The Jesse Sells

09/17/2026

The Fed can’t control diesel prices. But it can control what happens next.

That distinction matters more than most headlines suggest especially if you’re allocating capital to real assets.

We unpacked the bigger picture in the latest IGC brief.

Worth the read. Subscribe if you want more of what we’re watching at IGC. Subscribe: https://impactgrowthcapital.beehiiv.com/subscribe

09/08/2026

The apartment pipeline is shifting and it’s worth paying attention to where.

Smaller, fast-growing metros are attracting more new supply, but the headline numbers don’t tell the full story.

For us at IGC, the allocator question is: does that new supply actually compete with the workforce housing tenant we serve?

The answer is more interesting than the permit numbers suggest.

We break it down in the latest IGC Intel Brief.

Worth the read and subscribe to IGC Insights to stay ahead of the market signals shaping where capital moves next.

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Durham, North Carolina, just led the entire country in multifamily permitting intensity at 45.2 units per 10,000 residents, 56% above second place. Seven of the eight most permit-intensive markets have populations below 1.5 million. Columbia, South Carolina posted a 468% year-over-year surge. The co...

09/03/2026

71% is a number investors in AI infrastructure shouldn’t ignore.

At IGC, the allocator question is simple: if local opposition can delay permits, change the economics, or stop a project entirely, should your capital be there at all?

Community sentiment is no longer just a PR issue. It’s an underwriting variable.

We unpack why in The 71 Percent Problem.

Read the full brief and subscribe to the IGC newsletter if you want the next capital-allocation signal before it becomes consensus.

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The hardest input in data center underwriting isn't power anymore. It's permission.

09/01/2026

Institutional capital is moving down-market—and that shift is worth watching.

Regional CRE sponsors with real scale are starting to attract more institutional attention.

The question is what happens when that capital starts competing in markets that were previously less crowded.

I shared a few thoughts in the latest IGC Intel Brief.

→ Read it before the middle market becomes the crowded market.

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JKKR just published research identifying a $5.1 trillion middle-market real estate opportunity: 5,800 sponsors, each managing 25 or more properties with less than $1.5 billion in dry powder, collectively controlling 300,000 properties across apartments, industrial, retail, office, self-storage, and....

08/28/2026

Sometimes the clearest market signal isn’t coming from buyers. It’s coming from lenders.

We broke down what the current gap between credit activity and buyer activity could mean for CRE investors.

Read the latest IGC brief — and subscribe if you want to catch the signal before the crowd does.

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https://impactgrowthcapital.beehiiv.com/p/lenders-are-moving-faster-than-buyers-that-gap-is-the-signal-most-investors-are-missing

JLL's Credit Intensity Index hit 112, well above the previous 2021 record. Lending competition is the highest on record. But buyer bidding, while improving sharply, is still catching up. July posted the second-highest unique bidder count in five years. June saw the strongest monthly bidding improvem...

08/25/2026

There’s more real estate capital in the market but underwriting still matters.

Strong deals are attracting more lender competition, while weaker capital stacks are still being tested.

That’s the real story behind today’s credit market.

Read the latest IGC brief and subscribe for more weekly market insights.

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Banks are back. Private lending surged 133%. Multifamily spreads compressed to 162 basis points. Low-leverage deals are pricing at 115 to 125 bps. CBRE describes the debt market as extremely healthy with abundant liquidity. But extension fees for troubled assets have climbed from 1-3% to as high as....

08/21/2026

This is the part of the market I’m watching closely.

Treasury stepped in. Yields dropped. Within 24 hours, the move reversed.

That says a lot about where capital conditions may be headed—and what CRE investors should be underwriting for.

We take a closer look at what it means in our latest IGC Intel Brief.
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Subscribe if you want more of these market breakdowns.

08/18/2026

This is one housing number I think is worth paying attention to.

Permits are moving one way, while actual starts and completions are moving another.

That disconnect tells us a lot about what is really happening beneath the headline housing numbers and why new supply may remain harder to deliver than many expect.

We broke down what the latest data could mean for housing and investors in this week’s IGC Intel Brief.

Take a look at the full analysis from Impact Growth Capital below. 👇

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Building permits surged 5.0% in July to their highest level in months. But housing starts fell 12.4% and completions dropped 9.1%. More builders are asking for permission to build. Fewer are actually breaking ground. And fewer homes are being finished. The housing supply crisis is not just about dem...

08/04/2026

Markets moved quickly. Capital didn’t.

Oil dropped 5%, but real estate financing remains expensive. Read the latest IGC newsletter to understand what this means for investors, borrowers, and operators.

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Crude dropped sharply as markets priced a possible easing of U.S.-Iran tensions. Treasury yields moved lower too, but the 10-year remained near 4.7%. The relief is real. Cheap capital is not.

07/22/2026

The ROAD to Housing Act is taking a supply-first approach to America’s housing problem and that could have important implications for where housing capital moves next.

We broke it down in our latest IGC Intel Brief. Take a look below.

The ROAD to Housing Act does not write a single check to renters. It does not subsidize a single mortgage payment. It does not cap a single rent increase. Instead, it attacks the housing crisis at its root: supply. The most sweeping housing legislation in 36 years is a bet that if you remove the obs...