By Ken Lundin, Author, Operator and Investor I’ve watched operators chase rent growth right up to the moment they realize they’ve priced out the only people who can actually pay it. The rent to…
By Ken Lundin, Author, Operator and Investor Most multifamily deals fail for one reason. Operators underestimate five critical OpEx line items by 73%. The deal pencils at acquisition. Eighteen months later, cash flow is…
By Ken Lundin, Author, Operator and Investor I’ve watched 30+ multifamily deals crater. The operator could execute the business plan. But the legal environment made execution impossible. The pattern is consistent. Investors spend 40…
By Ken Lundin, Author, Operator and Investor I’ve watched sponsors blow $40M equity checks in markets where rent growth looked bulletproof. They didn’t miss the fundamentals. They ignored the 2,400 units already under construction.…
By Ken Lundin, Author, Operator and Investor I’ve reviewed more than 200 multifamily underwriting models in 30 years. The National Multifamily Housing Council’s 2024 Operating Expense Benchmark Study found institutional operators systematically understate first-year…
By Ken Lundin, Author, Operator and Investor Most investors analyze multifamily markets backward. They start with population growth. Then they cherry-pick data that confirms what they already want to believe. I’ve watched this pattern…
By Ken Lundin, Author, Operator and Investor I’ve watched underwriting multifamily deals blow up more times than I can count. It’s almost never the spreadsheet that kills you. After 30 years of watching operators…