Feedback from the Capital Markets

By Nate Ricks

The capital markets coming out of Q1 remain challenging and, with the introduction of tariffs, much more volatile. After attending NMHC and IMN, my takeaway was one of cautious optimism for 2025 – a similar sentiment to last year. While the precise effects of the tariffs on the multifamily market are still unclear, we believe that this year will present some very attractive buying opportunities. There is considerable noise in the markets right now, and while separating signal from noise is difficult, we continue to focus on the fundamentals: conservatively underwriting quality assets in growing markets.

Equity Market

We are actively raising equity on a distressed deal in San Antonio 1984/2017 vintage – +27% IRR /1.97x EM / 8.30% Untrended Yield on Cost / $85k per unit / ~$11.9M equity check – reach out if this might be of interest.

Over the last 60 days, we have spoken with over 50 institutional groups, and while feedback has varied, several consistent themes have emerged:

Debt Market

Turning to the debt fund markets, they are exhibiting a level of activity we haven’t seen in quite some time. Pricing has become considerably more attractive on both debt fund and agency terms. A recent discussion with a major brokerage group indicated that groups are moving off the sidelines, and operators are receiving multiple term sheets. Sixty days ago, we were seeing debt fund pricing inside of SOFR + 300 and 5-Year Treasury + 150 on agency quotes. Today, as the volatility stemming from tariffs continues to create market turbulence, that spread has widened by 25-50 basis points. Encouragingly, we have not heard of lenders rescinding term sheets, giving us confidence that while spreads have temporarily widened, lenders remain eager to deploy capital. As the markets eventually stabilize, we anticipate these spreads will once again tighten.

Tariff Landscape

Recent Pricing Quotes (Pre Tariff Volatility)

Debt Fund

Agency

In navigating this evolving landscape, our commitment remains steadfast: to leverage our deep market knowledge and disciplined underwriting to identify and capitalize on compelling investment opportunities. We believe that our focus on fundamental value and proactive approach will position us to deliver strong results for our partners throughout the remainder of 2025 and beyond.

Feedback from the Pipeline

By Hunter Graul

The multifamily real estate markets in Texas, Colorado, and Utah are exhibiting varying dynamics in Q1 2025, shaped by supply trends, transaction activity, and investor sentiment. While some markets are showing resilience with steady deal flow, others face liquidity constraints, distress opportunities, and valuation uncertainties. Below, we provide a data-driven breakdown of the current state of these markets, highlighting transaction volumes, new supply pipelines, and evolving investor appetite.

2025 Multifamily Market UpdateAustin, TX: Market Saturation & Transaction Slowdown

Austin’s multifamily market remains oversupplied, particularly in the class A segment, leading to rising vacancy rates (currently hovering around 14% in some submarkets). Transaction volume has declined significantly as buyers and sellers struggle to align on pricing. The few deals closing are mostly newer Class A properties, with older assets seeing minimal interest due to rent stagnation and increased capital expenditure requirements. The short-term outlook suggests continued distress, with potential value-add opportunities emerging in mid-to-late 2025 as pricing adjusts and we work through the oversupply.

Dallas-Fort Worth, TX: Steady Activity Amidst Balanced Growth

Dallas-Fort Worth continues to attract investors due to its diverse economy, population influx, and relative affordability. While the metro is supply-heavy, its pace of deliveries is more manageable compared to Austin and San Antonio. Cap rates range from 5% to 5.5% for institutional-quality properties, with suburban submarkets such as Frisco, McKinney, and North Fort Worth drawing increased investor attention and stiff competition.

San Antonio, TX: High Distress Levels, Especially in Class B & C Segments

Transaction Pipeline: Up nearly 30% YoY, driven by distressed sales.
New Supply: 6,845 units under construction (down 29% from the 10-year average), signaling a cooling in development.
Rent Trends: Flat YoY growth due to absorption struggles.
Investor Sentiment: Active interest in distressed Class B and C properties, as well as opportunities to acquire Class A assets below replacement cost.

