E56 - Multifamily's Icarus: Alan Stalcup On the Record

"Property management companies made my spreadsheets lie."
 "We're gonna move the pref to a 17. Okay, okay, Tom. You're fucking me right now. You know that, right?"

This week, we break protocol to bring you a no-holds-barred interview with the poster child of the Sunbelt syndicator boom/bust, Alan Stalcup of GVA Management. Fueled by OPM, ZIRP, and an insatiable appetite for deals, Stalcup rode to the very top of the multifamily mountaintop, amassing 30,000 units in an acquisition spree for the ages. When rates turned, however, his firm became one of the highest-profile casualties, setting off a w...