Development
In response to rising rents and a shortage of over 50,000 affordable housing units, the city of Cleveland launched a housing investment fund using a public-private partnership model. The fund has raised $53 million, supporting the construction of 216 housing units, and plans to raise $100 million in the future to build 2,500 to 3,000 new homes, focusing on serving low-income groups.
Kennedy Wilson and Japan's Shimizu Corp. announced their first collaboration to develop Caldwell, a 382-unit luxury apartment project in Sandy Springs, Georgia, with a total investment of $139 million. This project marks Kennedy Wilson's first multifamily development in Georgia and is expected to be completed in 2028.
Following the official establishment of Vivmark Residential, JPMorgan analyst Anthony Paolone believes its scale and liquidity advantages position it to become a 'blue-chip' stock in the residential rental sector, but near-term earnings growth remains sluggish, and synergies may not be fully realized until 2028.
The multifamily market is entering a phase that demands greater discipline and refined operations. Although rental demand remains positive, factors such as supply pressure, sluggish rent growth, and financing cost volatility continue to challenge the market. Industry experts point out that operators who can protect economic occupancy, control costs, invest in capital projects, and leverage data technology will stand out.
Bonaventure has expanded against the tide amid market turmoil over the past two years, starting construction on 928 units and acquiring 1,518 units, with assets under management reaching $2.9 billion. In an exclusive interview with Multifamily Dive, the company's CFO, Stephen Birch, elaborates on its long-term hold philosophy of 'not growing for growth's sake,' emphasizing support for development through HUD long-term fixed-rate loans and the use of AI tools to precisely identify potential acquisition targets.
Core Spaces announced the delivery of approximately 6,000 student beds ahead of the 2026-2027 academic year, distributed across six student housing development projects, all completed at least six weeks early and within budget. The projects cover universities such as the University of Michigan and the University of Colorado Boulder. The company's CEO stated that they will continue to deepen their focus on key markets while advancing acquisition and investment platform expansion.
According to Yardi Matrix's Q3 2026 Multifamily Supply Forecast, new multifamily supply will reach a cyclical low in 2027 at approximately 444,343 units, before expanding only marginally by 2031. The report highlights declining construction and pre-leasing activity, a slight upward revision for 2026 completions, and a shift toward affordable housing in the development pipeline.
Multifamily housing starts dropped 7.1% year over year in July, with completions down 25.6%, according to HUD and the U.S. Census Bureau. Permits for multifamily units rose 6.3% annually, signaling future activity. Regional data show multifamily driving construction in the Northeast and West, while total starts fell sharply in the Midwest and South. Builders face rising costs, labor shortages, and financing pressures, though rental demand remains resilient.
Cityview has named Gabi Franco managing director of asset management. Franco will oversee the firm's development and value-add assets, working alongside construction, property management, and development teams as Cityview expands nationally.
Hillpointe, a Florida-based real estate and investment firm, has entered the Kentucky market with two new developments in Lexington and Nicholasville, totaling 868 attainable residences. The projects are part of master-planned communities and aim to address housing supply gaps in the region.