Kathryn Aupperlee

Recently, a theme keeps coming up: Atlanta’s SFR market looks stable even as the broader environment changes. Active listings hit 28,604 in August (up 30%+ year over year) a sharp turn from the scarcity of recent years. Yet pricing has largely held: median sale ~$440,000 (down just 2.2% YoY) and sales volume up ~8% YoY to 5,200+ transactions. This doesn’t read distressed necessarily, it reads stabilizing. Buyers have more choice; sellers still have leverage thanks to steady absorption, in‑migration, diversified jobs, and an outperforming rental market. Now, layer in the macro: the Fed just cut 25 bps, and guidance points to a couple more cuts before the end of 2025. Mortgage rates aren’t set by the Fed, but easing policy shapes expectations, financial conditions, and, often, buyer psychology. So, what should we expect as rates finally ease? Does pent-up purchase demand unlock, or does expanded inventory keep pricing contained? Do move-up buyers reappear, or does affordability still cap how far households can stretch? For BTR/BTS, does easing finance tilt certain submarkets toward for-sale, while rentals stay resilient where payment shock remains high? Near-term read: For-sale (BTS) still rewards selective positioning, prime submarkets and payment-friendly product can command strong pricing as confidence improves. For-rent (BTR) remains compelling, affordability pressures and lifestyle flexibility continue to drive robust lease-ups, even if ownership gets marginally more accessible. What are you seeing on the ground? rate inquiries picking up? More tours? Any shift in concessions or DOM? #Atlanta #HousingMarket #MortgageRates #BuildToSell #Affordability #Demand #Inventory #Sunbelt #RealEstateTrends

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The Q3'25 data is in for the U.S. apartment market, and it's a bag of mixed signals -- offering up chew toys for optimists, doomsday-ers and realists alike. Thoughts: 1) You'll likely find more-than-normal differences between data providers on demand/absorption. RealPage shows a marked slowdown (though still solidly positive), whereas CoStar shows a moderate cooling that still adds up to a well-above-average absorption. Yardi likely to track somewhere in between. Much of that dis-alignment likely traces to methodology differences, particularly in how lease-ups are factored into the absorption calculation. The RealPage T-12 absorption number is still a bit higher, suggesting some of what they're counting as 1H'25 absorption is being counted by others as Q3. So I don't think the RealPage number is something to trigger panic, particularly in context of other data points (read on!). Takeaway: Absorption is clearly moderating off near-record highs, but that was widely expected because a) supply is dropping off, and absorption correlates with completions, and b) off-the-charts numbers are never sustainable. 2) Mixed signals in occupancy. Total occupancy is improving a bit as the massive wave of new completions work through lease-up. But STABILIZED occupancy (excluding new supply) declined a bit in Q3. Not shocking given the record number of lease-ups. It's competitive. That directly relates to the rent trends... 3) The summer rent slump is continuing into the fall. I noted earlier how summer 2025 was the first time we've seen a rent cut since 2009. It's far more seasonally common to see rent cuts in September. Effective rents have fallen in all but one September (2021) over the last 10 years, and 2025 was no exception. But the depth of the September rent cut (-0.6%) was a tick more aggressive than last year. 4) And yet... there are still numerous positive trends ... indicators that would be atypical of a demand-side slowdown ... indicators that the apartment market (and its renters) are still in healthy shape. a) Resident retention increased AGAIN. Zero signs of mass move-outs or of renters doubling up to save money. b) Renewal trade-out remains normal at 3.7% nationally. c) Among renter households signing a new lease in a market-rate apartment during Q3'25, rent-to-income ratios fell to a 6-year low of 21.9%. d) Renters signing leases continue to choose longer-than-normal lease terms -- which, again, isn't something you'd expect if those renters were feeling shaky about their near future. (And operators likely incentivizing longer lease terms, too, to protect occupancy.) Bottom line: Operators looking for a strong rebound in 2H'25 will likely be disappointed, but doomers looking for doomsday signals will be disappointed too. And given we're now in the seasonally slow months, we may not get a firm direction on the apartment sector until the spring leasing season starts in March/April. Thoughts? #apartments #renters #multifamily

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Scaling in multifamily is not only about acquiring more units — it’s about where you acquire them. By clustering properties in close proximity (like our strategy in Worcester), investors unlock real operational and financial advantages: * Lower cost structure through vendor consolidation * Streamlined oversight and management * Stronger relationships with lenders * Improved negotiation power and market influence * Diversified yet concentrated income stability This is how investors build scalable, resilient portfolios — without sacrificing efficiency. If you're exploring strategic growth in multifamily, let’s connect — and follow the Beard @InvestorFreed for more insights on portfolio clustering and scale. #MultifamilyInvesting #PortfolioStrategy #ClusteredAssets #OperationalEfficiency #CashFlowGrowth #PassiveIncome

