On this episode of The Horizon with John Chang, Brian Murdy draws from over 40 years of commercial real estate experience to analyze current market dynamics and future opportunities. With multiple market cycles under his belt since Black Monday in 1987, Murdy explains why the bid-ask spread is finally narrowing and why private capital has advantages over institutional investors in today's market. He shares his bullish outlook on multifamily, predicting an 11% unlevered IRR over the next five years, while noting that markets historically rebound faster than experts predict. The conversation provides valuable perspective on why real estate fundamentals remain strong despite current interest rate headwinds, especially given the widening gap between home ownership costs and apartment rents.

Brian Murdy | Real Estate Background

• Principal @ BTM Investors, LLC
• Based in: Vancouver, Washington
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