Hello Friends and Investors,

As Louisville wrapped up another unforgettable Kentucky Derby season, we’re reminded why this region is so special—not just culturally, but economically. While the world descended on Churchill Downs for the 151st Run for the Roses, our focus at CF Capital has remained steady: identifying resilient opportunities in multifamily housing across our broader region.

And the timing is compelling. We’re in a transitional phase of the real estate cycle. National headlines spotlight high interest rates, capital market uncertainty, and slower transaction volume—but on the ground in the Midwest and upper Southeast, we’re seeing strong occupancy, rent growth outpacing national averages, and early signs of a market rebound.

In the News

Midwest Multifamily Market: Resilience in the Heartland

Class A/B suburban assets in Louisville, Indianapolis, Columbus, and Cincinnati continue to perform well:

• Occupancy remains high, with Midwest averages at 93–95%, outpacing the national average (~92%).
• Rent growth averaged 2.5%–4% year-over-year—more than double the national rate (~1%).
• Demand is strong: Louisville and Columbus rank among the top 10 U.S. metros for occupancy and absorption.
• Cap rates range from 5%–6%, offering better yields—and often better spreads over borrowing costs—than coastal or Sunbelt markets.

The region’s steady job markets, in-migration, and relative affordability continue to support long-term multifamily demand.

Capital Markets & Financing: Challenging but Stabilizing

The Midwest is benefitting from its steady job markets, population in-migration, and relative affordability—all of which support long-term multifamily demand.

Interest rates remain elevated, with most agency debt pricing between 5.35%–6%, depending on leverage and structure. Still, we’re seeing encouraging signs:

• The Fed is widely expected to begin rate cuts later in 2025, which could boost values and transaction activity.
• Cap rates, which rose sharply in 2023, appear to have leveled off. Some forecasts even project modest compression by year-end.

We’re maintaining discipline in our underwriting, prioritizing deals with strong in-place cash flow and purchase prices below replacement cost.

Supply & Construction: Slowing Pipeline, Higher Costs

Construction is moderating across the Midwest—a favorable trend for investors looking 18–24 months ahead:

• Starts are down due to high interest rates and material costs (up ~30%+ since 2020).
• Recent tariffs on Canadian lumber and other materials could push costs higher, adding uncertainty and slowing new project approvals.
• With fewer new starts, especially in suburban submarkets, we expect a tighter supply environment to support future rent growth.

In the News

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CF Capital Updates

CF Capital's Strategic Positioning

Here’s where we’re focused:

• Refinancing select assets to support longer-term holds while the market stabilizes.
• Targeting off-market and value-add opportunities below replacement cost.
• Enhancing property performance and investor reporting for greater transparency and trust.

We believe the next 12–18 months will offer some of the most compelling buying opportunities in years—for those ready to act. Our approach remains long-term, disciplined, and data-driven.

Looking Ahead

As Derby season winds down and we head into summer, our outlook remains strong for multifamily in our core markets—Kentucky, Indiana, Tennessee, and Ohio. Resilient demand, stable cash flow, and long-term appreciation make this asset class one of the most attractive places to invest today.

Thank you for your continued trust and partnership. We welcome your questions and look forward to sharing new opportunities soon.

In Partnership,

Tyler & Bryan

Hello Friends and Investors,

As Q2 begins, the multifamily market continues to navigate a dynamic landscape. While the Federal Reserve has maintained its cautious stance on rate cuts, signs of capital markets thawing are beginning to emerge. Meanwhile, rent growth is stabilizing, transaction activity is slowly increasing, and operational efficiency remains a top priority for investors and operators alike.

At CF Capital, fresh off our quarterly offsite leadership meeting, we are laser-focused on identifying high-quality acquisition opportunities, optimizing portfolio performance, and maintaining a disciplined investment approach. Here’s what’s shaping our outlook this month:

1. Multifamily Market Update: Signs of Momentum

• Interest Rates & Capital Markets: The Fed is still signaling potential rate cuts later in the year, which could provide tailwinds for transaction volume in the second half of 2025.
• Rent Growth Holding Steady: Nationwide rent growth sits at 2.9% YoY, with Midwest markets continuing to lead, averaging 3.6% growth year-over-year.
• Lender Sentiment Improving: Debt markets are beginning to show more flexibility, with certain lenders re-engaging and offering competitive financing for well-structured deals.

