The Best Ever CRE Show Best of 2025 Replay: Capital Market Opportunities, Multifamily Absorption Trends, & Lender Relationship Strategy for Market Distress ft. Joe Fairless
Dec 24, 2025
Joe Fairless, co-founder of Ashcroft Capital and a multifamily investment expert managing billions in assets, shares his insights on navigating today's commercial real estate challenges. He discusses the record-breaking apartment absorption in late 2023 and the decreasing construction pipeline, which present unique buying opportunities. Fairless emphasizes the importance of fostering strong relationships with lenders, lessons learned from past deals, and the need for extreme ownership during difficult investor communications.
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Lead With Your Own Investment Rationale
- Speak from your own investing experience when pitching investors to build credibility and context.
- Show why you personally are buying multifamily now and which deal structures make sense for you.
Dry Powder, But Narrow Appetite
- Capital is both abundant and scarce: institutions have dry powder but seek very specific returns and deal profiles.
- Many investors prefer liquid or safer yields, so raising equity for multifamily is materially harder now.
Buying Direct From Lender With Special Financing
- Joe describes buying a foreclosed Fort Worth property from a lender at roughly the debt amount with special low-rate financing.
- The loan offers 3% year one and a blended ~4.5% all-in with backend payment, producing immediate cashflow upside.