Internet is one of those things most real estate investors treat as a box to check. As long as it works, we move on. But in this conversation, Adam Bell completely reframed how I think about internet, infrastructure, and scale in multifamily investing. We talked about why internet is no longer just a utility, how poor connectivity quietly creates friction across your entire operation, and how intentional design decisions can unlock real operational and financial leverage. If you own or are scaling multifamily and want your properties to run smoother without adding more to your plate, this is a conversation you need to hear.
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Hello everyone. I’m Adrienne Green, and today I’m here with Adam Bell. Adam, thank you so much for joining me today.
Happy to be here. Thanks for having me.
To ground everybody as we get started, can you briefly explain how you work with multifamily real estate investing today?
Certainly. The company that I run is called Internet Subway. We provide internet services for multifamily communities. That’s an oversimplified version. We’re really an experience provider, and that experience unlocks value for the property owner, operator, and resident in a number of different ways.
That’s really cool. I know that most real estate investors are still treating internet as a basic utility. All that matters is that it’s fast enough for tenants, and that’s about it. Why is that mindset limiting portfolio performance?
People live in these places. It’s their homes. It’s a lot more about experience than just utility. When you move into your home, whether it’s an apartment or something else, you want the water to work and the power to work. The same thing applies to internet. You want it to work immediately. That’s part of the move-in experience and part of living in your home.
In a multifamily community, your home isn’t just your bedroom, living room, and kitchen. Amenities extend your home to the gym, the pool, the leasing office, and sometimes business centers where you work. Your home is the community, not just your four walls. If internet is treated like a utility, the experience component gets missed.
It’s funny what my mind goes to as you share that. I remember visiting a friend who lived in a multifamily community that had really nice massage chairs as a community amenity. We visited two years ago, and my kids still talk about those chairs. Creating experience and community really does make a difference, even for visitors.
Exactly. Communities invest heavily in design and aesthetics to craft an experience. Underlying all of that is solid internet. There’s technology everywhere in multifamily communities today.
I’m curious. How is the internet service you provide different from standard internet?
We provide what we call the next generation of managed Wi-Fi. We didn’t invent the model, but we crafted it specifically for property owners, operators, teams, and residents. It’s built with software, experience, and the right people in the right places. It comes down to understanding the process, the stakeholders, and how to implement everything to deliver the outcomes and experiences you want.
What we’ve done isn’t just provide internet service. We deliver the entire experience to everyone involved. It’s not just internet for residents or Wi-Fi at the pool. It’s everything. We partner with the property. If they want to add cameras, we ask where internet is needed. That unlocks future property technology like access control systems, occupancy monitoring, and more. It’s powerful.
As someone who travels full-time and moves every two to four weeks, I really appreciate great internet. I’ve also experienced how bad internet can be in a lot of places. Internet isn’t the expertise of most people operating multifamily properties, so bringing in an expert erases a huge friction point and adds layers of value most people don’t even think about.
The internet itself is table stakes. The experience you deliver with it is what matters. If people know you’re there but never have to think about you, that’s success. If residents move in, get online immediately, and never have to think about the internet again, that’s success.
That would be amazing. We’ve stayed in Airbnbs where internet only works in certain rooms or only if doors are open. It’s such a pain point because we depend on it so much.
You forget how dependent you are on internet until it doesn’t work. Those Airbnb scenarios are real life. With proper design in a community you own, you can avoid that. You can deliver a high-quality, touch-free experience where residents and property teams don’t have to deal with internet issues, and residents are online the day they move in.
I’m curious what you’ve seen when connectivity is poor. How does that create friction for property managers, leasing teams, and maintenance staff?
Their jobs rely on it. Leasing teams sign leases daily. Maintenance technicians take tickets and manage repairs through software platforms that require internet access. The entire day-to-day operation of a multifamily property depends on internet. On top of that, you have smart locks, smart thermostats, and other property technology. Many things technically work without internet, but the smart features disappear. The chaos that can come from unreliable connectivity is huge, especially when people live and work from home.
You have to have reliable internet. It’s critical.
I think of how disruptive the recent Verizon outage was. I wasn’t in the US, but I heard how big of a deal it was. It really highlights your message.
