At Bisnow’s Future of Austin Multifamily – Capital Strategies for a Changing Market, panelists emphasized that while Austin’s supply pipeline has been heavy, selective opportunities are beginning to re-emerge.
The conversation on capital strategy was candid and insightful. Each panelist brought a sharp perspective on how multifamily players are navigating Austin’s shifting market.
Jeff Diltz (Alliance Residential) highlighted the importance of pairing development with the right capital and protecting the downside, while Hunter Graul (Platte Canyon Capital) noted deals are finally starting to pencil again after years of inactivity. Pawel (Paul) Hardej (Metropolitan Development Company) stressed innovation in capital stacks, shifting into underserved submarkets and mixed-use to de-risk projects, and SCOTT LUNINE (Partners) reminded the audience that fundamentals must carry the deal—waiting for interest rates to fall back to 3% is unrealistic. Guided by Lee Brinckerhoff, CPA (CLA), the discussion made clear: discipline, adaptability, and fundamentals will define who succeeds in Austin’s next multifamily cycle.
Jeff Diltz – Alliance Residential
“The supply pipeline nationally has been extensive… absorption has been increasing quarter over quarter. The real question is how we marry new development opportunities with the right capital. We’ve built our business to protect the downside — the upside will take care of itself.”
Hunter Graul – Platte Canyon Capital
“For the first time in years, we’re starting to see deals actually pencil again in Austin. Supply is burning off… in two more quarters we’ll likely see positive rent growth. We’ve been inactive for two years and just closed our first deal again — it feels good, but we’re staying selective.”
Pawel Hardej – Metropolitan Development Company
“We migrated into underserved submarkets — Taylor, Manor, Georgetown — and shifted into condos and mixed-use to de-risk deals. Capital today isn’t normal; we have to be innovative. After every slowdown the capital stack changes — you can’t expect 2026 to look like 2019.”
“It’s all about quality and people. Surround yourself with an A+ team, take time to do entitlements and underwriting right, and partner with investors and lenders who truly add value.”
Scott Lunine – Partners
“I’ve seen 7 or 8 bubbles in 30 years. The same patterns repeat — lenders lend to the bubble, builders build to the bubble, investors invest to the bubble. The fundamentals matter. If the deal doesn’t make sense on its own, stay away, because the market won’t carry it.”
“Everyone’s waiting for interest rates to go back to 3%, but if that happens it means the economy is in real trouble. Instead, focus on what makes sense today.”
Key Takeaway: Austin multifamily is entering a new cycle. Selective opportunities are re-emerging, but discipline is critical. Fundamentals, innovation, and the right partnerships will define who thrives in this market.
