Capital & Deals / Miami
One of the year's larger Edgewater multifamily financings sends a 36-story tower toward a 2028 delivery.
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TOPIC / MULTIFAMILY / 19 STORIES
Multifamily Development
The biggest supply wave in decades is being absorbed while a debt reckoning reshapes who owns what. Where rent, supply, and capital are heading.
Multifamily is working through the largest wave of new apartment supply since the 1980s. In the high-growth Sun Belt metros that built the most, that supply has pressured rents and lease-up, even as long-run housing demand stays strong.
At the same time, a wall of debt from the last cycle is coming due into higher rates, forcing refinancings, recapitalizations, and sales. For well-capitalized developers and buyers, that dislocation is a sourcing opportunity, not only a risk.
This hub tracks the beat: supply and absorption by market, the rent trajectory, the maturity wall and distress, agency and GSE policy, and what each shift means for where and when to build. Every figure traces to a primary source.
Go deeper: read the guide.
Latest coverage
Policy & Planning / New York
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Development / Houston
A residential-and-hospitality high-rise lands in one of Houston's cultural cores.
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Development / National
A $25M funding gap and tariff-driven cost pressure stalled the 357-unit project, testing mass timber's economics.
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Capital & Deals / New York
A layered tax-credit, tax-exempt bond and green-energy stack keeps one of New York's largest affordable builds moving.
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Policy & Planning / Los Angeles
Owners of apartment buildings in unincorporated LA County would have to notify affordable-housing buyers before selling, with a right of first refusal on the table.
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Capital & Deals / Miami
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Capital & Deals / Miami
New York's Dependable Equities lines up early financing for a 2-million-square-foot bet between the New and Tarpon rivers.
1 min read
Capital & Deals / Los Angeles
A rare nine-figure trade in one of LA County's priciest rental markets.
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Capital & Deals / Miami
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Capital & Deals / New York
A 789-foot rental tower in the Financial District draws a nine-figure debt package as it climbs past the halfway mark.
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Multifamily & BTR / Miami
One of the country's largest apartment REITs is expanding in South Florida at a land basis its brokers call a record for the submarket.
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Policy & Planning / National
One of the country's largest apartment managers exits the RealPage antitrust fight, agreeing to price its units independently.
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Capital & Deals / Denver
The 176-unit Civic Lofts changed hands for $30 million, less than half the $63 million paid at the 2021 peak, as rising vacancy resets values in Denver's core.
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Multifamily & BTR / New York
The 209-unit pair on the Upper West Side, more than half backed by Section 8 vouchers, traded at about $359,000 a unit.
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Development / Charlotte
The 5.8-acre uptown site, entitled for more than 550 apartments, changed hands twice in two months after Peachtree Group's foreclosure filing.
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Development / Miami
The developer will merge the Haddon Hall hotel and the Campton Apartments, both 1940s Art Deco, into a 262-room Starwood Treehouse hotel.
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Multifamily & BTR / National
A nine-figure-adjacent construction loan for a New Jersey rental signals private lenders still funding well-located multifamily starts.
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People & Companies / National
The former HUD housing chief returns to the private sector to advise clients navigating agency financing and shifting policy.
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Frequently asked
- Why are apartment rents softening in some markets but not others?
- The softness is concentrated where the most new supply was delivered, largely fast-growing Sun Belt metros. When a market absorbs a record number of new units at once, landlords compete on rent and concessions until demand catches up. Supply-constrained gateway and Midwest markets, which built far less, have generally held up better. It is a supply story more than a demand story.
- What does the multifamily maturity wall mean for developers?
- A large volume of multifamily loans is maturing into higher rates, and many will not refinance cleanly because the new loan sizes smaller than the old balance. That forces recapitalizations and sales, which creates acquisition and rescue-capital opportunities for buyers with dry powder. See our guide on the maturity wall for how the math works.
- Is now a good time to develop multifamily?
- It depends on the market and the timeline. High-supply metros are absorbing a glut now, but a construction slowdown means less competing supply delivering in a couple of years, which is why some developers are positioning to deliver into a tighter window. Capital cost and site basis matter more than the headline cycle.