In this episode of Deal Flow Friday, David sits down with Chris Urso, Managing Partner of URS Capital Partners, to talk about operating through today’s multifamily reset across the Southeast. They dig into why 2025 has been an “operator’s recession,” how first-ring suburbs in markets like Charlotte, Nashville, Charleston, and Atlanta are best positioned for recovery, and why focusing on gray-collar housing continues to drive stable demand. Chris shares lessons from building a vertically integrated platform, the importance of self-management and team culture, and how tools like Rentana and AI-driven asset management are transforming operations. They also cover capital strategy—how URS has leaned on private investors, navigated a tighter equity landscape, and why the next wave of opportunity may come from pref-equity-driven distress as the market normalizes into 2026. 00:00 Introduction to Multifamily Operations04:30 Market Insights and Economic Challenges07:27 Supply and Demand Dynamics in Key Markets10:29 Investment Strategies in Secondary Markets13:24 Focus on First Ring Suburbs17:53 Self-Management and Operational Strategies27:18 Navigating Third-Party Management vs. Self-Management33:25 The Importance of Technology in Property Management37:02 Capital Raising in a Changing Market47:13 Future Predictions for the Real Estate Market