2. Midwest Multifamily Insights: Strength in Stability

The Midwest remains one of the most stable and attractive regions for multifamily investment, particularly in this phase of the cycle.

• Occupancy Stability: Markets like Indianapolis (95.3%) and Louisville (95.0%) continue to outperform national averages.
• Affordability Advantage: With homeownership affordability still strained due to high mortgage rates, rental demand in Midwest markets remains strong.
• Acquisition Window Opening: Sellers are gradually adjusting pricing expectations, creating a more favorable environment for disciplined buyers with long-term capital.

Our focus remains on sourcing value-add opportunities where we can maximize operational efficiencies and drive sustainable cash flow.

3. CF Capital Updates: Momentum & Growth Initiatives

• Strategic Refinancing Initiatives: We are actively working on a few refinances across our portfolio to strengthen our capital structure and position select properties for longer-term holds. This ensures stable cash flow while allowing us to take advantage of a more favorable market cycle for future sales.
• Expanding Investor Engagement: We are implementing new reporting enhancements to provide greater insight and clarity into portfolio performance.
• Operational Efficiencies: Our asset management team is driving NOI growth by improving expense management and increasing revenue through targeted value-add strategies.

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Looking Ahead

With the economic landscape evolving, our approach remains focused, disciplined, and opportunity-driven. While capital remains selective, we expect increasing transaction activity in Q2 and Q3, positioning us well for strategic acquisitions and portfolio enhancements.

As always, we appreciate your trust and partnership. If you’d like to discuss opportunities or have any questions, feel free to reach out!

In Partnership,

Bryan & Tyler

Hello Friends and Investors,

As we step into March, the multifamily landscape continues to evolve in response to shifting economic conditions. The Federal Reserve remains cautious on rate cuts, keeping capital markets tight, while operators are doubling down on efficiency, tenant retention, and cost management. Despite challenges, opportunities are emerging, especially in well-positioned secondary markets like the Midwest.

With Q1 nearing its close, we remain focused on strategic acquisitions, operational improvements, and disciplined execution to maximize value for our investors. Let’s dive into key updates for this month.

Market Overview

Multifamily Market Update: The Road Ahead

• Capital Markets Remain Restrained: Debt remains expensive, but select lenders are increasing activity for well-structured deals with strong fundamentals.
• Rent Growth Normalization: National rent growth is hovering around 2.8% YoY, with Midwest markets outperforming at 3.5%, reinforcing our investment thesis.
• Supply & Demand Shift: While new deliveries are peaking, a steep drop-off in new development starts suggests a tightening market in late 2025 and 2026, presenting strong upside potential for existing assets.

Midwest Market Intel: Stability & Strategic Opportunities

• The Midwest remains a stronghold for multifamily investment due to its affordability, job growth, and resilient demand. Key updates:
• Occupancy Holds Strong: Indianapolis (95.2%) and Louisville (94.9%) continue to show high renter demand despite national headwinds.
• Acquisition Environment Improving: Seller expectations are adjusting, with price discovery continuing to trend in favor of buyers with long-term capital.
• Cost Containment is Key: Insurance premiums and operational expenses remain a focus, reinforcing the need for hands-on asset management.
• At CF Capital, we are actively evaluating new acquisitions where we can create value while maintaining our disciplined underwriting approach.

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CF Capital Updates

Speaking Engagements & Growth Initiatives

• Speaking Engagements: Tyler recently had the opportunity to speak on the CCIM Multifamily Real Estate Finance panel, sharing insights on capital structuring in today’s evolving market.
• Investor Reporting Enhancements: We are rolling out new visual reporting elements to improve clarity and insight into portfolio performance.
• Operational Focus: Our team continues to refine management strategies to improve efficiency and enhance cash flow across our portfolio.

