The Gray Report Podcast

Markets expect the Fed to hold this week, but futures are pricing a 73% chance of a hike in December. Spencer Gray and Addison Lubert, our acquisition specialist, unpack what that means for rates, underwriting and buyers right now. Then they dig into the thin margin between cap rates and the 10-year Treasury, the NMHC debt financing index at 10, and whether a frozen market resets in 12 to 18 month...

Has apartment pricing finally reset? Spencer Gray and Addison Lubert, Acquisition Specialist at Gray Capital, work through what they’re seeing in the market. Value indexes show apartments roughly 17.8% to 22% below the 2022 peak, brokers are encouraging offers well off guidance, and most deals they know of have been renegotiated since the 10-year crossed 5%. They also cover the supply cliff, with...

With the 10-year Treasury at 5.28%, apartment values down roughly 20–25% from the peak, and an energy shock feeding inflation, how do you still get deals done? Addison Luber, Gray Capital’s acquisitions specialist, joins the show to break down what he’s hearing from brokers and lenders. We cover why underwriting the downside beats chasing a home-run IRR, and why lowball offers deserve a second loo...

The 10-year Treasury just topped 5.25%, and Spencer Gray and Griffin Haddad dig into whether this is the long-awaited reset for multifamily or more pressure on deals already on the books. They talk return of capital vs. return on capital, why expense growth keeps eating into revenue gains, and a quick detour on AI spend and what it could mean for the broader economy. Then it's on to the Midwes...

The 10-year Treasury just hit 5%. Spencer Gray and Griffin Haddad break down what that means for multifamily sellers, why the "extend and pretend" era may be ending, and why we see this as one of the better buying windows in years — plus a look at the $2 trillion apartment debt wall, institutional deal flow, and why secondary markets like West Lafayette are outperforming. Brought to you...

Spencer Gray and Griffin Haddad tackle the question every multifamily investor is asking: can apartments recover without cheaper debt? They walk through August's apartment data — rent growth, occupancy, and regional concessions — the pullback in home buying, and what it means for cap rates and deal flow. Plus: modeling acquisitions in a "six-cap world," what to watch in this month&#3...

The Fed's next move is on everyone's mind heading into September, and Spencer and Griffin dig into what Kevin Warsh's Jackson Hole speech actually signaled — and what it means for multifamily deal flow. They also break down the expense side of the business: insurance costs up nearly 60% since 2021, property tax reassessments, and how Gray Capital is cutting costs elsewhere to offset it...

Is the Midwest still the smart play, or is the momentum starting to fade? Spencer Gray and Griffin Haddad kick off with an update on Fairmont, which closed at 99% occupancy, and Century at Purdue Research Park, where thousands of construction workers may be heading into West Lafayette to support SK-Hynix and other major projects nearby. They respond to Carl Whittaker's RealPage piece questioni...

Inside a 100-year flood: Central Indiana just experienced historic flooding, and one of Gray Capital's communities was right in its path. Spencer Gray shares a first-hand account of the response at Solana at the Crossing as the White River crested to a 100-year high, then joins Griffin Haddad to share early performance data from Remi, their in-house AI leasing agent, before breaking down the Y...

This week's Gray Report breaks down the July CPI print, the Yardi Matrix national multifamily report, and the official launch of DealSpoke. Spencer Gray and Griffin Haddad dig into why energy is still driving inflation higher, why shelter data in CPI lags real-time rent trends, and what it all means ahead of the Fed's September meeting. They also cover July's strongest rent growth sinc...

Spencer Gray and Griffin Haddad return with a data-packed episode digging into whether multifamily is truly turning a corner. They break down UDR's decision to exit the preferred equity business, raise guidance, and buy back its own stock — a move they read as one of the clearest bullish signals from a public REIT in some time — while weighing it against transaction volume and pricing data tha...

An $875B maturity wall, a widening gap between Class A and workforce housing rents, and the Fed setup ahead of a decision its decision to hold rates — Spencer Gray and Griffin Haddad cover it all this week, plus how Gray Capital drove 8% portfolio NOI growth by fixing occupancy first. In this episode: why new Class A amenities (golf simulators, rentable cabanas) are pulling rents away from renovat...

