Insights
Market trends, development updates, and strategic perspectives.
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The Hidden Cost of Cost-Cutting: When Value Engineering Strips Character from Our Communities
I’ve been through enough value engineering meetings to know they’re not optional. Construction costs rise, financing changes, and projects that once penciled suddenly need trimming to make it to closing. Value engineering is how we keep deals alive. The problem isn’t that we do it. It’s when and how we do it. The Unavoidable Reality…
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Rethinking Retail: From Revenue Stream to Amenity Strategy
For years, developers treated retail space as a financial engine: lease it, collect rent, and let it carry its weight on the P&L. But as the retail landscape continues to evolve, the smartest multifamily developers are taking a different approach: using retail as a value driver rather than a profit center. Retail as an Amenity,…
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Beyond Rent: The Strategic Role of Ancillary Income in Multifamily Underwriting
In today’s high-cost development environment, every dollar of net operating income (NOI) counts. As construction costs remain elevated and interest rates continue to pressure cap rates, multifamily developers and investors are increasingly looking beyond base rent for opportunities to boost asset performance. One area getting more attention in underwriting models: ancillary income. What Counts as…
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Before Grabbing Your Pitchforks: What You Might Not Know About That New Apartment Project
AKA: The Nextdoor Commenter’s Guide to the Reality of Development Why You’re Reading This You’ve seen it before. Someone posts on Nextdoor about a proposed apartment building, and the comments explode: “They’re ruining our neighborhood!” “It’ll be luxury housing we can’t afford!” “It’ll bring crime!” “Developers are greedy!” There’s passion in these discussions, but there’s…
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Bridging the Capacity Gap: Why Development Teams Are Turning to Fractional Associates
The fractional executive model isn’t new. For years, companies have leveraged fractional CFOs, CMOs, and CTOs to access C-suite expertise without the full-time commitment. What started as a solution for startups and growing businesses has proven its value across industries—providing specialized leadership exactly when and where it’s needed. Now, this proven model is expanding beyond…
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Charlotte vs. Raleigh-Durham: A Tale of Two Carolina Multifamily Markets
Tracking the trends, fundamentals, and forecasts shaping North Carolina’s top multifamily markets. Executive Summary Charlotte and Raleigh-Durham (Research Triangle) represent North Carolina’s two dominant multifamily markets, each facing distinct challenges and opportunities in the coming years. Charlotte is navigating significant supply pressures with elevated vacancy rates, while Raleigh-Durham has demonstrated exceptional absorption capacity despite substantial…
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Why I Started Scholhamer Research & Advisory
Getting Started Multifamily development isn’t what it was a few years ago. Interest rates are high, capital is tight, and construction costs remain unpredictable. Even strong sites with solid fundamentals are taking longer to underwrite, fund, and close. As deals stall or fall apart, already lean development teams are being asked to do more with…