Ninety9 Capital

The multifamily distress stories out of Texas right now all rhyme. 🏚️
·
A wave of operators bought aging complexes at peak pricing on floating-rate debt, betting rates would fall. They didn't. Now that leverage is forcing properties to auction. The lesson isn't that multifamily is risky — it's that how you buy is everything.
·
We bought APEX off-market at roughly $51,000 a door, well below appraised value, on a basis built to survive a hard market. Buy right, and the cycle works for you.