Looking Ahead

With rate cuts still on the horizon (and a potential trend developing in the Treasuries), we expect capital markets to gradually unlock liquidity later this year. Until then, we remain focused on long-term fundamentals, operational efficiency, and sourcing high-quality investment opportunities.

Thank you for your continued trust and partnership—we look forward to an exciting year ahead!

In Partnership,

Tyler Chesser & Bryan Flaherty

Co-Founders & Managing Partners, CF Capital

Hello Friends and Investors,

The first month of 2025 is already behind us, and if January was any indication, this year will be one of both challenges and opportunities in the multifamily space. Last week, Bryan and Tyler attended the NMHC 2025 Annual Meeting, where the industry’s top leaders connected & shared insights on capital markets, operational trends, and the outlook for multifamily investments. Amid shifting economic conditions, our strategy remains clear: prioritize operational excellence, disciplined acquisitions, and investor transparency.

NMHC 2025 Takeaways: Key Trends to Watch

The National Multifamily Housing Council’s annual gathering is a great way to meet with many of our partners, team and prospects and gain an even greater real-time pulse on where the industry is headed, to the benefit of our existing and prospective partners. We had a full slate of meetings with regionally focused brokers, lenders, institutional equity investors and leading service providers over the course of 3 days in Las Vegas. Some major takeaways include:

• Transaction Volume Remains Slow: Investors and sellers remain disconnected in the current market and transactions have been extremely muted over the past two years, as we all know very well, since the historic rate hiking cycle began. While there's a sense of optimism we're "turning the corner" and transaction activity will pick up this year, most of the industry's leading sponsors, equity investors, and brokerage shops expect 2025 transaction volume to be somewhat similar to the conditions of 2024. The major determinant factors will be whether or not interest rates actually do come in, and how lenders engage from a macro level as it relates to the wall of pending maturities. We continue to believe that we are in a "window of opportunity" and investments that pencil in this environment will prove to be very strong in the long term context.
• Capital Markets Tightening: Equity and debt markets remain constrained, but pricing adjustments are opening opportunities for well-capitalized investors. All the while, there remains a tremendous amount of equity seeking quality multifamily investments in our region.
• Operational Efficiency is Critical: With revenue growth moderating, operators must focus on expense management and value creation through technology and hands-on management.
• Supply & Demand Imbalance: While new supply is set to peak in 2025, development pipelines are slowing due to financing hurdles, which could lead to supply shortages in 2026 and beyond. This is expected to lead to further improving fundamentals on existing apartment communities.

Midwest Market Intel: Stability & Opportunity

The Midwest continues to demonstrate resilience amid economic uncertainty, with fundamentals that support long-term multifamily investment.

• Rent Growth Holding Steady: Midwest metros saw an average 3.2% rent increase in January, outperforming many Sunbelt and coastal markets.
• Occupancy Rates Strong: Key markets like Indianapolis (95.1%) and Louisville (94.8%) continue to show demand stability.
• Cap Rates Widening: Midwest cap rates are moderately adjusting in response to interest rate uncertainty, creating compelling acquisition opportunities.

We remain focused on leveraging these advantages to drive long-term value for our investors. 

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Speaking Engagement & Team Growth

• CCIM KY & Louisville Apartment Association: Tyler will be speaking on an expert panel covering Multifamily Real Estate Financenext week at the 2025 Real Estate Economic Outlook presented by CCIM KY and the Louisville Apartment Association, sharing insights on capital structuring, the current economic climate and impact of interest rates and more in today’s market. If you'd like to attend, please register here.

2025 Real Estate Economic Outlook

Tuesday, February 18th

8:00a - 11:30a

The Jeffersonian

10617 Taylorsville Rd.

Louisville KY 40299, US

• CF Capital Team Expansion: We are continuing to strengthen our team, with a focus on enhancing property management capabilities and scaling our investment platform to maximize operational efficiency.
• New CF Capital Website: We are pleased to announce the completion of our new Corporate Website which was launched alongside our participation in NMHC. If you look carefully at the top of the email, you get a peek at the new home page. To see the full site: Click Here

We expect continued volatility in capital markets, but with that comes strong buying opportunities for those who are patient and disciplined. As always, we remain committed to executing our investment strategy and keeping you informed along the way.

