July's Insights:

• Dotty Woodson

• You Forgot. We Didn't.

• The Same Property. Double the Cost.

• What's Reshaping Des Moines?

• Strategy, Not Sentiment

Beyond The Summit

The Orchid Whisperer

One of our favorite travel rituals? Seeking out local orchid growers and greenhouses. Whether it’s a big commercial operation or a backyard sanctuary, stepping into these spaces always inspires us.

On a recent trip back to Texas, our love of these extraordinary plants led us to Dotty Woodson.

If you're from the Fort Worth area, chances are you already know her name. Dotty is a horticultural legend—featured on NBC-5 for over 20 years, a celebrated author, educator, and orchid whisperer in the truest sense. But we were fortunate to simply meet her as Dotty—gracious host, gifted teacher, and proud caretaker of one of the most impressive private collections we’ve ever seen.

Dotty welcomed us into her greenhouse with the kind of warmth and enthusiasm that immediately puts you at ease. At her heels was Sparkles, her Cavalier Spaniel sidekick, and at every turn, stories of rare hybrids, show pieces, and her beloved classes with college interns. She guided us through rows of orchids with a sparkle in her eye and a depth of knowledge that only comes from a lifetime immersed in the work.

The back of the greenhouse is reserved for her husband’s passion: Phalaenopsis hybrids. Dozens of color forms, including a beautiful ruby red named after Dotty herself, pictured below. 

We spent two full hours with Dotty—soaking up wisdom, laughter, and more plant stories than we could have hoped for. And when it was time to leave, she generously sent us off with a handful of young plants to continue our own journey.

It’s easy to talk about real estate, markets, and metrics—but sometimes the best investments are the people we meet and the passions that grow quietly alongside the spreadsheets.

Thank you, Dotty, for your time, your heart, and your hospitality. You reminded us that every collection—whether of orchids or assets—starts with care, intention, and a little joy.

View From The Summit

You Forgot About Your Retirement Account. We Didn’t.

Quick question:

Do you know what your old 401(k) is doing right now?

Most people don’t. Many haven’t looked at it in years. It’s just… there. Sitting in a plan set up by a former employer, riding the waves of a stock market they can’t control, buried somewhere behind a login they may not remember.

Meanwhile, opportunities are moving.

According to the Investment Company Institute, retirement assets make up more than 60% of investable wealth for the average American investor. Yet most of it is locked up in default mutual funds or target-date strategies offering average returns and zero flexibility.

Here’s the truth: you might be sitting on your next investment without even knowing it.

Take Back Control with a Self-Directed IRA

When you move old 401(k) or IRA funds into a self-directed IRA (SDIRA), you unlock full control. That means you—not a faceless financial firm—choose where your capital goes. ETFs, private equity, crypto, precious metals... and yes, real estate.

Here’s what happens when you use an SDIRA to invest in multifamily:

• No taxes on rental income, capital gains, or depreciation recapture

• With a Roth SDIRA, your earnings are completely tax-free—forever

• Your capital compounds in a tax-sheltered environment

• You still get all the benefits of real estate—without the tax drag

It’s a vehicle that works whether the stock market is up or down, because you’re investing in cash-flowing real assets—not speculation.

National Market News

The Same Property. Double the Cost.

What if your mortgage payment doubled—without your property changing at all?

That’s exactly what’s happening in today’s market.

As interest rates have climbed, the cost of debt has surged. A loan that once made sense at 3.5% now carries nearly twice the cost at today’s rates. For operators who didn’t lock in fixed-rate financing, that shift isn’t just painful—it’s defining who survives this cycle and who doesn’t.

This is the reality of the current debt environment. And it’s why structure matters more than ever.

Volume Up. Velocity Down.

In Q1 2025, commercial mortgage debt hit an all-time high of $4.81 trillion, with multifamily accounting for $2.16 trillion. Yet despite the rising balance, new loan origination has slowed dramatically.

Why? Because capital is more expensive. Borrowers are clinging to fixed-rate legacy loans, and lenders are tightening credit standards across the board.