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Here's a first Yesterday I was told: "I asked Claude to give me the top 10 deals available in the central KY market. Yours was NUMBER ONE." Flattering, and pretty incredible. Not possible with any accuracy a year ago... now the new normal. 𝗘𝘃𝗲𝗿𝘆 𝗿𝗲𝗮𝗹 𝗲𝘀𝘁𝗮𝘁𝗲 𝗹𝗶𝘀𝘁𝗶𝗻𝗴 𝘄𝗶𝗹𝗹 𝗯𝗲 𝗽𝗿𝗲-𝘀𝗰𝗿𝗲𝗲𝗻𝗲𝗱 𝗯𝘆 𝗔𝗜. If you are thin on numbers, missing information, or sloppy, you will be filtered out. This is the last straw for old-school brokerage... "I market to my list" is now forever a joke.

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Myth: The Smoky Mountains STR market is oversaturated and declining. Reality: According to AirROI's 2026 market data, Gatlinburg revenue grew 7.0% and Pigeon Forge grew 7.4% year over year. The market is expanding, not contracting. Myth: All cabins in the Smokies perform about the same. Reality: Top 10% properties in Gatlinburg earn over $10,400 per month. The median earns $4,300. That's a 2.4x performance gap in the same market. Operations and strategy are the differentiator, not location alone. Myth: Tourism in the Smokies has peaked. Reality: Anakeesta just launched a $100 million expansion project, the largest single investment in Gatlinburg's attraction history. New Crystal Express Gondolas, reimagined experiences, and increased capacity are all coming in 2026. The tourism infrastructure is growing because the demand is growing. Which of these realities changes how you think about your investment? DM me for our "Smokies Market Insight Brief." #SmokiesSTR #VacationRentalInvesting #STRMarketData #GatlinburgCabins #PropertyInvestment

What SouthWorth Capital Management’s acquisition of American Furniture/Peak Living means for retailers Cindy W. Hodnett //Executive Editor of Brand Development//January 20, 2026 ECRU, Miss. —  SouthWorth Capital Management has acquired American Furniture Manufacturing  (AFM), a family of companies and vertically integrated upholstery manufacturer headquartered in Ecru, Miss., that includes Peak Living. Terms of the deal were not disclosed. Peak Living will debut 15 new upholstery groups at High Point Market. Company officials noted that with the acquisition, SouthWorth, a Memphis-based family office that focuses on acquiring small to mid-size companies, now has controlling interest in AFM. Through its subsidiaries — including Peak Living, Independent Furniture Supply, Delta Furniture Manufacturing and Southern Fibers — AFM controls key elements of its supply chain, from materials and foam production to hand-sewn upholstery, assembly and logistics. Collectively, the companies operate more than 700,000 square feet of manufacturing and assembly space and employ more than 650 people. SouthWorth and AFM executives stated that the acquisition allows the company to leverage a slate of complementary services that will fuel growth for the business. The expanded capabilities include trucking, third-party logistics, advertising and marketing, among others, as well as similar company cultures. “We weren’t for sale, and we are still running the company,” said Chad Cunningham, president of AFM. “With SouthWorth’s expertise combined with ours, we now have unbelievable ability to scale. As part of our due diligence, we’ve gotten to know Jeff Presley and SouthWorth very well. They are community driven and charity driven, and they are a great fit for our group and our culture.” According to SouthWorth representatives, the acquisition aligns with SouthWorth’s investment philosophy of acquiring companies with strong free cash flow and enhancing value through operational improvements and strategic synergies. Key strategic highlights include: vertically integrated operations spanning materials sourcing, foam production, upholstery, assembly, and logistics, two complementary product lines supporting multiple price points within promotional retail programs, customer-agnostic business model serving a broad range of retail partners, variable cost structure providing scalability and operational flexibility, and experienced management team with deep industry relationships. “American Furniture Manufacturing represents exactly the type of business we seek, a well-established company with strong fundamentals, experienced leadership, and significant growth potential,” said SouthWorth Capital Management Chairman and founder Jeff Presley. “AFM’s vertical integration, customer-agnostic positioning and reputation for quality make it a compelling addition to our portfolio.

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