The 21st Century ROAD to Housing Act – Investor Ban on Buying Homes
The 21st Century ROAD to Housing Act (passed by the Senate on March 12, 2026) is a landmark bipartisan bill designed to tackle the national housing shortage. While it contains many “supply-side” reforms, it is most famous for Section 901, titled “Homes Are for People, Not Corporations.” This section introduces a first-of-its-kind federal restriction […]
Cap Rates Compared to Interest Rates – How to Create Positive Leverage
Investors often ask about in-place cap rates on BAM Capital’s acquisitions relative to current interest rates. This relationship tells investors if the Sponsor is creating positive or negative leverage on these investments. While this question is fair, it doesn’t tell the whole story. Real estate is a cash flow business. The trick is to underwrite […]
Loan Cap Limits from Federal Housing Finance Agency (FHFA) for 2026
In November 2025, the FHFA announced a significant increase in the multifamily loan purchase caps for Fannie Mae and Freddie Mac for the 2026 calendar year. For 2026, the loan purchase caps are set at $88 billion for each Enterprise, resulting in a combined total of $176 billion in lending capacity. The 2026 limits represent […]
Multifamily Delinquency as of Q4 2025
The delinquency rate for multifamily real estate varies significantly based on the type of loan and the institution holding the debt. While the broader commercial real estate market faced headwinds, multifamily performance showed signs of stabilization late in the year. The distress in multifamily loans has been more sporadic than widespread in 2025, representing a […]
Market Observations and Commentary for the Multifamily Sector
As of the final quarter of 2025, the U.S. multifamily market is being described as a “strategic turning point” because it marks the simultaneous convergence of three major cyclical shifts: the supply wave peak, the precipitous drop in construction starts, and the pivot in monetary policy. After two years of stagnation and “survival mode” for […]
The Cap Rate, Return on Cost, and Stabilized Yield on Cost
What’s the difference between an in-place capitalization rate, the return on cost, and the stabilized yield? The differences are subtle but invaluable when evaluating real estate opportunities. Not one metric will define a good investment, but it takes a combination of the three to have a comprehensive understanding of real estate valuation and how these […]
Key Factors When Choosing a Real Estate Syndication Company
There are several reasons why wealthy individuals and institutions choose to invest their money in apartment complexes.
For starters, you can rely on a multifamily property to generate a steady cash flow. Apartment complexes can provide a steady stream of rental income, which can be especially attractive to those looking for stable, long-term investments.
2026 Multifamily Market Forecast: Trends and Predictions from Tony Landa
The outlook for institutional quality multifamily real estate in 2026 is generally one of cautious optimism and stabilization after a period of oversupply and repricing. The capital markets are expected to normalize. Cap rates are stabilizing, suggesting the market may be nearing a turning point for valuations. While financing costs remain elevated, improving market fundamentals […]
Market Observations for the Multifamily Sector
The multifamily market as of Q3 2025 is characterized by a mix of stabilization and regional divergence, driven primarily by an influx of new supply juxtaposed with high homeownership costs. Nationally, fundamentals are resilient with strong demand largely sustained by the significant premium of buying a home over renting. However, a near historic volume of […]
Why Multifamily is Built for Resilience
Multifamily real estate has demonstrated notable resilience in the face of economic uncertainty and recessions. This resilience stems from factors like the consistent demand for rental housing and a diversified income stream from multiple units. Additionally, multifamily properties are often valued based on their income-generating capacity and long-term fundamentals, which serve as an essential hedge […]