Thank you for your trust and partnership—let’s make February a great month!

In Partnership,

Tyler Chesser & Bryan Flaherty Co-Founders & Managing Partners, CF Capital

Dear Valued Investor,

As we reflect on 2024, it’s clear that last year was a pivotal chapter in CF Capital’s journey. Together, we navigated a dynamic market, growing through both challenges and opportunities to achieve remarkable milestones. This progress would not have been possible without your trust and partnership, which continue to amplify our mission forward. In this letter, I’m pleased to share an overview of our achievements, team developments, and vision for the future. Despite the complexities of the current market, we have remained steadfast in our focus on disciplined growth, a continued commitment to operational excellence, and creating meaningful long-term value for our investors and the communities we serve.

Market Overview

The multifamily real estate sector in 2024 was shaped by volatile interest rates and rising costs in construction and financing. The 10-year U.S. Treasury yield fluctuated widely, creating challenges in property valuation and transaction dynamics. Despite these headwinds, the long-term fundamentals of multifamily real estate remain robust. Demand for affordable and workforce housing continues to grow against a backdrop of constrained new supply, especially in our target markets.

Indianapolis, as an example, proved to be one of the most resilient markets in 2024, thanks to its diverse economy, affordability, and strong population growth. Recognizing these fundamentals, we focused on opportunities that aligned with our strategic goals, highlighted by our investment in Island Club Apartments. This 314-unit waterfront property stands as a testament to our ability to secure high-quality investments that deliver both stability and long-term upside.

Island Club, situated on a scenic 25-acre lake, benefits from its strong suburban location near major employment hubs and lifestyle amenities. The property had already undergone a $4.2 million renovation program, modernizing unit interiors with upgraded cabinet fronts, quartz countertops, refreshed fixtures, and updated bathroom accents. Recognizing the untapped potential, we are investing an additional $2.8 million to further enhance the property’s amenities, including a fitness center, pickleball court, bark park, and aqua lounge.

For our investors, the property represents a stabilized, high-performing asset with value-add upside potential. This acquisition exemplifies our disciplined value-add strategy and commitment to delivering exceptional results.

Operational Focus

In addition to expanding our portfolio, 2024 was a year of operational improvement and innovation at CF Capital. We implemented new technology solutions across our properties to enhance resident engagement, streamline maintenance, and improve leasing efficiency. These initiatives have directly translated into improved net operating income and enhanced resident retention. Furthermore, 2024 was a year we hyper-focused on leveling up the talent of professionals focusing on our assets across the portfolio, and we made meaningful investments and personnel changes in regional property management leadership, regional maintenance leadership, community managers, maintenance supervisors and technicians, and accounting professionals. Assets can only perform at an optimal level when the teams supporting them are optimal, and we’re proud of the significant progress we’ve made from a staffing perspective.

Across our portfolio, we’ve driven rental rates up by $163, a 23% increase since acquisition. By leveraging advanced management techniques and prioritizing resident experience, we’ve successfully increased occupancy rates, minimized turnover, and driven rental growth. Average effective rental rates are only one component of success for an asset and a portfolio, and there remains further opportunities to optimize the top line in total, as well as NOI. In a challenging market environment, we’re proud of the progress we’ve achieved, yet are not satisfied as we continue to persistently pursue improvement in operational performance in each of our investments.

Team Growth and Leadership

In 2024, our team experienced significant growth and transformation as we expanded our portfolio. We prioritized thoughtful hiring and process refinement to ensure scalability and maintain consistent excellence.

In Q1, we welcomed Dan Michael as Senior Real Estate Analyst. Dan has become an integral member of the team, driving success in asset management, investor relations, and acquisitions. And later in Q3, Leslie Andren joined as Managing Director of Asset Management, bringing a wealth of expertise and strategic leadership. Her efforts have been instrumental in optimizing NOI and enhancing asset value across the portfolio, delivering exceptional results for our partners.

