How Fiber Infrastructure Drives NOI in Multifamily with Adam Bell

In this episode of the Matthews™ Podcast, host Matthew Wallace is joined by Adam Bell, CEO of Internet Subway, to discuss how connectivity is reshaping multifamily real estate and why the internet is quickly becoming one of the most important drivers of property performance.

With a background spanning telecom, IT services, and asset management, Bell shares how owners can rethink the internet not as a third-party utility, but as an integrated part of the building that impacts resident experience, operations, and long-term value

From Utility to Infrastructure

For years, the internet has been treated as a retail service layered onto multifamily properties. Bell explains why that model is outdated and where the opportunity lies today.

Resident Expectations Have Changed: Connectivity is now as essential as water or electricity, and friction in setup or performance directly impacts satisfaction and retention.
Owner Controlled Networks: By shifting to managed, property-wide systems, owners can standardize service, improve reliability, and eliminate dependence on fragmented providers.
Seamless Experience: From move-in day activation to customizable speeds and controls, modern connectivity mirrors the flexibility of a single-family home experience.

Unlocking NOI Through Connectivity

One of the most compelling aspects of Bell’s model is its direct financial impact.

Hands-Free Onboarding: Bulk internet models allow owners to convert a basic service into a consistent income stream.
Value Creation: Increased NOI translates directly into higher asset valuation, often with strong returns relative to installation cost.
Acquisition and Repositioning Strategy: Connectivity is becoming a lever that can influence pricing, underwriting, and exit value.

A Massive and Underserved Market

Despite growing adoption, Bell notes that most of the industry has yet to make the shift.

Horizon South Realty Group: A large portion of multifamily assets still rely on traditional retail agreements.
New Development Adoption: Forward-thinking developers are beginning to integrate connectivity from the ground up.
Retrofit Opportunity: Existing properties can still be upgraded, creating a wide runway for value creation across the market.