EPS 345 - “The Next Multifamily Buying Wave? Preparing for Opportunity in a Changing Market”

On this episode of the Old Capital Real Estate Investing Podcast, Paul Peebles and James Eng, take a deep dive into the dramatic shift happening across the multifamily housing market—and why today’s uncertainty may create tomorrow’s buying opportunities.

After years of rapid appreciation, easy debt, and aggressive investor competition, the apartment market is experiencing a major reset. The discussion explores how the market evolved from the steady growth years of 2015–2020 into the buying frenzy of 2021–2022, when historically low interest rates and abundant capital drove prices to unsustainable levels. Properties routinely received dozens of tours and competing offers, pushing values to record highs.

Now, with higher interest rates and tighter lending standards, the landscape has changed dramatically. Multifamily values in many markets have fallen 20–30%, refinancing has become increasingly difficult, and lenders are beginning to repossess properties that can no longer support their debt structures. Many listings entering the market today are lender-controlled or distressed assets—signs that the market may be approaching a bottoming phase.

The episode also compares today’s environment to previous real estate downturns, including the late 1980s savings-and-loan crisis and the 2008 financial collapse. One recurring lesson remains clear: excessive leverage, overbuilding, and risky loan structures eventually lead to painful corrections.

But with disruption comes opportunity.

Paul & James- discuss why experienced investors are preparing for a significant wave of multifamily buying opportunities in the coming years. Rather than focusing solely on today’s cash flow metrics, investors may soon have the chance to acquire quality real estate at discounted “price-per-pound” valuations.

The conversation also highlights common investor mistakes during market transitions:

Moving too quickly without proper due diligence
Investing purely for tax benefits
Waiting endlessly for the “perfect” deal and missing opportunities altogether

To help investors prepare for the next cycle, the episode introduces the Old Capital Accelerator Program—a hands-on educational and networking platform designed to bridge the gap between learning about apartment investing and actually closing deals.

Topics Covered:
Why multifamily prices are resetting
The impact of rising interest rates on apartment owners
Distressed assets and lender-owned opportunities
Historical real estate cycles and lessons learned
Investor psychology during downturns
Building a disciplined acquisition strategy
Why the next buying wave may reward prepared investors
About the Old Capital Accelerator Program

The Accelerator Program is designed for serious multifamily investors looking to transition from education into execution.

Participants will experience:

Interactive cohort-based learning
Real property tours and deal analysis
Weekly Zoom sessions with experienced operators
Discussions on acquisitions, asset management, capital raising, and dispositions
Access to seasoned GPs, LPs, and Old Capital professionals
Practical underwriting experience and live deal feedback

The program is intended for accredited investors and experienced professionals who are financially prepared to actively pursue apartment investments.

Final Takeaway

This episode is ultimately about preparation. Market dislocation often creates extraordinary buying opportunities—but only for investors who are educated, disciplined, and ready to act when the timing is right.

The next multifamily cycle may already be forming. The question is: will you be ready when the opportunities arrive?