengthen in 2025 - Multifamily Capital Markets Report” - https://www.colliers.com/en/research/nrep-uscm-usmf-colliers-capital-markets-multifamily-report-2025Learn more about Gray Capital's Midwest Multifamily Fund: https://www.graycapitalllc.com/midwestDownload Gray Capital's latest report: https://www.graycapitalllc.com/midwest-report/Sign up for our free multifamily newsletter here: https://www.graycapitalllc.com/newsletter DISCLAIMERS: This video does not constitute professional financial advice and is for educational/entertainment purposes only. This video is not an offer to invest. Any offering would be made through a private placement memorandum and would be limited to accredited investors.