Operator to Operator, Navigating the Multifamily Reset: Zach Haptonstall - Rise48

<p>In Episode 61 of Deal Flow Friday, David Moghavem sits down with Zach Haptonstall, CEO and Co-Founder of Rise48, for an operator-to-operator conversation on how multifamily owners are navigating today’s reset.<br>Zach and David break down why the industry can no longer rely on falling interest rates or traditional renovation-driven value-add strategies. Instead, the focus has shifted toward buying at the right basis, protecting day-one cash flow, understanding supply pipelines, and creating value through operations. They discuss the impact of new supply across Phoenix, Dallas, and the Carolinas, aggressive concessions, resident retention, delinquency, and why operational execution has become one of the biggest differentiators in the market.<br>The conversation also dives into how vertically integrated operators are centralizing leasing, collections, evictions, marketing, and property-level staffing to reduce expenses and improve consistency. Zach shares how Rise48 has used scale and technology to monitor competitors, tighten resident qualification standards, generate ancillary income, and streamline payroll and operations across its portfolio.<br>On the capital side, David and Zach discuss what investors are looking for today: stronger locations, lower execution risk, stabilized occupancy, day-one distributions, and deals driven by cap-stack distress rather than severe operational distress. They also explore how lenders are increasingly working with experienced, vertically integrated borrowers and how the growing wave of foreclosures, loan maturities, and forced sales could create opportunities for operators with the infrastructure to execute.<br>The episode closes with Zach reflecting on the mindset required to survive a difficult cycle and why the operators being “forged through fire” today may be best positioned when multifamily fundamentals begin to recover.<br></p><p><br></p><p><br>00:26 Intro: Zach Haptonstall - Rise48<br>00:50 Higher Rates, Inflation &amp; the Multifamily Macro<br>04:09 Does Multifamily Need to be Repriced?<br>12:19 Sun Belt Supply: Phoenix, Dallas &amp; the Carolinas<br>19:19 Operational Strategies for Value Creation<br>28:50 Centralizing Operations for Efficiency<br>31:40 Raising Capital in a Tough Multifamily Market<br>38:19 Investor Preferences in Today&#39;s Market<br>40:33 Long-Term Strategies for Acquisitions and Dispositions<br>49:51 The Warrior Mindset in Real Estate Investing<br>www.dealflowfriday.com<br>IG: @dealflowfr