This entry treats large multifamily from the institutional capital-deployment seat: pension funds, insurance companies, private equity, and large operators placing significant capital into apartment acquisition, development, and value-add at institutional scale to earn returns from the rental...
Log in to followThe thesis in front of me is straightforward enough that even I follow it. Apartment values reset, supply is falling off, rents firm up somewhere around 2027, and whoever bought a…
The recovery case rests on absorption overtaking deliveries and staying there long enough for rents to firm. Everyone models the pipeline contraction. Almost nobody models the res…
I'm doing scope pricing for a group buying a 288 unit 1996-vintage property in a Sun Belt submarket where deliveries are dropping off hard after 2026. Two scopes on the table and…
I've read four value-add memos in the last six weeks and the structure of the rent assumption is the same in all of them. Year one flat to slightly negative, concessions burning o…
I spend most of my time on land, so this is outside my lane. What got my attention is that the pipeline for new apartments is contracting sharply and vacancy looks like it topped…
I came from the build side, so replacement cost is the number I trust most and I think that's exactly the bias I need beaten out of me. Deal shape: 312 units, 2004 vintage, garden…
I've got capital to place and no operating experience, so the whole pitch I keep getting handed is timing. National apartment vacancy around 8.5 percent, described as peaked, fore…
I've read four institutional apartment decks this quarter as a prospective LP, and the return bridge is identical in all of them. Buy 20 to 30 percent under the 2022 peak. Renovat…