I experienced it myself. Verizon has been incredibly reliable over the years, so I’m not throwing shade, but it showed that even top-tier providers can have outages. When it happens, it’s incredibly impactful.
It really highlights how dependent our world is on internet.
It was bizarre being in my car without maps, GPS, or Apple CarPlay.
From a systems perspective, what changes when internet is designed intentionally instead of reactively?
It starts with design and ultimately saves a lot of money. Developers should invest in low-voltage or limited-energy designs from the beginning. These plans map where cables, fiber, access control systems, meters, and monitors go. Internet-dependent systems are integral to buildings now. Designing the infrastructure properly during construction sets you up for success and allows you to choose the right provider to operate the backbone.
We also help owners retrofit buildings that don’t have this infrastructure.
You mentioned saving money, which investors care about. Can you explain the ROI?
At a high level, when you let big telecom providers install and own the infrastructure, you might receive a small revenue share, but most of the revenue goes back to them. When you own the infrastructure, the economics flip. The majority of the revenue goes to the property instead of the telecom company. A portion goes to the network operator, but the property captures the lion’s share.
The ROI is often fast. Long term, it also saves money because retrofits later are much more expensive than doing it right during construction. If you install the right infrastructure upfront, you don’t have to pay again years down the road to keep up.
What property sizes does this make sense for?
Our model works best at 150 units or more in a particular density. We can serve smaller properties, but the economics are strongest at scale. That said, there are solutions for smaller communities that can still improve experience and NOI.
For smaller investors, there are still big lessons here about thinking strategically.
Exactly. There are economies of scale, but everyone can learn from this.
Is your service nationwide?
We’re currently up and down the East Coast and as far west as Alabama. We’re launching in Texas later this year. We expand based on demand, but it takes time to build the resources to properly support communities.
How long have you been doing this?
Just under three years.
How did you get into this?
After college, I started a managed service provider doing computer repair and IT services. I ran that for years, built a team, opened a restaurant, expanded locations, and eventually worked with wireless internet providers. In 2017, I joined a company focused solely on multifamily internet services. I helped grow it significantly. During that time, I met my current partner who owns several thousand apartments. We started asking if there was a better way to deliver this experience, and that’s how Internet Subway was built.
So you brought the internet expertise and your partner brought the multifamily experience.
Exactly. What we built is tailor-made for multifamily owners, asset managers, property managers, and maintenance teams. It’s not just a portal. It’s a full process that serves everyone involved so we’re seen as a partner, not a vendor.
As an investor, I’ve experienced both great and terrible service providers. The difference is huge.
Absolutely.
As you’ve grown over the last three years, what lessons did you learn?
We started as an EOS organization, which gave us strong processes and accountability. That allowed us to identify problems quickly and iterate. Early on, we focused heavily on building software and integrations, then realized we also needed to build processes for the people using them. That learning didn’t happen overnight, but documenting everything made iteration easier. Having a launch partner gave us room to work out the kinks.
There are lessons there for every entrepreneur.
You have to inspect what matters. Track what’s important.
Looking ahead, what should multifamily investors prepare for?
Invest in proper low-voltage or limited-energy designs and install microduct during construction. Microduct allows fiber to be easily pulled in the future and saves a massive amount of money. If you’re building communities, install microduct.
I’m a huge believer in that. My last primary residence was a newer build, and having modern tech infrastructure everywhere made such a difference.
It’s always more efficient to do it during construction. Retrofits are much more costly.
Big takeaway: microduct.
Yes, absolutely.
As we wrap up, if an investor wants to start treating internet as a strategic lever, what’s the first step?
Evaluate your existing agreements and determine who owns the infrastructure. Once you know that, talk with a professional about your options. The first step is knowing what you have. The second is having a conversation.
If someone wants to connect with you, what’s the best way?
LinkedIn is easy. You can also visit my website at adamlloydb.com.
We’ll have that in the show notes. Thank you so much, Adam. This was a really fun conversation.
Thank you for having me. I love talking about this stuff.
Thank you to everyone reading. If you know someone who would benefit from this conversation, send it to them.