Texas

By Taylor Williams AUSTIN, TEXAS — For more than a decade coming out of the Great Financial Crisis, the Austin growth story sold itself to the multifamily investment community, and at the height of the market, faith in that narrative alone might have been enough to sway an investment committee to tour, underwrite, offer and close. The past several years have seen a major departure from that modus operandi, as Austin has perhaps borne an outsized share of pain and erosion of fundamentals amid the larger U.S. apartment boom. Back are the days of basis resets, granular scrutinization of line items, skepticism of below-market exit cap rates and highly bifurcated submarket performances. It’s an inverted version of the multifamily utopia that prevailed throughout the state capital in times of historically low interest rates, and to confidently buy in Austin today requires conviction that the current state of affairs is only temporary. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. So spoke a handful of multifamily investment sales professionals at the annual InterFace Austin Multifamily conference, which took place …