San Antonio has emerged as a leading market for distressed multifamily opportunities. Investors have shown interest in acquiring Class A properties at 15-25% discounts from peak valuations, while Class B and C assets face the most pressure. Occupancy rates in some submarkets have dipped below 90%, leading to lender pressure and forced sales. Given the pricing dislocation, we see an opportunity to capitalize on distressed deals in Q2 2025, particularly in areas where absorption is expected to stabilize.

Salt Lake City, UT: Controlled Growth & Limited Distress

Unlike other high-growth metros, Salt Lake City did not experience an extreme construction boom during 2021-2022, leading to a more balanced supply-demand environment today. The market remains relatively stable, with rent growth expected to reach 2.5% in 2025 and occupancy rates holding at 92-93%. Submarkets like Holladay and Sugar House are seeing the strongest rent growth (4-5% YoY). While distressed opportunities are rare, well-located assets with steady cash flow remain attractive for long-term investors.

Multifamily Market UpdateDenver, CO: Institutional-Quality Focus & Older Asset Liquidity Challenges

Denver’s multifamily market remains bifurcated: newer institutional-quality properties continue to attract investor interest, while pre-1990s assets face liquidity challenges. Older properties are struggling to trade, as capital expenditures and insurance costs erode investor returns. Despite short-term challenges, long-term fundamentals remain strong, with suburban areas like Lakewood and Aurora showing resilience due to affordability.

Key Investment Takeaways & Opportunities

Austin & San Antonio: Prime Targets for Distressed Acquisitions (Q2 2025 & Beyond)

Dallas-Fort Worth: Stability & Consistency

Denver: Institutional Buyers Favor Newer Assets

Salt Lake City: Limited Distress but Solid Long-Term Play

Distressed Market Considerations:

Final Outlook

The Q1 2025 multifamily market landscape varies significantly across these metros. Distress is rising but remains selective, with Austin and San Antonio showing the most forced sales, while Dallas and Salt Lake City remain relatively stable. Liquidity constraints for older properties are notable in Austin, Denver, and San Antonio, suggesting a continued flight to quality. Investors who can navigate valuation dislocations and lender workouts may find attractive long-term opportunities as price corrections materialize later in 2025.

Thoughts from PCC’s CIO

By Darren Hulick

The Platte Canyon Capital team kicked off 2025 by attending the NMHC conference in Las Vegas. During the event, we engaged in numerous insightful discussions with brokers, property managers, investors, and property owners, gaining valuable perspectives on current property performance and the types of properties investors are targeting this year. Throughout the first quarter, we have been actively underwriting A LOT of multifamily investment opportunities across Texas, Colorado, and Utah, revealing several key emerging themes.

Distressed Assets: Available but Undesirable

NMHC conference in Las VegasA prominent theme at NMHC was the strong appetite for distressed properties, particularly those available at or below their outstanding loan balances. This investment strategy is highly appealing in theory; however, the distressed properties that have come to market in Q1 are often characterized by low occupancy, high accounts payable, poorly maintained exteriors, and aging infrastructure—typically built before the 1980s.

This poses a challenge. While distressed assets present an intriguing investment thesis, they often fall outside the acquisition criteria of most institutional investors. The key question remains: at what point will cap rates on these older vintage properties reach a level attractive enough to draw institutional capital back into the market? Perhaps it will be when sellers align with market expectations, offering pricing that delivers buyers a 20%+ IRR using conservative operating assumptions and cap rates, and factoring in a comprehensive capex budget covering all major items such as new roofs, siding, windows, boilers, landscaping, and parking lot, etc.

Intense Competition for 1990s/2000s Vintage Assets

Given the declining investor interest in pre-1990s properties, there is now a concentrated focus on assets built in the 1990s and 2000s that still meet “value-add” investment criteria. This has led to compression in cap rates for these properties, with many buyers taking on negative leverage in anticipation of future rent growth as new supply pipelines diminish.
However, in markets still experiencing rent declines, achieving near-term positive leverage remains challenging. Investors are increasingly relying on the expectation that rents will rebound, yet the timing and extent of such growth remain somewhat uncertain.

