Why We Keep Buying Apartments When Others Are Quitting - Bonus Episode With Zach Haptonstall

Why would a multifamily operator keep buying apartments while so many peers are handing properties back to lenders? In this sit-down, Rise48 Equity Capital Formation Manager Jason Kish asks CEO Zach Haptonstall how the firm has kept operating through what Zach calls "multifamily purgatory," and why Rise48 keeps acquiring in the Sunbelt.

Zach starts with the factor he believes matters most: the team. Many sponsors bought at the end of 2021 and in early 2022, right before interest rates spiked, and since then it has often made more economic sense for them to give deals back. Zach explains why Rise48 chose to keep fighting to protect investor capital instead. He also explains why the firm sees itself as having a 50-year runway rather than being in the business of quick flips.

From there, the conversation turns to acquisitions. Zach points to the familiar investing idea that the best opportunities show up when others are fearful. He explains how Rise48 is finding deals priced below some sellers' loan amounts, with a strong basis and attractive cap rates. Rather than trying to predict interest rates, the team focuses on what it can measure: the new construction pipeline. Zach walks through why supply data points to potential tailwinds for multifamily from 2027 through 2031. He also acknowledges that good deals are still hard to find in today's capital markets.

Jason and Zach also dig into Sunbelt migration. Is the movement of people out of California, New York, Illinois, and Washington a real driver for markets like Arizona, Texas, and the Carolinas, or just a headline? Zach breaks down how net in-migration, corporate relocations, and business-friendly policy connect to job growth, population growth, and apartment demand. They touch on major projects like TSMC in Arizona and the rise of Dallas-Fort Worth as a corporate hub. Zach also explains why Rise48 stays politically agnostic while watching how legislation shapes where people and jobs go.

Whether you are an accredited investor researching multifamily syndications, a passive investor evaluating sponsors, or someone following the real estate market, this conversation offers a direct look at how one Sunbelt operator is approaching the current cycle.

In this video:

How Rise48 has kept operating through the multifamily downturn
Why some sponsors are giving properties back to lenders
Why Rise48 keeps acquiring apartments in this market
What the construction pipeline suggests for 2027 through 2031
Whether Sunbelt migration really affects multifamily performance
How corporate relocations and policy drive job and population growth

Interested in investing in multifamily with Rise48 Equity? Visit rise48equity.com or email Jason directly at jason@rise48equity.com.

Subscribe for more real estate market updates, interest rate breakdowns, and investing insights from the Rise48 Equity team, including The Rise Report with Zach Haptonstall.

This video is for informational purposes only and is not investment advice.

0:00 Introduction
0:10 Operating Through the Downturn
1:14 Why Operators Give Properties Back
2:01 Why Rise48 Keeps Buying
2:44 The Supply Pipeline and 2027 Tailwinds
3:06 Is Sunbelt Migration Real?
4:31 Corporations Leaving Delaware
4:58 Mega Projects in Arizona and Texas
5:15 How Policy Moves Jobs and People
6:10 How to Invest with Rise48