J Scott interviews Anna Kelley in this Next Level CRE Takeover, who breaks down why multifamily has been hit by one of its worst downturns in history, driven by rising interest rates, higher treasury yields, and surging operating costs. She explains that cap rate expansion alone has pushed property values down by 30–40%, while inflation has simultaneously increased expenses such as insurance and taxes, creating a “double squeeze” on investors.
They also dive into the broader economic picture, covering inflation risks, tariffs, global conflict, and the growing impact of liquidity constraints on real estate. Anna highlights why debt structure has become the biggest risk factor for investors and warns that a prolonged period of stagflation or recession could reshape the market. Despite the challenges, she emphasizes that disciplined underwriting, long-term debt, and strategic positioning in hard assets can create major opportunities for investors who are prepared.
Anna Kelly
Current role: President – Greater Purpose Capital LLC
Based in: Palmyra, Pennsylvania
Where to find them:
https://www.linkedin.com/in/anna-kelley-reimom/
https://www.facebook.com/annakelleyreimom/
J Scott
Current role: General Partner of Bar Down Investments LLC, Partner / Co-Founder of ScottBuilt
Based in: Sarasota, Florida
Where to find them:
https://linktr.ee/jscottinvestor
https://www.linkedin.com/in/jscottinvestor/
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