Raising equity used to be the easy part—today, it's the biggest hurdle. Veteran real estate securities attorney Eugene Trowbridge unpacks the legal landmines, capital challenges, and shifting dynamics in apartment syndication. From SEC rules to struggling deals and cautious investors, this conversation connects the dots on why deals aren't penciling—and what smart operators must do to survive and win in today's market.
Key Takeaways:
The New Reality of Raising Equity 1) Equity has gone from abundant to scarce almost overnight 2) Many investors are either fully deployed or sitting on the sidelines waiting for clarity 3) Larger deals ($10M+) increasing require multiple GPs and creative capital stacks
Legal Structure Matters More Than Ever 1) Understanding Regulation D (506B vs 506C) is critical. 506B: Relationship-based, no advertising, limited sophisticated investors 506C: Allows advertising but requires strict accreditation verification.
Market Stress is Exposing Weak Deals: Rising interest rates + bridge debt + depleted reserves = distressed assets.
The Hidden Risk in Capital Raising: Not all "capital raisers" are operating legally. Transaction-based compensation without property licensing can trigger SEC enforcement.
Final Thought:
Today's market is separating professionals from pretenders. Capital is harder, deals are riskier, and the legal framework matters more than ever. The operators who understand both the financial AND regulatory side of the business will be the ones still standing when the market turns.
To contact Gene Trowbridge: gene@tnllp.com

Ready to unlock the potential of multifamily syndications? Learn how Michael Becker's proven real estate syndication strategies can help you grow wealth and build long-term financial success. Visit SPIADVISORY.COM to start your journey today.

Artificial Intelligence is beginning to enter commercial real estate—but we're still in the very early stages. Investors and lenders are just starting to explore how AI might help analyze deals, process enormous amounts of data, and evaluate risk more efficiently. In this special VideoCast of the Old Capital Podcast, we take a look at the infancy of AI in real estate underwriting and talk with two professionals who are already using it in the field. What can it do today—and where might it take the industry in the future? You must watch this Videocast.
Videocast: https://vimeo.com/1173641080?share=copy&fl=sv&fe=ci
To contact Tony Lin: lin.tony@gmail.com

Join the March 27th Old Capital Bus Tour: OldCapitalPodcast.com
Ready to unlock the potential of multifamily syndications? Learn how Michael Becker's proven real estate syndication strategies can help you grow wealth and build long-term financial success. Visit SPIADVISORY.COM to start your journey today.

Bryan Amos from Omni Group joins the Old Capital Real Estate Investing Podcast to discuss the growing importance of physical due diligence in multifamily investing. Apartment investing can sometimes feel like buying a melting ice cube—it must be properly maintained to retain value.
For the past 15 years, the standard strategy was simple: buy a value-add property, invest in renovations, and raise rents. But today, with property values declining and transactions slowing, many apartments are not being updated or maintained, creating serious challenges for buyers.
Bryan shares insights from his experience as an engineer and commercial general contractor, explaining how thorough inspections and accurate property condition assessments help investors:
• Identify deferred maintenance
• Accurately estimate capital expenditures
• Avoid costly surprises

Join the March 27th Old Capital Bus Tour: OldCapitalPodcast.com
Contact Bryan Amos: bryanamos@theomnigroup.com
Ready to unlock the potential of multifamily syndications? Learn how Michael Becker's proven real estate syndication strategies can help you grow wealth and build long-term financial success. Visit SPIADVISORY.COM to start your journey today.