The Rent Roll with Jay Parsons EP#47 Dan Meader | What Are LP's Looking For Right Now?
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Aug 21, 2025 Dan Meader, founder and managing partner at Trinity Investors, shares valuable insights on what Limited Partners (LPs) seek in today’s competitive rental housing market. The conversation dives into strategies General Partners (GPs) can use to engage LPs effectively. They also tackle the latest trends in multifamily housing starts, questioning the reliability of Census data and its impact on public policy. With a spotlight on the evolving dynamics of real estate investment, Meader emphasizes transparency and the critical characteristics of successful GPs.
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LP Equity Is The Scarce Resource
- LP equity is the scarcest capital for GPs today despite debt being available.
- Many equity shops have shifted toward private credit, reducing available LP capital.
Census Starts Print Looks Implausible
- Census multifamily starts data for June and July looked implausibly strong compared with industry signals.
- Private sources like CoStar and RealPage show starts near multi-year lows, contradicting the census print.
Always Cross-Check Housing Data
- Cross-check government data with private and industry indicators before acting on policy conclusions.
- Use sources like CoStar, RealPage, AIA billings, and builder surveys to validate starts data.