Our commitment to professional development extended to our internal team as well. We enhanced our hiring processes and provided targeted training to empower our team members to excel in their roles. These efforts ensure that we remain well-positioned to execute on our ambitious goals in 2025 and beyond.

Bryan and I represented CF Capital at multiple conferences throughout the year, sharing insights and expertise as speakers at various industry events. These engagements showcased CF Capital’s leadership within the multifamily sector and helped to build valuable relationships with peers and potential partners.

Looking Ahead to 2025

As we step into 2025, we are energized by the opportunities ahead and focused on building upon the successes of 2024. Our primary focus will be on optimizing the existing portfolio, driving NOI, and executing our strategic business plans. With several key refinances scheduled for this year, we are closely monitoring the capital markets to ensure optimal outcomes. By refining our processes and enhancing property performance, we aim to achieve our goals while continuing to deliver strong returns for our investors.

This year, we are also committed to growing our team in alignment with our core values of Integrity, Leadership, Excellence, and Purpose. We plan to onboard a new asset management professional and an investor relations manager to further elevate our platform’s capabilities. By leveraging the strength of our team and prioritizing both operational excellence and resident satisfaction, we are confident in achieving new milestones in 2025.

Our acquisition goal for 2025 is to acquire $150 million in multifamily assets, with an emphasis on high-quality properties in markets across our region exhibiting strong demographic and economic trends. This measured approach allows us to maintain disciplined growth while continuing to deliver on our investment objectives.

Closing Thoughts

As we reflect on the accomplishments of 2024, we are deeply grateful for your continued trust and support. The milestones we achieved this year, particularly the acquisition of Island Club Apartments, would not have been possible without our valued investors, partners, and team members.

At CF Capital, we are committed to delivering exceptional value while creating vibrant communities where residents thrive. Together, we are building a legacy of success that will endure for years to come.

Thank you for your partnership. We look forward to another year of growth, achievement, and shared success as we Elevate Communities Together. Warm regards,

Happy New Year to you and your loved ones! 

It’s hard to believe we’re now five years removed from the onset of the COVID-19 pandemic. Time has flown by, and the world has changed profoundly since then. This period of rapid societal change has brought its share of challenges—but also countless opportunities.

As we step into 2025, we’re excited to share that we’ll be attending the annual NMHC conference in Las Vegas at the end of the month. If you’re planning to attend, we’d love to connect! Let’s schedule some time to discuss how we can collaborate and make the most of the opportunities that lie ahead.

Wishing you a prosperous and fulfilling year ahead. We look forward to hearing from you soon!

1. Multifamily Market Update: National and Midwest Trends

The national multifamily market continues to experience pressure from elevated interest rates, tighter lending conditions, and inflationary headwinds. However, demand for rental housing remains robust, driven by affordability challenges in the single-family market and a generational shift toward renting. Key data points include:

• Occupancy Rates: National average remains steady at 94.1%, with the Midwest outperforming at 95.3% in Q4 2024.
• Rent Growth: While rent growth has normalized, secondary markets in the Midwest (like Indianapolis and Louisville) saw a modest 3.5% year-over-year increase, indicating relative stability compared to volatile coastal markets.
• Cap Rates: Compression has eased, but Midwest cap rates remain attractive, averaging 5.7%, creating acquisition opportunities for disciplined investors.

2. The Midwest Advantage: Resilience Amidst Uncertainty

As economic uncertainty lingers, the Midwest is gaining prominence for multifamily investment. The region's strengths include:

• Economic Diversity: Markets like Indianapolis benefit from balanced industry bases, minimizing risk tied to specific sectors.
• Affordability: Housing in the Midwest remains attractive to renters and investors alike, offering a better value proposition than overheated coastal markets.
• Stability: Slower but steady growth shields the region from extreme volatility, making it a haven for conservative investors.
• At CF Capital, our focus on secondary Midwest markets continues to position us for resilience and long-term value creation.

