Multifamily Outlook 2026: Deals, Debt, Operations & Where Capital Is Going

What does smart multifamily investing actually look like in 2026?In this episode of the LSCRE Podcast, Craig McGrouther and Rob Beardsley break down their 2026 multifamily outlook, including acquisitions, operations, capital strategy, and why walking away from bad deals is often the best deal you can do.This episode covers how LSCRE is approaching growth after one of the most volatile real estate cycles in recent history.Topics discussed:LSCRE’s 2026 acquisition goals (~$200M, one deal per quarter)Why doing a bad deal is extremely expensive for sponsorsDeal discipline vs “doing deals to do deals”Texas market focus: Houston, Dallas, San AntonioWhy some markets (like Phoenix) are still early — and riskyOptimal debt & equity structures for the next cycleWhy LSCRE targets lower leverage (~65%)Mid-teens IRR expectations and 5–8% cash flow targetsWorkforce housing vs Class C riskOperational priorities: occupancy, renewals, staffingWhy renewal rates matter more than new leasesEmployee turnover targets and portfolio healthBringing RUBS billing in-house to save ~$300K annuallyK-1 delivery timelines and internal tax infrastructureCapital markets commentary: private credit vs common equityWhy 2026 may reward offensive positioning, not defensiveWe also discuss:Why Houston may outperform other Sunbelt marketsWhere forced sellers may emergeWhy stability matters more than forecastsAnd why LSCRE is focused on long-term ownership, not flipsLearn more about LSCRE:www.lscre.com