What Multifamily Leaders Can Learn from Crow Holdings’ Michael Levy

This article was inspired by a recent episode of the Walker Webcast featuring Michael Levy, CEO of Crow Holdings. In a wide-ranging conversation with Willy Walker, Levy shared insights on market strategy, capital discipline, and leadership that resonate deeply with the multifamily sector.

Known for his measured, relationship-driven approach, Levy leads a $33 billion real estate investment and development firm with deep roots in the industry, a reputation for disciplined investing, and a track record of adapting to market cycles. We’ve distilled the most relevant takeaways here for multifamily owners, operators, and investors.

1. Think Beyond the Next Quarter

Crow Holdings’ development arm focuses heavily on multifamily and industrial. While short-term conditions in markets like Austin and Nashville may show rent softness, Levy’s long-term outlook is clear:

“Does anybody not think that in 10 years from now, those cities are going to grow demonstrably? … New starts are collapsing, and deliveries in 2027 and 2028 are going to be the lowest level in more than a decade.”

Takeaway: Don’t let current headlines blind you to long-term fundamentals. Today’s oversupply markets may be tomorrow’s strongest plays.

2. Build When You Can’t Buy

Levy noted that his team has been actively trying to acquire existing multifamily properties but rarely finds yields that pencil out.

“We’ve been trying to buy versus build in multifamily… but it’s been very difficult to find acquisitions at the return profile we’re looking for. We’ve lagged back into multifamily development.”

Takeaway: Flexibility between acquisition and development strategies allows you to stay active without compromising return requirements.

3. Relationships Drive Results

In Dallas—and in many growth markets—the real estate business is deeply relationship-driven.

“It isn’t even the name of the firm… Who are the specific individuals? Do I trust them? Do I like them? … Not having a physical presence, flying in, flying out—it’s just a really tough way to build a business here.”

Takeaway: In relationship-centric markets, a strong local presence isn’t optional. Flying in and out to chase deals makes it hard to win.

4. Keep the Balance Sheet Ready for Offense

One reason Crow Holdings can move decisively in down cycles: a conservative capital structure.

“I make tons of mistakes every day… but I’m not going to make those mistakes [from past downturns] ever again. We avoid mezzanine debt, cross-collateralization, and high leverage.”

This discipline, learned from the S&L crisis and the GFC, has allowed Crow to “play offense when others are playing defense.”

Takeaway: A strong balance sheet isn’t just about safety—it’s about being able to act when opportunities arise.

5. Follow the Jobs

Levy highlighted the multifamily potential created by massive onshoring and nearshoring projects.

“When someone decides to build a $20 billion plant in Arizona, thousands of apartment units… are going to be built around that. That’s compelling.”

Takeaway: Keep an eye on major corporate investments in your target markets. They often signal future housing demand.

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At Percy, we help multifamily owners and operators build the teams that can execute on these kinds of strategic insights—whether you’re breaking ground on a new development, repositioning an asset, or scaling operations in a high-growth market.

If you’re planning your next move in multifamily, let’s talk about how we can help you find the right people to make it happen.

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Link to Walker Webcast: "Roadmap for CRE Investment with Michael Levy" (July 30, 2025)