Ninety9 Capital

Ninety9 Capital Successful Real Estate Investing Starts with Ninety9 Capital

06/03/2026

Closed Thursday. Memorial Day weekend. Tuesday — every crew on the ground at APEX.

152 units in Fort Worth. Foundation, plumbing, HVAC, roofing, interior — all moving on day one. This is what disciplined ex*****on looks like.

At IMN's Single Family Rental East Forum last week, I made time for a 1:1 conversation with Domonic D. Purviance — Subje...
05/28/2026

At IMN's Single Family Rental East Forum last week, I made time for a 1:1 conversation with Domonic D. Purviance — Subject Matter Expert at the Federal Reserve Bank of Atlanta.

No panel. No audience. Just an hour of working conversation about where housing is heading.

A few things I'm still thinking about a week later:

→ The lag between Fed policy and on-the-ground effect in SFR and small multifamily is real — and most pro formas don't price it.

→ "Heavy renovation" under new federal rules will separate sponsors with documented compliance from those without.

→ Interest rate expectations going into 2026 are softer than industry chatter suggests, but the path is anything but linear.

The panel happens once. The conversations between sessions compound.

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05/28/2026

Headline occupancy is the most misleading number in real estate.
90% can mask high turnover, late payments, and lease-skips. 82% with the right tenant base outperforms it every time.
In Class B/C multifamily and Single Family Rental, the tenant roll IS the asset.
Twenty years of operating in DFW has taught us that the difference between a 12% IRR and a 22% IRR isn't the cap rate at purchase. It's who's in the units when you take over.
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05/27/2026

90% isn't 90%.

A property at 90% occupancy with high turnover and late payments is a worse asset than one at 82% with clean, long-tenured tenants.

Most investors see the headline number. Experienced operators look one layer deeper — who's actually paying, how long they've been there, and what the delinquency trend looks like.

In Class B/C and Single Family Rental, knowing your tenants isn't a soft skill. It's underwriting.

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Just closed: APEX Apartments — 152 units in Fort Worth at under $51,000 per door.Off-market. Exclusive to us. The deal n...
05/26/2026

Just closed: APEX Apartments — 152 units in Fort Worth at under $51,000 per door.

Off-market. Exclusive to us. The deal never hit the market.

Purchase: $7.75M
2026 Net Appraised Value: $18.3M
September 2025 CBRE appraisal: $16.0M

110 of 152 units already renovated. New roofs across all 10 buildings. Full re-plumb complete. Fort Worth's Rosedale corridor — a market we've operated in for years.

Twenty years of disciplined work in DFW means the calls come to us first.

We're already underwriting the next one. Investors on our list see deals like this first.

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Accredited investors: [email protected]

Just wrapped moderating at IMN's Single Family Rental East Forum in Miami Beach — "Fix & Flip Overview: Understanding Ri...
05/20/2026

Just wrapped moderating at IMN's Single Family Rental East Forum in Miami Beach — "Fix & Flip Overview: Understanding Risks, Returns & 'Heavy Renovation' Under New Federal Rules."

Three days, hundreds of operators, one consistent theme: the cycle is filtering aggressively. The operators left standing are the ones who underwrote year-one math, not year-three hope.

Big thanks to my panelists — Henry Frome of Archwest and Melissa Deal of Roc Capital — for a substantive discussion on insurance costs, labor, and what "heavy renovation" actually means under the new federal rules.

More to share in next month's newsletter.

Congratulations to our CEO!Alex Hemani, CEO and President of Ninety9 Capital, officially graduated from Leadership Allen...
05/18/2026

Congratulations to our CEO!

Alex Hemani, CEO and President of Ninety9 Capital, officially graduated from Leadership Allen Class 37 this week — a year-long program presented by the Allen Chamber of Commerce focused on developing leaders who give back to our community.

At Ninety9 Capital, we believe great companies invest in more than properties — they invest in people, places, and the communities they serve. Allen, TX has been a foundational part of our story, and we're proud to see our leadership engaged in shaping its future.

Big thanks to the Allen Chamber of Commerce, Karen Simpson, and Congressman Keith Self for the Certificate of Commendation. And congrats to the entire Class 37 — what a group of leaders. 👏

Heading to Miami Beach next week to moderate a panel at the IMN Single Family Rental East Forum.Tuesday, May 19 · 11:45 ...
05/14/2026

Heading to Miami Beach next week to moderate a panel at the IMN Single Family Rental East Forum.

Tuesday, May 19 · 11:45 AM

“Fix & Flip Overview: Where Are The Risks, Rewards & Returns?”

The fix-and-flip economics that worked in 2021–2022 don’t work in 2026. New legislation is reshaping which deals pencil and which don’t. We’ll dig into how operators are repricing risk, where the heavy-rehab math still works, and what the legislation means for ex*****on timelines.

If you’re at the conference, find me before or after the panel.

05/13/2026

Headline occupancy and a defensible tenant base aren’t the same thing.

A 294-unit Austin property just went to special servicing — occupancy fell to 75% as local employment shifted. Class C rents are now down 14% YoY in Austin, 7.5% across Texas, 9% in Colorado and Arizona.

A property at 90% with concentrated immigrant employment exposure is a fundamentally different risk than 90% across diversified W-2 households. Most pro formas don’t price that. The cap rate should.

This is why we underwrite tenant composition the same way we underwrite the rent roll. Deals going to special servicing this cycle aren’t bad assets — they’re under-diligenced ones.

05/13/2026

Most investors ask about returns. Fewer ask about alignment.

Before I commit capital to any deal, two things in the sponsor matter most: who am I investing in, and are they actually in the deal — or getting in for free?

At Ninety9 Capital, I personally put 5–10% of my own capital into every project we sponsor. If I won’t ride the downside our LPs ride, the deal doesn’t get done.

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Plano, TX
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