Timing a Market Bottom: Identifying Opportunities Amid Uncertainty

We believe it is important to be able to acquire real estate throughout a market cycle by relying on conservative underwriting principals rooted in long-term statistical data. While acquiring assets at the bottom of a market cycle is an optimal strategy, accurately timing the market bottom can be a fool’s errand. That said, several data points suggest a potential recovery in multifamily asset values and fundamentals within the next 12 to 24 months:

Despite these positive indicators, certain headwinds continue to contribute to investor hesitation:

As I noted above, timing a market bottom can be extremely difficult, but dollar cost averaging into and out of a market bottom, especially when you have a longer-term lens (5+ years) may be a more realistic approach that can also be a recipe for success.

By Brennen Degner

As we reflect on Q1 2025, the multifamily market feels like a continuation of the world we’ve been operating in for the better part of the last two years—punctuated by moments of optimism that quickly give way to more volatility. For all the narrative shifts and headlines, the underlying story hasn’t really changed: liquidity is still selective, cap rates are still floating, and capital is still cautious. But under the surface, we’re finally starting to see a new dynamic take hold—one that, if you know where to look, is presenting some of the clearest opportunities we’ve seen in a while.

Investor Preferences and the Concentration of Capital

The herd continues to concentrate in a narrow band of deals: newer assets at a discount to replacement cost and early 2000’s vintage properties that still have a light value-add story to tell. These are still trading, still liquid, and in some markets still closing at sub-5% cap rates. We continue to look at those too, but there’s nothing contrarian about it. Everyone wants to buy the clean, newer stuff.

Opportunity in Distressed and Overlooked Assets

multifamily value

Where we think the real opportunity is beginning to emerge is in the parts of the market that have been left for dead—the 1980s product, the tired B and C assets with some hair on them, and the growing set of forced-sale situations. This is where the valuation reset has been the most significant. And while many groups are still saying they’re looking for distressed deals, few are really stepping up when they actually see one. There’s a big difference between liking distress in theory and underwriting a broken 1980s deal with $5 million in capex and a 75% economic occupancy with conviction.

A Growing Gap Between Talk and Action

That gap between what people say they want and what they’re actually willing to buy is widening. Meanwhile, the REO and special servicing pipeline is growing, albeit slowly. We saw more in Q1 than we saw in all of 2024. Most of it is still in a holding pattern—lenders aren’t eager to take writedowns, but many more sellers seem fatigued and ready to capitulate. The deals that are trading are telling us a lot. Pricing is finally starting to reset. We’re seeing motivated sellers. And while that isn’t yet the norm, it feels like the early innings of a real shift.

Equity Sentiment and Conservative Underwriting

We’re also seeing this play out in real time with how equity is behaving. There’s strong interest in deals with a distressed component, but only when the business plan doesn’t rely on aggressive assumptions. Capital wants to be protected on the downside. Our underwriting has leaned into that since day one. We continue to use untrended return on cost as our north star—we’re not counting on exit cap compression or forecasting 6% rent growth. We’re buying based on what’s there today, and if the upside comes, great. But it’s not in the base case.

Return Targets and Deal Flow

We’re generally targeting a 6.5%+ untrended ROC on newer, cleaner deals and 7%+ on older or more complex deals. And we’re seeing enough opportunities that align that threshold to stay busy on the pipeline. But more importantly, we’re seeing the conditions for better pricing continue to fall into place—bid-ask spreads are still wide, but not as wide as they were six months ago. Debt is available again, with agency and debt fund pricing both coming in, and we’re hearing from lenders who are starting to move on problem loans.

