Capital
AvalonBay Communities acquired a full-block development site in South Miami for $22 million through an off-market transaction, planning to build the Avalon South Miami II project with 251 apartments. The price per square foot set a record for development sites in South Miami.
Kennedy Wilson and Jamison announced a partnership to develop 4,000 affordable homes in Los Angeles through adaptive reuse and new construction. The first project is the conversion of the former World Trade Center, which will provide 512 affordable apartments.
After selling its management business to Greystar in 2020, Alliance Residential focused on development and ranked high on the NMHC developer list. Recently, the company has aggressively returned to the acquisition market, purchasing more than 2,000 apartment units across several states within a few months. Its acquisition head details target asset types, transaction competition, acquisition opportunities for new developments, and development prospects.
A late-June Morningstar report shows that Houston's Steeples Apartments entered special servicing because the borrower failed to implement cash management required by the servicer, with its DSCR declining from 1.85x at issuance to 1.31x by the end of 2025. Meanwhile, a four-property portfolio in Hoover, Alabama, and Greenville, South Carolina, entered special servicing due to default, and Houston's The Park At Saronno was transferred due to payment default. Philadelphia's Independence Lofts may have its loan reinstated following a new appraisal, and properties under Sonder in New York entered servicing due to bankruptcy.
Starwood Capital Group announced on July 1 that its latest opportunistic real estate fund, Starwood Distressed Opportunity Fund XIII, has completed its final closing with capital commitments exceeding $10.2 billion. The fund will focus on residential, data center, industrial, and hotel assets in the United States, Europe, and the Asia-Pacific region. To date, Starwood has committed over $3 billion in equity to the fund and has completed or signed 20 transactions. The company's total assets under management have subsequently increased to approximately $130 billion.
Brad Korman, Co-CEO of Korman Communities, recently sat down for an exclusive interview with industry media, sharing insights into the family business's operating philosophy, project site selection logic, and his outlook on the U.S. multifamily housing market. He believes that as young people seek mobility and empty nesters pursue convenience, choosing to rent is becoming a mainstream trend.
A report from MSCI Real Assets shows that apartment sales in May increased 34% year-over-year to $13.5 billion, but prices fell for the eighth consecutive month, with the annualized decline widening. The Veris Residential privatization deal was completed, becoming the first multi-billion-dollar entity-level transaction since 2024, driving a 311% surge in portfolio and entity sales, while single-asset sales fell 14%. The market faces interest rate pressures, and some owners such as Morgan Properties continue to hold long-term strategies.
Elme Communities' liquidation plan encountered an obstacle on June 17, when the Beitel Group subsidiary terminated the agreement to acquire Riverside Apartments for $280 million. The company has restarted the sale of this property and continues to proceed with the sale of three other assets, but some transactions still face uncertainty.
Adam America Real Estate has shifted from traditional multifamily housing to student housing, completing several projects and planning to build a student tower with over a thousand beds in Austin. CEO David Brickman discusses investment strategy, financing advantages, and competition on amenities.
Harvard's Joint Center for Housing Studies 2026 housing report shows that economic headwinds are weakening housing demand, construction activity is sluggish, and vacancy rates are recovering but still below historical averages. Rental cost burdens are at record levels, low-income families face severe housing shortages, federal assistance is insufficient, and states are advancing housing reforms with unprecedented intensity.