3. Key Priorities for 2025: Positioning for Growth

As we move into the new year, our priorities include:

• Operational Excellence: Enhancing property performance through in-house management initiatives and improved KPIs to drive efficiency and profitability.
• Strategic Acquisitions: Identifying assets with value-add potential and strong fundamentals in high-growth Midwest markets.
• Investor Relations: Upleveling our monthly and quarterly reporting to provide greater clarity, actionable insights, and visual tools to keep you informed and confident in your investments.

Thank You for Your Partnership

Your trust fuels our mission to create long-term value through multifamily real estate. We're excited about the opportunities that lie ahead in 2025 and remain committed to navigating this market with discipline, creativity, and a steadfast focus on returns.

As always, feel free to reach out with any questions or to discuss new opportunities.

Warm regards,
Tyler Chesser & Bryan Flaherty
Co-Founders & Managing Partners, CF Capital

Hello Friends and Investors,

We hope this message finds you well and energized as we approach the close of another transformative year! Much like the years following the onset of the COVID-19 pandemic, 2024 has brought its share of challenges for commercial real estate investors. Despite a backdrop of market corrections in the multifamily sector, we’ve seen both hurdles and opportunities emerge in this dynamic landscape.

 As part of our commitment to adding value to our investor community, we’re excited to share some real-time market insights we’re closely monitoring and interacting with: 

Market Insights

Multifamily Trends in 2024
This year has brought significant shifts in multifamily fundamentals, offering both caution and optimism for 2025.

• Cap Rates & Pricing
  Multifamily cap rates in our target markets expanded by 50–75 basis points in 2024, continuing the upward trajectory observed in 2023 (when cap rates rose by approximately 50 basis points). This adjustment reflects ongoing tightness in debt markets, higher borrowing costs, and recalibrations aligning with evolving market fundamentals. While the higher cap rates present disciplined investors with opportunities to acquire assets at more favorable pricing, transaction velocity remains subdued as sellers anticipate potential cap rate compression in 2025 if interest rates moderate.
• Debt Market Trends
  Financing conditions remain tight, with current interest rates ranging between:5.25–6% for agency loans (Fannie Mae, Freddie Mac, HUD).7.5–8.75% for bridge loans.
  Loan terms now reflect higher equity requirements and more conservative underwriting standards.

• Rental Demand Trends 
  Rental demand remains robust in Midwest markets, such as Louisville, which saw annual rent growth of 4.9%—one of the highest increases nationwide. However, with U.S. job growth projected to slow to 1.5 million net new jobs (half of 2023’s total), absorption may soften, potentially impacting rental activity. Source for these insights
• Supply Pipeline 
  Multifamily completions are projected to total 574,000 units in 2024, slightly below 2023’s 40-year high. Oversupply risks are concentrated in luxury segments and Sunbelt markets, while Midwest properties and mid-tier B-Class assets remain relatively stable.
• Operating Environment 
  National vacancy rates are forecasted to rise to 7.3% in 2024, as supply outpaces demand. However, Midwest markets demonstrate resilience due to their balanced supply-demand dynamics, underscoring the region’s appeal as a risk-mitigated investment option. 
• Economic Drivers 
  While economic expansion is slowing, inflation is easing, and job creation is tapering. These shifts are expected to stabilize consumer confidence, favoring demand for mid-priced and budget-friendly housing segments. 
• Investor Sentiment 
  Cautious optimism is the prevailing mood among investors, with transaction activity likely to pick up in 2025. Distressed sales remain limited, and declining interest rates could enhance capital availability for acquisitions. Additionally, new developments may face hurdles securing financing. Looking ahead, there is rising optimism tied to potential tax and regulatory reductions under the incoming administration, which could be a tailwind for the sector. 

LOOKING AHEAD

In response to these trends, we continue to dedicate significant resources to optimizing our current portfolio while actively pursuing new acquisitions. These efforts aim to capitalize on asymmetric opportunities and position us to thrive in 2025’s evolving market environment. We anticipate several exciting investment opportunities in the coming year and will keep you informed about ways to partner with us.

As always, we deeply value your partnership and trust. Should you have any questions about the market, our outlook, or your investment goals, please don’t hesitate to reach out.

Here’s to a happy and healthy holiday season for you and your loved ones!

Warm regards,
Tyler & Bryan