A Market in Transition: Looking Ahead

real multifamily value Q1 2025

We’re not claiming the bottom is here. Trying to call that is a fool’s game. But we are seeing enough signs to feel confident this year will offer some of the best risk-adjusted entry points we’ve seen in a long time. We’re also clear-eyed that not every distressed deal is a good one. Some of these assets are distressed for a reason, and we’re passing on a lot more than we’re pursuing. But the ones that do work—the deals where the bones are good and the basis is right—those are starting to surface.

Staying Disciplined as the Market Evolves

If this all sounds familiar, it should. The themes haven’t changed that much. What has changed is the increased willingness for some sellers and lenders (albeit few lenders) to meet the market. And as more groups reach that point, we expect to see real volume return. When that happens, the investors who stayed disciplined and stayed close to the deal flow are going to be the ones best positioned to move.

As always, we’ll keep our heads down, keep underwriting, and keep looking for the right price for real value. And when we find it, we’ll be ready to act.

Feedback from the Pipeline

By Hunter Graul

The multifamily real estate markets in Texas, Colorado, and Utah are currently exhibiting a range of pipeline dynamics, each shaped by unique local factors.

In Austin and San Antonio, we’ve observed a significant contraction in transaction pipelines. The surge in new supply has led to negative rent trends, causing liquidity to dry up. Deals, especially in the Class B and C segments, are scarce and seldom reach closing. This slowdown is largely attributed to the record levels of new construction saturating the market, leading to an oversupply that suppresses rental growth and investor interest. The limited activity that does occur is primarily confined to newer property transactions, with older assets struggling to attract attention.

Conversely, Dallas maintains a stable flow of opportunities. Although it’s a supply-heavy market, the proportionate increase relative to existing housing stock is more moderate compared to Austin and San Antonio. This balance has resulted in consistent investment activity, with transactions continuing at a steady pace. The market’s resilience can be attributed to its diversified economy and steady population growth, which continue to drive demand for multifamily housing. Investors find Dallas appealing due to its relative stability and the ongoing opportunities for both acquisition and development.

In Denver, the market presents a steady pipeline encompassing both older and newer properties. Assets predating the 1990s face liquidity challenges and infrequent closures, whereas properties from the 1990s onward encounter a competitive landscape. The city’s strong economic fundamentals and quality of life continue to attract residents, sustaining demand for multifamily housing. However, the older stock’s liquidity issues highlight a broader trend of investor preference for newer, lower-risk assets in uncertain times.

Salt Lake City, however, is experiencing a sluggish pipeline, with only a handful of deals under observation. The absence of a significant surge during 2021 and 2022 suggests that this market may experience limited distress moving forward. The city’s steady economic performance and controlled development pipeline have resulted in a more balanced market, with less volatility and fewer distressed opportunities compared to more rapidly expanding metros.

Overall, there’s a noticeable increase in distressed opportunities, though not in overwhelming numbers. A significant challenge within this segment is the disparity between property values and distressed loan amounts, leading to lender reluctance in accepting losses. This situation often results in a stalemate, despite active pursuit of these opportunities. The gridlock in the distressed market underscores the complexities of navigating workouts and restructurings in the current environment.

Valuation metrics indicate that transactions are generally occurring at capitalization rates in the low to mid-5% range. However, data on post-1990s vintages is limited, rendering the cap rate landscape for 1980s properties relatively opaque. Moreover, assets from the 1980s and earlier are approaching a state of illiquidity in the current market. This trend reflects investor caution and a flight to quality, with capital gravitating towards newer, more resilient assets that are better positioned to withstand economic fluctuations.

In summary, while certain markets exhibit resilience and ongoing activity, others face significant slowdowns. The rise in distressed assets presents potential opportunities, yet challenges persist due to valuation disparities and lender positions. A nuanced understanding of each market’s unique conditions remains essential for strategic investment decisions. Investors must remain vigilant, adapting their strategies to the evolving landscape to identify and capitalize on opportunities that align with their risk tolerance and return objectives.