Volume may be high—but velocity is not.

The Fed Isn’t Moving—and Neither Are Most Investors

At its June meeting, the Federal Reserve held interest rates steady for the seventh time in a row, keeping the target range between 4.25% and 4.50%. Chairman Powell made it clear: the Fed is “well positioned to wait.”

That waiting game creates hesitation across the board. Investors aren’t sure whether to prepare for relief or brace for more pain.

But disciplined operators aren’t waiting. They’re planning.
We never underwrote Oxford Pointe assuming rate cuts.
We structured it to perform without them.

Macro Pressure, Micro Opportunity

This isn’t just about rates. It’s a broader recalibration—shaped by shifting trade policies, overseas conflicts, and a global economy finding its footing in a new cycle.

The return of broad-based tariffs has added pressure across the supply chain, from steel and lumber to insurance and labor. But while some see friction, we see clarity: these are not surprises—they’re part of the environment we plan for.

As construction costs rise and capital becomes harder to secure, new development is slowing down fast. Projects that made sense two years ago no longer pencil today. And when building something new gets more expensive, the value of income-producing properties already in place becomes even more clear.

Structure Is the Strategy

We don’t just find deals—we build resilient structures around them.

Fixed-rate debt. Conservative assumptions. Market fundamentals that aren’t tied to hype or headlines.

This is how real assets outperform through cycles: not because they’re flashy, but because they’re built to withstand what’s next.

And as debt continues to define the landscape, understanding how to position around it will separate those who speculate from those who scale.

Market News

What's Reshaping Des Moines?

What do you call it when three of the world’s largest tech firms quietly plant flags across hundreds of acres in the same market?

You don’t call it a trend.
You call it a strategy.

Over the past year we have been watching Des Moines become one of the most active corporate expansion zones in the Midwest—not in downtown towers, but across massive land assemblages at the metro’s edge. These aren’t one-off bets. 

They’re multi-phase, billion-dollar commitments reshaping the regional economy in real time.

Global Giants. Local Impact.

• Microsoft just broke ground on its sixth data center campus in West Des Moines, bringing its total footprint to nearly 650 acres and pushing investment well past $5 billion. 

• Apple lit up Phase One of its Waukee project, part of a 2,000-acre assemblage set for long-term buildout.

• Meta (Facebook) is steadily expanding its Altoona complex, now stretching across 520 acres—on track to become its largest data hub worldwide.

And it’s not just the tech titans.

Local Firms and New Faces

• Kemin Industries, based in Des Moines, is finalizing a new logistics hub and expanding manufacturing capacity—proof that local players are scaling alongside global ones.

• New York-based Edged filed plans for its first Iowa data center.

• And “Project West,” a still-undisclosed tech company, has optioned 300 acres in Norwalk for what city officials say could rival Microsoft’s developments. 

Why It Matters

These aren’t just construction projects. They’re economic engines.

When companies commit to hundreds of acres, they’re not just building campuses—they’re signaling long-term investment in a region’s workforce, infrastructure, and housing needs.

Big-acre buildouts drive real demand:
They create jobs, fuel wage growth, and attract new residents. They contract with local suppliers, expand public services, and anchor private-sector stability. And as the population grows around them, so does the need for quality housing.

That’s where we come in.

We look for early indicators of durable growth.
What’s happening outside Des Moines right now isn’t noise—it’s signal. It tells us this market isn’t just expanding—it’s compounding.

The Path Forward

Strategy, Not Sentiment

The market isn’t broken—it’s shifting.

Rising debt, elevated rates, and global uncertainty aren’t red flags. They’re reminders that thoughtful structure beats speculation.

Because while headlines distract, fundamentals still drive value. That’s why we focus on clarity, cash flow, and control—building resilient structures that perform in real conditions, not ideal ones.

This moment doesn’t belong to those chasing comfort.

It belongs to those who know how to move through complexity with discipline and purpose.

If you’re reassessing your strategy—or want to see how we’re positioning capital to thrive in this cycle—we’d love to connect.

Thank you for your continued trust and partnership.

Reach Your Summit

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