Building Multifamily When Others Pause

The Real Estate Market Watch - current events through a real estate lens.

Michael Procopio runs a fourth-generation, vertically integrated ground up multifamily development company, Procopio Companies, that's active across the Northeast, Carolinas, Texas, and Florida, 10–12 ground-up projects at a time, from entitlement through construction and hospitality-style management. In other words: he's shipping when many sponsors can't. In my conversation with Michael, we talked about how to get deals done in a market where institutions say they're "active" but still hesitate, why capital structure, not just cap rates, decides feasibility, and where the next leg of multifamily growth may come from (hint: the Northeast, but not how you think). Here are five questions Michael answers that matter if you're deploying real dollars in 2025–26:

1. How should sponsors weigh institutional equity vs. family offices vs. syndicated HNW?
2. Why are institutions "skittish" on development even in top markets and what can sponsors do about it?
3. What's the real cost impact of tariffs and immigration enforcement on ground up construction?
4. Where is Procopio putting shovels in the ground now?
5. What's the case for build-to-rent in the Northeast?

We also cover why OZs remain underused by family offices despite flexible timing and the ability to refi out capital mid-hold while keeping cash flow. If you're serious about building, and owning, the levers that create feasibility, you'll find this one useful. Tune in to hear how Michael is aligning capital, costs, and city hall to move 10–12 projects while the herd watches the headlines. *** In this series, I cut through the noise to examine how shifting macroeconomic forces and rising geopolitical risk are reshaping real estate investing. With insights from economists, academics, and seasoned professionals, this show helps investors respond to market uncertainty with clarity, discipline, and a focus on downside protection. Subscribe to my free newsletter for timely updates, insights, and tools to help you navigate today's volatile real estate landscape. You'll get:

• Straight talk on what happens when confidence meets correction - no hype, no spin, no fluff.
• Real implications of macro trends for investors and sponsors with actionable guidance.
• Insights from real estate professionals who've been through it all before.

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