The New Multifamily Normal: Rent Growth, Refinancing, and Risk

Beyond 60/40 Why Real Assets Anchor the Modern Portfolio | Phil Shankweiler

Beyond 60/40: Why Real Assets Anchor the Modern Portfolio | Phil Shankweiler, Partners Group Is the traditional 60/40 portfolio evolving—or breaking down altogether? In this premiere episode of Advising the Modern Allocator, Samantha Parrinello sits down with Phil Shankweiler, CFA, CAIA, Managing Director and Head of RIA Client Solutions at Partners Group, one of the world's largest private markets firms managing over $185 billion in assets. Phil has spent his career at the intersection of traditional wealth management and institutional investing, with leadership roles at Hartford Funds, Starwood Capital Group, and now Partners Group. Together, they explore one of the most important questions facing advisors today: What belongs in the modern portfolio when public markets alone may no longer provide the diversification investors expect? The conversation examines the evolution of portfolio construction, the growing role of private markets, and why institutional investors have long relied on real assets—including private infrastructure—to build resilient, long-term portfolios. Topics discussed include: • Why advisors are moving beyond traditional 60/40 allocations • The rise of alternatives in wealth management and portfolio construction • How private infrastructure differs from stocks, bonds, and public real estate • Why institutional investors continue increasing allocations to real assets • The growth of evergreen funds and how they're expanding access to private markets • Balancing liquidity needs with long-term investment objectives • Common misconceptions about private market investing • The future of alternatives in advisor-managed portfolios • How RIAs can modernize portfolio construction for the next decade Whether you're an RIA, financial advisor, wealth manager, allocator, or sophisticated investor, this episode provides a practical framework for understanding how private infrastructure and real assets may fit into a diversified portfolio. Key Themes: Private Markets, Infrastructure Investing, Alternatives, Evergreen Funds, Portfolio Construction, Wealth Management, Institutional Investing, Diversification, Real Assets, Modern Portfolio Theory, RIA Strategies, Long-Term Investing. About Phil Shankweiler Phil Shankweiler serves as Managing Director and Head of RIA Client Solutions at Partners Group, where he works with independent advisors and wealth management firms seeking institutional-quality private market solutions. His experience spans traditional asset management, private real estate, and private infrastructure, giving him a unique perspective on the evolution of alternative investments within advisor portfolios. Subscribe to Wealth Unfiltered for conversations with leading allocators, investment managers, economists, and industry experts shaping the future of wealth management.

Renting Vs. Buying: Demographics, Affordability, and The New Demand Cycle

In this episode of Wealth Unfiltered, Jeff Adler, Vice President of Yardi Matrix, breaks down the real-time data shaping today's multifamily housing market—and what it signals for investors navigating the next phase of the cycle. We explore the key forces driving performance across markets, including elevated new supply in Sun Belt and Mountain West regions, shifting migration patterns, demographic tailwinds, and the widening rent-versus-buy gap that continues to support long-term rental demand. Jeff also unpacks why the market is becoming increasingly fragmented, with smaller Southern and Midwest metros outperforming while high-supply markets like Orlando, Phoenix, and Denver continue to face pressure. He explains how real-time data is essential for understanding absorption trends, underwriting accurately, and identifying where opportunity is emerging beneath the surface. Looking ahead, we discuss why rent growth is expected to remain muted in the near term, with stabilization beginning around 2026 and broader recovery taking shape into 2027—as supply normalizes and demand fundamentals reassert themselves. This episode delivers a clear, data-driven framework for understanding where we are in the multifamily cycle—and how investors should position for what comes next. Key Takeaways * Multifamily supply remains elevated, particularly in Sun Belt and Mountain West markets, continuing to pressure rents and increase concessions. * Strong structural demand persists, driven by household formation, aging demographics, downsizing boomers, and millennials renting longer due to affordability constraints. * Rent growth is expected to remain subdued short term, with stabilization beginning in 2026 and broader recovery likely by 2027. * Market performance is increasingly fragmented—smaller Southern and Midwest metros are outperforming while high-supply markets like Orlando, Phoenix, and Denver face continued pressure. * Real-time data is critical for navigating today's cycle, improving underwriting precision, and identifying mispriced or oversupplied opportunities. * Investors who focus on fundamentals—renewal strength, realistic rent assumptions, and local market dynamics—are best positioned for the next phase of the cycle.

The Multifamily Investment Landscape: Demand, Capital Markets, & Strategy

In this episode of Wealth Unfiltered, we're joined by John Chang, Chief Analytics and Intelligence Officer at Marcus & Millichap, to break down what's shaping the commercial real estate and multifamily investment landscape heading into 2026. John explains why this cycle may be setting up for a unique window of opportunity, as investor caution, shifting capital flows, and improving fundamentals begin to realign. We discuss how today's environment is creating more selective buying conditions, and why those who understand where demand is heading may be best positioned to capitalize. Key topics include capital markets trends, multifamily supply and demand dynamics, market selection, and the role of investor psychology in today's cycle. If you're looking to understand where the next phase of opportunity may emerge in multifamily and commercial real estate, this is a conversation worth tuning into.

The New Multifamily Normal: Rent Growth, Refinancing, and Risk

In this episode of Wealth Unfiltered, we sit down with Paul Fiorilla, Director of Research at Yardi Matrix, to break down the latest multifamily market trends, including supply, demand, rent growth, and investment outlook heading into 2026. Paul shares a data-driven perspective on how the recent wave of new apartment supply is impacting market performance across regions and asset classes. As the multifamily sector works through elevated deliveries, investors must understand where opportunities are emerging—and where risks remain. We also explore why market-level and submarket-level analysis is becoming increasingly important in today's environment. With shifting fundamentals, access to real-time multifamily data and research insights is critical for making informed investment decisions. Topics covered include: * Multifamily supply pipeline and absorption trends * Rent growth outlook and regional performance * Impact of new construction on vacancy rates * Key investment considerations for 2026 * How data and research inform smarter real estate investing If you're an investor, advisor, or operator looking to better understand the multifamily real estate market outlook, this episode provides actionable insights backed by industry-leading research.

Durable Demand Drivers: Where Commercial Real Estate Wins in 2026

In this episode of Wealth Unfiltered, we sit down with Spencer Levy—Global Client Strategist and Senior Economic Advisor at CBRE—to unpack where commercial real estate is headed in 2026. Spencer breaks down the current market cycle, including the shift toward normalization, improving capital markets activity, and a more disciplined investment environment driven by real fundamentals—not financial engineering. We also dive into one of the biggest differentiators in today's market: operational excellence. In a more selective landscape, strong operators aren't just surviving—they're outperforming. If you're investing in real estate or watching where the next opportunities emerge, this is a conversation you won't want to miss.