Multifamily has taken its hits. Higher rates, compressed values, capital calls, slower rent growth, and painful refinances have forced operators to rethink what actually creates value.

Gary Lipsky is buying again.

In Episode 52 of The Value Builder Podcast, Gary joins Saul Zenkevicius to explain why he believes the multifamily market is beginning to turn and why today’s lack of competition may be creating one of the better buying windows in years.

Gary shares how his team recently acquired another 300-unit property, why he’s seeing some of the highest cap rates he’s seen in more than a decade, and why real value-add today requires much more than simply renovating units and raising rents.

They also get into creative NOI growth, market concentration, preferred equity, capital calls, supply coming off the market, and the painful refinance decision Gary wishes he could take back.

Chapters

00:00 Why Gary Is Buying Real Estate Now
00:47 Gary Lipsky and Break of Day Capital
03:03 Does Multifamily Value-Add Still Work?
05:12 Creating NOI Without Relying on Rent Growth
09:22 Why Market Concentration Matters
11:49 Gary Is Buying Again
12:47 Are More Multifamily Defaults Coming?
15:07 Why Gary Thinks This Is a Buying Opportunity
15:40 Navigating Cash-In Refinances
17:33 The Refi Decision Gary Wishes He Could Take Back
20:30 Control the Controllables
22:02 Is Multifamily Starting to Turn?
23:03 Connect With Gary

Connect with Gary Lipsky:

Break of Day Capital: https://breakofdaycapital.com

Gary’s books, investor resources, newsletter, social links, and current opportunities are available through the Break of Day Capital website.

Subscribe to The Value Builder Podcast for practical conversations with commercial real estate investors and operators building long-term value. New episodes every Wednesday.