Feedback from the Capital Markets

By Nate Ricks

Multifamily real estate capital markets continue to experience notable shifts in investor preferences and funding dynamics. Allocators are increasingly focusing on newer vintage properties, particularly those built in the 1990s or later. This shift reflects a strategic move to balance risk and return by targeting properties that require fewer capital expenditures. Additionally, there is a continued emphasis on untrended yield on cost as a critical metric, underscoring investors’ desire for stable, immediate returns without relying on projected rent growth or market appreciation.

After speaking with several large institutional funds over the last quarter, many are targeting a minimum untrended yield on cost of ~6.5%. Moreover, these groups have indicated that for Core Plus projects, returns must reach mid-teens IRRs, and for more opportunistic deals, returns need to exceed 20% IRRs.

Equity investors are eager to deploy capital within these metrics. A recent shift from the first half of 2024 shows a stronger emphasis on underwriting submarket-specific growth metrics after 2025 rather than adhering to conservative 0% to 1% growth assumptions. This shift reflects data suggesting that much of the new supply coming to market in 2025 will be absorbed by 2026. This updated guidance is helping us refine both our target deals and our underwriting approaches.

On the financing front, the debt market remains challenging, especially for deals that don’t fit the conventional mold. Lenders are exhibiting caution, favoring “right down the fairway” transactions that present clear, manageable risks. This conservative stance makes it difficult for more complex or unconventional deals to secure debt financing. As a result, investors and developers may need to explore alternative financing structures or bring additional equity to the table to move projects forward in this constrained lending environment.

Thoughts from PCC’s CIO

By Darren Hulick

As of Q3 2024, we have reached an inflection point in our focus markets—Austin, San Antonio, Dallas, Denver, and Salt Lake City—where projected unit deliveries over the next 12 months are below units delivered over the trailing 12 months. Below is the information on unit deliveries over the previous 12 months vs. expected unit deliveries over the next 12 months, according to RealPage’s Q4 2024 Apartments Market Reports:

The strong supply pipeline over the last 12-18 months has introduced several challenges for owners and operators, including lower occupancy, declining rents, increased concessions on stabilized properties, shifting tenant demographics and, as a result, rising bad debt.

The issue of shifting tenant demographics warrants further discussion. As the increase in supply has led to decreasing rents and increased concessions, this has allowed renters of class C assets to move up to class B assets, renters of class B assets to move up to class A, and renters of class A assets to move into brand new, state of the art class A+ assets. This migration has led to an increase in bad debt, particularly within workforce housing, as tenants who previously may not have qualified under higher rent-to-income ratios now qualify under lower rent levels. This shift has made tenant screening and creditworthiness more important than ever and a key focus for us.

Over the past 12 months, rent growth in our markets has ranged from -2.2% in Salt Lake City to -7.1% in Austin. Despite declining rents, occupancy has increased by a modest 0.3% to 0.8%, with current rates ranging between 92.0% and 94.3%, which is well below peak occupancy levels in mid-year 2022. There is a notable correlation between negative rent growth and the percentage of new inventory added—markets with higher inventory increases have experienced more pronounced rent declines. However, as mentioned earlier, the data is telling us we are past peak supply in these markets. Absorption is still very strong in these markets and barring any kind of black swan event, we believe we have likely seen peak negative rent growth and are looking for rent growth to move closer to zero or slightly positive in the next 12 months, depending on the market.

Given these trends, how are we adjusting our underwriting based on both short-term supply and demand projections as well as longer-term market outlooks? Generally, we are still marking rents to market based on comparable properties if we see an opportunity for a value-add business plan, though usually favoring a more moderate scope in order to keep our basis low, but we are underwriting zero rent growth (or slightly negative depending on the market) in year one with an expectation of getting back towards a long-term average of 3% rent growth in year two. Additionally, we are underwriting lower occupancy for the next 12-24 months, higher concessions, and higher bad debt, at varying levels depending on the market.  This is based on what we are actually seeing in our markets today as we expect the next 12 months to be similar to the previous 12 months based on the forward looking supply pipeline.  Looking further ahead, we anticipate rent growth will likely exceed 3% in 2026 and 2027, as construction starts peaked in late 2022 and early 2023, and permitting activity has since dropped significantly across all of our markets and nationwide.  Having said that, we are hyperfocused on untrended yield on cost to ensure that our analysis makes sense based on today’s rents and not due to expected future rent growth trends.  

