Cash Flow and Storage Plays with Wayne Courreges

In this conversation, Wayne breaks down his 80/20 approach: 80% stabilized, cash-flowing multifamily (100–150 units, 1980s+), and 20% entrepreneurial projects like 20×50 storage, build-to-rent, and a mixed-use development in Bryan, Texas. He explains how conservative underwriting, loan assumptions, and fixed-rate financing have helped him sidestep recent industry turbulence—and even buy a San Antonio asset ~$3M below last year’s price.

We dig into the business case for large-format storage (think concrete, steel, low expenses, sticky business tenants), the realities of lease-up and operations, and why Wayne keeps these projects in the “innovation lab” while doubling down on bread-and-butter multifamily. Wayne also outlines his capital stack, how he combined 506(b) and 506(c) to include both known non-accredited and accredited investors, and the investor experience he aims to deliver: consistent communication, realistic cash flow, and education first.

 

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