If you’ve been watching Willow Creek Partners operate over the last several years, you know that we love irrational markets when they favor taking risks and move away from them when those dynamics flip. With that in mind, there was a lot of speculation in single and multifamily housing during the 2020-21 time period. We took the opportunity to step away from more speculative markets and we are constantly on the prowl for the next opportunity. Today, we look at some of our favorite markets for long term economic growth and can’t help but feel sorry for the people that are holding on to units that cost way too much to build, were poorly financed AND face a ton of new competition from an overbuild. Add in a correction among a number of fantastic technology companies and the next couple of years could be really difficult for some of those markets. We expect to reengage when the time is right, but the truth is, there are a lot of other markets that are benefitting from a more diverse set of growth drivers. These markets were not necessarily participants in the last major wave of growth. However, they will be even more attractive as demographics and behaviors shift because they did not get overbuilt during the last economic cycle. We have been working to find the next opportunity for our investors and we’re getting close. But the most important point to note so far is that no two MSAs are the same and each presents its own unique set of opportunities.