Trepp just put out a report calling the Midwest multifamily thesis a "mirage" — Spencer and Griffin break down why they disagree, using Trepp's own data on supply growth, cap rates, and watch-list delinquencies. Then they dig into Chandan Economics' surprisingly positive June national rent growth report, a major policy shift forcing institutional landlords to sell off single-fami...

A 40-year real estate veteran breaks down why capital keeps flooding into "comfortable" markets — and where the smart money is looking instead. George Maloomian, founder of Cambridge Properties, joins Spencer Gray to share hard-won lessons from four decades of commercial real estate cycles — including surviving the late-80s overbuilding collapse, building a retail development track recor...

2026 at the Halfway Point: Q2 Apartment Data, Concessions Breakdown & Gray Capital's Back-Half Strategy We're officially into Q3 2026 — time for a gut check on the multifamily market using the freshest Q2 data. Have we finally passed the supply peak? Spencer and Griffin break down: 📊 Q2 2026 RealPage data — occupancy, rent growth, and where supply vs. demand stands 💰 The concessions deep div...

Multifamily investors are hurting — foreclosures, capital calls, and wiped-out equity are dominating the headlines and social media feeds. So is the investment thesis actually dead? Spencer Gray and Griffin Haddad tackle the question head-on this week, plus break down Gray Capital's newest offering: Century Apartments in West Lafayette, Indiana. In this episode:• Introducing Century — a new mu...

Operations are the hidden variable behind every multifamily return — and most investors never ask about them. This week, Senior Vice President of Gray Residential Katrina Greene joins Griffin and Blake to pull back the curtain on what actually happens between acquisition and exit. • What LPs should be asking about property management — but usually don't • How operational decisions protect or e...

In this special edition of The Gray Report, Griffin Haddad sits down with Blake Pieroni, Senior Manager of Capital Markets at Gray Capital, for a conversation about life behind the scenes of raising capital for multifamily real estate. Blake recently helped close a $22 million equity raise in just 11 days — the fastest in Gray Capital's history — all while adjusting to life with a newborn at h...

Spencer and Griffin break down what the first half of 2026 is really telling us about multifamily real estate, the macro economy, and where the opportunities are hiding. Headline CPI came in at 4.2% — but is that the real story? The team makes the case that core inflation, lagging shelter data, and oil-driven volatility are distorting the headline number, and that the underlying picture may be clo...

The Gray Report is back with one of its widest ranging episodes yet. Spencer Gray and Griffin Haddad cut through the noise on everything from geopolitics to ground-level multifamily operations. This week: Bill Pulte just added Director of National Intelligence to his FHFA responsibilities — what does that mean for the long-anticipated Fannie & Freddie IPO? Oil prices are back down despite the...

The multifamily market is finally hitting its inflection point. Spencer Gray and Griffin Haddad break down the growing wave of high-profile distress hitting syndicators, and what it means for investors across the country. In this episode: • Why "extend and pretend" is ending for overextended multifamily assets• The $15M equity wipeout at Open Door Capital and other notable distress stori...

What does it look like to build steadily in real estate for 25 years — starting with a duplex, doing the work yourself, and growing one deal at a time — before most people in the industry even know your name? In this episode of The Gray Report, Spencer Gray sits down with longtime friend and LP Mike Montana of Kipper Construction for a candid conversation about an unconventional path from aspiring...

What does building a fitness business from scratch have to do with multifamily investing? More than you'd think. In this episode of Gray Report Investor Conversations, Spencer Gray sits down with Kevin Hejnas — online fitness coach, entrepreneur, and Gray Capital investor — for a candid conversation about the mindset, discipline, and compounding habits that drive success in both worlds. Kevin...

What does it look like to spend 15 years placing nearly $5 billion in multifamily debt — and then bet on yourself to build something entirely different? In the debut episode of Gray Report Investor Conversations, Spencer Gray sits down with Ryan Duff of C-PORT Equity for a candid conversation about Ryan's journey from analyst to originator to fund manager, and the unique microfund strategy he&...

This week on The Gray Report, Spencer Gray and Griffin Haddad cover the latest CPI print that's coming in hotter than expected, what it means for interest rates as Kevin Warsh prepares to take Jerome Powell's seat, and why oil hovering above $100/barrel keeps inflation sticky across the entire economy. Then, the guys dig into a Multifamily Dive piece on Camden Property Trust's outlook...