Most physicians who ask me about real estate syndications want to know one thing: is this a decent moment to put capital to work, or should I sit on my hands? I've been tracking a specific setup in multifamily for the better part of a year, and it's worth a real conversation.
Tuesday, April 21st at 12PM ET, I'm joining Storm Murphy from Lightstone DIRECT for a live session on the buy versus build question. We're walking through why the math on new construction has broken down, and why acquiring existing Class B multifamily at a discount to replacement cost is currently the stronger play.
The Build Trap. Construction costs have surged while rents have flattened in most metros. Developers penciling new projects today are underwriting numbers that don't work, and a lot of them will learn that lesson publicly.
Discount to Replacement. Well-located existing properties are trading for less than what it would cost to build them from dirt. That gap is the whole opportunity. When you can buy at 70 cents on the construction-cost dollar, you're starting the game ahead of anyone breaking ground today.
Market Realities. Class A inventory is glutted across a dozen Sun Belt metros, interest rates refuse to cooperate with anyone's 2022 pro forma, and leverage levels sit lower, which sounds bad until you realize it also means less forced selling.
Cash Flow Over Cap Rate Speculation. Storm is walking through Hidden Lakes Apartments, a Class B community in Grand Rapids, Michigan, with a projected 7.4% average cash-on-cash distribution anchored in actual operations rather than hope that exit cap rates compress three years out.
Physicians have a specific real estate problem. We earn high W-2 income, which kills most tax-advantaged plays, and we have almost zero time to hunt down individual deals, vet sponsors, or babysit properties. Good syndications solve both, assuming the sponsor is disciplined about entry price and honest about the assumptions baked into the pro forma.
Bonaventure is a principal-led multifamily real estate firm for accredited investors looking for passive real estate exposure.
Bonaventure is a principal-led multifamily real estate firm for accredited investors looking for passive real estate exposure.
They’ve invested $590M+ of their own capital alongside investors across 46 properties and 9,000+ units, with 26+ years of multifamily experience and $2.8B in assets under management.
Their portfolio is backed by 93% fixed-rate debt, which helps limit long-term rate sensitivity. If you’re looking at where passive multifamily real estate may fit in your portfolio, Bonaventure’s firm overview is a good place to start.
Buy vs. Build: Navigating Today's Real Estate Market with Confidence
From Lightstone DIRECT
When: Tuesday, April 21st, 2026, at 12:00pm ET I 9:00am PT
Join Dr. Jorge Sanchez and Dr. Nirav Shah of Physician on Fire for an exclusive deep dive with Storm Murphy from Lightstone DIRECT. We’re breaking down the "Buy vs. Build" debate and revealing why the current market favors a specific, disciplined acquisition strategy over new development.
What You Will Learn:
We’ll pull back the curtain on Lightstone DIRECT’s current buying strategy and why they believe lease-up and execution risks are currently not being compensated for. Key discussion points include:
The Build Trap: Why higher construction costs and flat rents make new builds a risky bet.
The "Discount to Replacement" Advantage: Finding value in existing assets that cost less to buy than to build.
Market Realities: Navigating an oversupply of Class A properties, higher interest rates, and lower leverage.
The Cash Flow Timeline: Prioritizing tenant retention and immediate yield over exit cap speculation.
Featured Deal: Hidden Lakes Apartments
Lightstone DIRECT isn't just talking about this strategy, they are executing it. Storm will share a case study of their newest offering, Hidden Lakes Apartments, a Class B multifamily community in Grand Rapids, MI.
Discover how this "Buy" strategy is being put into practice to project a 7.4% average cash-on-cash distribution to investors.
Protect What You've Earned: A Physician's Guide to Asset Protection, Estate Planning & Wealth Strategy
From Earned
When: Tuesday, April 28th, 2026, at 2:30pm ET I 11:30am PT
Physicians face unique financial risks, from malpractice exposure to the high tax burdens that come with a high income, yet most have no formal plan to protect the wealth they've worked so hard to build. This session cuts through the complexity to deliver a practical, plain-English roadmap for comprehensive asset protection. Led by renowned healthcare attorney Ali Oromchian, J.D., LL.M., this presentation goes beyond basic estate planning to address the full picture of financial defense for employed physicians: how to legally shield personal assets from creditors, how to use trusts strategically, and how these legal tools work hand-in-hand with smart wealth management, tax planning, and insurance strategies.
Whether you're just starting to build wealth, approaching retirement, or simply realizing your current plan has gaps, this session will give you the framework to build a truly bulletproof financial life.
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