Capital
The latest report from MSCI Real Assets shows that total U.S. apartment sales in Q2 2026 increased 1% year-over-year to $36.7 billion, but growth was primarily boosted by Veris Residential's $3.4 billion privatization deal; excluding that deal, sales actually fell 8%. During the same period, apartment prices declined 1.7% year-over-year, marking two consecutive years of negative growth. The market shows structural divergence: single-asset sales fell 7%, portfolio sales fell 16%, while mid-rise and high-rise apartment sales grew 36% due to large transactions.
National Equity Fund (NEF) announced on July 22 the acquisition of 32 properties and a fund management portfolio from St. Louis Equity Fund Inc. (SLEFI). The portfolio, comprising nearly 2,000 affordable homes across 13 funds in the St. Louis region, represents over $200 million in equity. The deal expands NEF's Midwest footprint and aims to stabilize critical housing for low-income residents, seniors, and people with disabilities.
Apartment REITs 'merger of equals' partners AvalonBay Communities and Equity Residential reported second-quarter results, with FFO exceeding analyst expectations, and suspended earnings guidance due to the merger.
PPR Capital Management officially launched the PPR Keystone Housing Growth Fund, targeting $100 million in fundraising to invest in build-to-rent (BTR) properties that are already built or in the leasing phase. The fund aims to leverage a short-term market opportunity arising from regulatory uncertainty.
This article analyzes recent M&A trends in the apartment industry, pointing out that operating platforms are becoming the core of competition. Milhaus expanded its national footprint by acquiring SRG Residential and Broadshore Capital Partners, while the merger of AvalonBay and Equity Residential pursues operational efficiency and scale advantages. Industry experts believe that future winners will be platforms that can operate efficiently and provide high-quality services.
In the first half of 2026, transaction volume in the multifamily sector remained weak, but M&A became a market highlight. MSCI data shows that April sales hit a new low since 2020, while in May, the privatization of Veris Residential was completed, driving a 34% month-over-month increase in sales. This article summarizes six large M&A deals announced in the first six months of the year, covering types such as REIT mergers and management platform consolidations.
Morgan Properties has risen from No. 35 in the NMHC ranking in 2016 to No. 2 in 2026, with managed apartment units growing from 32,384 to 110,475. In the interview, Chief Operating Officer Greg Curci details the company's acquisition strategy: adhering to a workforce housing positioning, with approximately 55% of assets built in the 1960s-1970s and resident median household income slightly below $75,000; adopting a 10-year holding period model without rushing short-term exits; daring to acquire large, older, poorly managed assets and implementing multi-year comprehensive renovations; while flexibly entering secondary and tertiary markets. Curci also notes that current distressed assets fall into two categories: seller distress and asset deterioration itself, observing over the past six months some properties with occupancy rates as low as the 70% range, but most opportunities still do not warrant taking on debt.
Lincoln Property Co. has acquired full-service real estate company The Spectrum Cos., and following the transaction, the two parties will jointly form the Lincoln Carolinas platform, incorporating Spectrum's multifamily business in North Carolina and Central Florida. Since 1982, Spectrum has developed nearly 7,000 multifamily units and currently manages 4.4 million square feet of assets under lease. Lincoln previously sold its residential division in 2023, and this acquisition marks its renewed focus on the multifamily market.
After months of back-and-forth between the two chambers and a presidential veto standoff, the 21st Century Housing Road Act officially became law at midnight on July 11. The bill aims to expand housing supply, cut regulations, restrict large institutional investors from buying single-family homes, and ultimately lower housing costs. Representative Josh Harder called it the most important housing legislation since 1974. Although industry insiders believe the bill is not a panacea, they generally view it as a major step forward in federal-level housing construction.
Milwaukee's unfinished Edison Tower project is heading toward foreclosure. General contractor C.D. Smith Construction obtained a default judgment on June 29, and the court may subsequently issue a foreclosure order allowing the sale of the property. The project, once hailed as the tallest wood structure in the U.S., halted work in 2025 due to funding gaps, tariff pressures, and legal disputes.