ASK MIKE MONDAY: "Is Multifamily Finally Turning the Corner?"

In this episode of Ask Mike Mondays, Paul and Michael discuss improving apartment fundamentals, lender-driven sales, distressed opportunities, and why today's reset in values could create an attractive buying window.

They also introduce the Old Capital Accelerator Program and Michael shares three simple rules he's learned from decades of multifamily investing.

Old Capital Accelerator Program

Paul introduces the Old Capital Accelerator, a hands-on multifamily education program designed to help investors move from learning about apartments to evaluating and pursuing real opportunities.

Participants work with actual deals, learn underwriting and financing, understand due diligence and operations, and gain access to experienced owners and industry professionals. The focus is real-world education and experience—not promoting a particular sponsor or investment.

Learn more: oldcapitalaccelerator.com

What's Happening in Multifamily?

The market remains unpredictable. Many sellers still have yesterday's pricing expectations, while buyers are underwriting based on today's higher interest rates, expenses, and required returns.

Meanwhile, lenders are increasingly influencing which properties come to market—sometimes pushing over-leveraged borrowers toward a sale or foreclosure. Some properties are now trading near values last seen years ago, creating what Michael describes as a potential "lost decade" in apartment values for certain owners.

Are Fundamentals Improving?

Despite negative headlines, Michael is seeing encouraging signs across SPI Advisory's portfolio:

• DFW properties are now 90%+ occupied