Like everyone else multifamily owner, operator and developer Sinatra & Co. went through the great reset in construction pricing during the pandemic, experiencing a doubling of costs on some projects. "We were able to lock in good rates on some projects but for others we had to put up more capital and take lower proceeds on the front end," Matt Connors, vice president of development tells GlobeSt.com.

Connors is a participant of GlobeSt.com's multifamily event being held in New York City next week.

The company took away many lessons from that time but paramount of them all was this: value engineer projects or tap into other incentives that could offset some construction costs. And, as we will see in a minute, sometimes that includes working with the local government to create the necessary incentives. The company remains faithful to this hard-earned lesson as it expands into new activities. With hopes high for interest rate cuts, Connors says now is the time to buy and approach specialized opportunities so when rates do fall it is ready to go. This includes residential conversion opportunities.