In this episode of Deal Flow Friday, David sits down with Chris Urso, Managing Partner of URS Capital Partners, to talk about operating through today’s multifamily reset across the Southeast. They dig into why 2025 has been an “operator’s recession,” how first-ring suburbs in markets like Charlotte, Nashville, Charleston, and Atlanta are best positioned for recovery, and why focusing on gray-collar housing continues to drive stable demand. Chris shares lessons from building a vertically integrated platform, the importance of self-management and team culture, and how tools like Rentana and AI-driven asset management are transforming operations. They also cover capital strategy—how URS has leaned on private investors, navigated a tighter equity landscape, and why the next wave of opportunity may come from pref-equity-driven distress as the market normalizes into 2026.

00:00 Introduction to Multifamily Operations

04:30 Market Insights and Economic Challenges

07:27 Supply and Demand Dynamics in Key Markets

10:29 Investment Strategies in Secondary Markets

13:24 Focus on First Ring Suburbs

17:53 Self-Management and Operational Strategies

27:18 Navigating Third-Party Management vs. Self-Management

33:25 The Importance of Technology in Property Management

37:02 Capital Raising in a Changing Market

47:13 Future Predictions for the Real Estate Market