Lastly, due to the elevated supply pipelines in our markets and the uncertainty it causes, we are generally underwriting low leverage with agency loans on stabilized properties and capping value-add business plans at 60% loan-to-cost (we will consider 65% loan-to-cost for relatively light value-add business plans). I once read somewhere that the use of leverage magnifies returns for equity in good times, but it also narrows the range of possible outcomes that a leveraged asset can withstand in bad times.  I think this statement is particularly valid in today’s market. Given the uncertainty caused by the robust supply pipelines in some markets, limiting leverage on future acquisitions will allow these properties to withstand a larger range of possible outcomes and maximize the probability of success.

By Brennen Degner

The real estate landscape has experienced seismic shifts in recent years. Reflecting on the past year, it’s evident that transaction volumes remain muted, leaving investors to reassess strategies amid persistent uncertainty. The anticipation of a return to ultra-low interest rates has waned, forcing market participants to adapt to a new reality.

This shift marks a pivotal moment for real estate private equity, multifamily investments, and institutional investors. With 2025 shaping up as a year of recalibration, how can you identify enduring value in a complex and evolving market? This post explores the challenges, opportunities, and strategies that can help you thrive.

A New Era of Real Estate Investment

Real Estate Investors See Value in 2025The era of near-zero interest rates is conclusively behind us. Investors must now operate in an environment where higher interest rates are the norm, creating ripple effects across the real estate sector. While there’s optimism that supply fundamentals could improve by 2026, forecasting population growth, absorption rates, and other key variables remains fraught with uncertainty.

A striking observation from the past few years is the critical importance of humility in underwriting assumptions. As one of my esteemed professors often said, “The only certainty in any underwriting is its inaccuracy; the further out the projection, the greater the potential deviation.” Prudent investors must rigorously analyze long-term projections and question aggressive growth assumptions.

This evolving market context also fosters the emergence of “once-in-a-cycle” buying opportunities. However, not all prospects are created equal. Investments that hinge on overly aggressive projections or exit capitalization rates misaligned with current market realities may pose significant risks. For savvy investors, disciplined underwriting and caution are paramount.

The Case for Untrended Return on Cost (ROC)

At Platte Canyon Capital, our investment strategy remains grounded in fundamentals. A critical metric we evaluate is the untrended return on cost (ROC), which provides a clear view of intrinsic value, independent of overly optimistic projections. This disciplined approach shields us from relying on uncertain market fluctuations to meet return targets.

Key Considerations for Untrended ROC:

This approach serves as a reliable compass, allowing us to focus on genuine value while mitigating exposure to precarious assumptions.

Where Opportunities Are Emerging

Despite subdued transaction volumes, certain types of opportunities are beginning to materialize. Our analyses indicate that older asset classes—particularly in B and C property segments—are offering the most promising prospects. Navigating these opportunities, however, requires balancing multiple factors.

Key Conditions for Success in Target Markets:

  1. Realistic Valuation Adjustments: Lenders need to recognize the decline in asset values and be open to selling at a discount or offering accommodative structures for new buyers. Without this flexibility, transaction activity will remain stagnant, creating a gridlock in deal flow. 
  2. Opportunities in Older Assets: Limited competition from sophisticated capital for properties built before 1990 has led to steeper valuation declines in older assets. This creates an opportunity to acquire these assets at a deeper discount compared to newer properties, which face more competition and higher valuations. Successful execution of this strategy requires contrarian investors willing to navigate and invest in older properties.

When both conditions align, the market could deliver genuinely unique, once-in-a-cycle buying prospects. However, patience and discipline will be essential to take full advantage of these dynamics.

