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Career Resources
They gone
https://therealdeal.com/texas/san-antonio/2023/11/22/san-antonio-apartm…
Trepp singled out Tides, GVA, Nitya, ZMR and Rise 48 as syndicators with massive growth over 21/22 and high floating rate exposure. Looks like they all had similar strategies (value add, sunbelt, explosive growth peak cycle) and are now facing issues.
The problem is that they didn't have any kind of strategy at all. They were just playing roulette and doubling down on black spin after spin and pretending like they knew how to operate real estate assets.
Another one….
https://www.bisnow.com/houston/news/multifamily/lender-moves-to-foreclo…
I was thinking Phoenix would be ground zero for defaults but looks like Houston and perhaps other Texas markets will take that title. Phoenix will have to settle for silver.
PHX is far less exposed to the crazy run-up in insurance costs. Assessed values are also capped @ + 5% YoY.
These early innings losses in TX are a reflection of SOFR + noncontrollable expense growth + softening income.
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