With $1.99 trillion of multifamily mortgage debt outstanding through 2028, a wall of debt maturities is quickly approaching for multifamily borrowers and pockets of the market are already adjusting in advance of greater distress and more widespread price discovery, says Gray Capital. “Select opportunities are emerging as multifamily property owners anticipate broader cap rate expansion and look to get ahead of further pricing declines,” the Indianapolis-based owner/operator and syndicator says in a new report. The

How do you know you’re in a challenging interest rate environment? You plan your weeks around Federal Reserve announcements and speeches. And that’s been the case since the Fed, in an attempt to beat back inflation, raised the benchmark federal funds rate high enough that they become more than slight annoyances every time a CRE professional tried to pencil a deal. It’s understandable. After years of ultra-low interest rates and high leverage, doing business became

August offered a hopeful sign that CRE sales in the U.S. could be on the upswing, but the market still has a way to go before it recovers fully, and deals over $100 million are scarce, according to Colliers Capital Markets August update. After a weak June and July, sales jumped 20% in August to $23.5 billion. But on an annual basis, the market was down 61% compared to the prior year, and prices were

Leading multifamily researchers weighed in on industry fundamentals, the supply pipeline, rent growth, and the best and worst markets at the MFE Conference in Dallas in late September. With high interest rates and single-family home prices, the math currently favors renting. “Renting is still more expensive than normal but not to the levels when you compare mortgage payments to incomes,” said Ryan Davis, CEO of Witten Advisors. While the nation had two years of unprecedented

For the second month in a row, home prices rose on an annual basis in September (+0.4%) as the inventory shortfall lingers, with the number of homes on the market falling year over year for the third consecutive month (-4.0%), according to the Realtor.com® September Monthly Housing Trends Report released today. Active inventory remained 45.1% below pre–pandemic (2017-2019) levels, although the number of homes for sale increased month-over-month (4.9%) in September, contrary to typical seasonal trends but attributable

A RealPage analysis of the apartment market fundamentals this week explains how the industry continues to rebound in 2023 even during this flat-rent period. “It’s rent disinflation without demand destruction,” according to the report. “Why? Supply, supply, supply.” Apartment completions in Q3 soared to the highest levels since the 1980s. But “it’s a good reminder that the challenges facing the apartment sector today have nothing to do with demand fundamentals, and everything to do with

Significant challenges—including delays in construction, a lack of financing options, and economic infeasibility of projects— continue to hinder multifamily developers. According to the National Multifamily Housing Council (NMHC) Construction Survey in September, 88% of respondents reported delays, holding steady with the prior quarter. Of those who reported delays, 79% cited delays in permitting and 79% noted start delays. Conducted between Sept. 5 and 18, the NMHC quarterly survey found that of those experiencing delayed starts,

The Census Bureau’s report on construction spending said that the value of multifamily residential construction put in place in August was up 0.6 percent month-over-month. Spending on single-family residential construction rose 1.7 percent while spending on improvements was down 0.7 percent. Multifamily construction spending higher The value of total private residential construction put in place in August 2023 was reported to be $879.9 billion on a seasonally adjusted, annualized basis. This figure, which includes spending

HAs ULI’s ninth hottest market to watch in the U.S., Phoenix is primed and ready for development in overall real estate prospects. From apartment complexes, student housing and senior living to manufacturing and cold storage warehouses and beyond, the Valley and the entire state of Arizona are full of opportunities. State of the Phoenix market Brinkmann and The X Co. are working to add to the downtown Phoenix skyline with the 19-story, 400-bed X Roosevelt.

Arizona housing units rose 8.3% from 2010 to 2020. This article reports on housing in Arizona based on the 2020 Census. It will look at what changed over the decade between 2010 and 2020, how the 2020 data compares to the nation, to other states, within Arizona, and in some cases, by race and ethnicity. Most Arizona counties had an increase in the number of housing units between 2010 and 2020. The counties with the