Why Disciplined Underwriting Matters

Recent feedback from bidding processes reveals a worrisome trend. Some competitors incorporate aggressive rent growth rates and project exit cap rates that fall below acquisition levels. While these strategies might seem appealing on paper, they are often fraught with excessive optimism and fail to account for market uncertainties.

The lesson is simple but vital for real estate investors: disciplined underwriting wins the day. By focusing on fundamentals, scrutinizing assumptions, and avoiding overreliance on favorable external conditions, you reduce risks and increase the likelihood of sustainable returns.

Multifamily Investments in 2025

Multifamily real estate remains a stalwart investment vehicle in the current landscape. While some investors shy away due to escalating risks and market shifts, others recognize the enduring potential of well-positioned multifamily investments. Why?

  1. Supply-Demand Imbalance: The persistent housing shortage in many markets ensures demand for multifamily units remains robust, even in a higher interest rate environment.
  2. Operational Efficiencies: Multifamily properties continue to offer opportunities for value creation through operational improvements and targeted renovations.
  3. Resilience to Market Cycles: Historically, multifamily assets have demonstrated resilience during both economic expansions and contractions, making them a valuable diversification tool.

Investors in this segment must remain vigilant, ensuring that strategies are grounded in data-driven insights and aligned with existing market conditions.

Are Market Fundamentals Shifting?

Leading into 2026, there is optimism that supply fundamentals will improve. However, reliance on future adjustments to supply-demand dynamics is risky. Investors should treat growth forecasts with caution and avoid overestimating demographics or over-relying on favorable absorption trends.

Instead, a pragmatic approach involves leveraging detailed market analyses and identifying opportunities that align with today’s realities, rather than tomorrow’s uncertainties.

Strategic Questions to Ask:

By answering these questions and embedding humility into underwriting, you can build portfolios better equipped to weather future shifts.

Building Resilience in Real Estate Portfolios

Resilience in real estate portfolios is no longer optional—it’s a necessity. Adopting a disciplined, fundamentals-driven approach enables investors to stay grounded amid a dynamic market. At Platte Canyon Capital, this philosophy is at the core of our investment strategy.

By focusing on assets with clear intrinsic value and long-term viability, you can capitalize on emerging opportunities without overleveraging or relying on speculative assumptions.

Navigating Real Estate in 2025 and Beyond

The challenges facing multifamily investments are undeniable. Yet, with challenges come opportunities for disciplined investors who combine insight, diligence, and adaptability.

From emphasizing untrended ROC to building resilience through value-driven strategies, the keys to success lie in prudence and preparation. Investors must evolve with the market, fostering strategies that prioritize long-term sustainability over short-term wins.

At Platte Canyon Capital, we believe in engaging constructively and sharing strategic insights to foster growth. If you are interested in discussing this further—or perhaps debating alternative perspectives on today’s market realities—reach out to us directly. After all, navigating this complex landscape is better done together.

Platte Canyon Capital (“PCC”) was formed through the strategic partnership of Brennen Degner and Paul Pittman. Recognizing an opportune time to jump into the market amidst the shake-up of interest rates and the devaluation of real estate across the country, Brennen and Paul established PCC with a clear focus: acquiring and operating middle-market value-add multifamily assets.

PCC’s investment strategy is precise, targeting mismanaged and undercapitalized projects where we can leverage our operational and construction expertise to create substantial value. Focusing on key markets such as Dallas, Austin, San Antonio, Denver, and Salt Lake City, PCC utilizes deep local relationships and extensive transaction experience to identify properties primed for repositioning. Through active asset management and targeted renovations, we transform underperforming assets into high-value investments.

With our insider knowledge and strong industry networks, PCC offers investors access to exclusive off-market and distressed opportunities. Our hands-on approach, supported by in-house management and construction teams, ensures every investment is carefully managed to mitigate risk and maximize returns.

We are excited about the future and eager to grow alongside our investors as we unlock the potential of undervalued multifamily assets. Thank you for considering PCC as your trusted partner. We welcome the opportunity to discuss our strategy and vision further.

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