In this episode of the LSCRE Podcast, Rob Beardsley and Craig McGrouther unpack what’s really happening in today’s multifamily market - and why chasing “home run” deals may be the fastest way to lose investor trust.

After meeting with dozens of investors at the Best Ever Conference, a clear theme emerged: value-add fatigue, rising skepticism around aggressive projections, and a growing demand for certainty over hype. Chapters:
00:00 Intro
02:25 Why Value-Add Isn’t Working Like It Used To
09:08 LSCRE’s 2025–2026 Acquisition Strategy
12:07 What Makes LSCRE Different
15:19 Long-Term Strategy & 1031 Compounding
19:33 Why Fund Managers Should Avoid Big Swings
23:28 The Case for Longer Hold Periods
25:37 Preserve at Copper Springs Update

Topics covered:
• Why high IRR multifamily deals come with hidden downside
• The real risk behind “2X projections”
• Is the value-add strategy breaking down?
• How new supply and concessions are changing apartment investing
• The return of cap rate spreads between Class A, B, and C assets
• Why investing in A locations beats upgrading C properties
• The filtering-up effect happening across multifamily
• Why fund managers must prioritize capital preservation
• Certainty of execution vs swinging for outsized returns

In a market where rent growth has cooled and supply has surged, the operators who survive aren’t the ones chasing upside — they’re the ones protecting investor capital and positioning for long-term durability.

If you’re a passive investor, capital raiser, or multifamily operator navigating the 2026 cycle, this conversation will reshape how you think about risk, projections, and strategy.