What does apartment building investing really look like — and where does it fit in the real estate landscape?
In this episode of The Real Estate of Things, multifamily specialist Patrick McEvay of the McEvay Blair Group at Marcus & Millichap joins us to unpack multifamily real estate in Vancouver (& beyond) right now: who really owns Vancouver’s rental buildings, why many of these long-term “mom and pop” owners are choosing to sell, and how policy, financing, and market shifts are shaping today’s landscape. From cap rates and cash flow to tenant dynamics and long-term ownership, Patrick shares a clear, candid look at how deals come together and what makes them successful. Whether you’re an investor, agent, or just curious about how rental housing works behind the scenes, this conversation offers practical insight into one of the most important and least understood parts of the market.
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Chapters:
- (00:00) – Introduction
- (01:07) – Meet Patrick McEvay
- (05:57) – What Multifamily Real Estate Actually Is
- (11:18) – The Reality of Ownership in Vancouver
- (19:07) – Tenant Dynamics When Buildings Are Sold
- (22:54) – The State of the Multifamily Market in 2025
- (25:21) – How Multifamily Deals and Financing Work
- (31:14) – What Makes a Strong Multifamily Investment
- (36:59) – Common Pitfalls and Deal Breakers
- (40:49) – Off-Market Deals and How Transactions Happen
- (41:54) – The State of Multifamily Buildings in Vancouver
- (46:55) – Policy Changes and Pressure on Landlords
- (49:25) – Conclusion