Crittenden Report Editors

The dynamic duo of tamped down vacancies and negative absorption are signs of the stabilization of the U.S. multifamily sector. What’s more, these trends are expected to stay on course this year. By comparison, in Q1 2023, there was an uptick of 30 basis points quarter-over-quarter in the overall multifamily vacancy rate. It fell short of the pace of the 70-basis-point jump in Q4 2022 or the spike of 90 basis points in Q2 2022. More

Industry veterans Peter DiCorpo and Eric Hade recently announced the launch of Brook Farm Group, a new multifamily development firm that will focus on rising demand in “lifestyle” and “path-of-growth” markets throughout the Sunbelt and Mountain States with a concentration on dynamic MSAs in the southeastern United States. “The multifamily sector has had a phenomenal […] More

Higher levels of manufactured housing and affordable rental construction could provide some relief, as occupancy rates across residential segments are historically high, according to research from Marcus & Millichap. Class C apartment vacancy stood at just 2% entering the second quarter, halving the pre-pandemic equivalent. Meanwhile, manufactured housing availability declined between 2019 and 2021 in […] More

Last week marked one year since the tragic collapse of Champlain Towers South Condominium in Surfside, Florida. By 2025, Florida state law will require association-governed boards to set aside funds for future major repairs, according to state legislation approved in May. It starts with a Reserve Study (fee is only 1% of the association’s budget) […] More

Grosvenor, a privately owned international property group, acquired 2600 Telegraph Avenue in Oakland, Calif., where they will begin construction in early 2023 to develop 225 rental homes and 6,000 square feet of specialty retail space. Fifteen of the homes will be affordable for local residents earning incomes less than 50% AMI (Area Median Income). The […] More

MRP Realty, developer of commercial, residential, industrial, and mixed-use real estate across the Washington Metropolitan Region, launched Navigate by MRP, an office space platform for the tenant end-user. Navigate is currently available in MRP properties in DC, Maryland, Virginia and Philadelphia. “Recognizing the current disruption in office space, technology and amenities, MRP is responding with […] More

Tricon Residential Inc. and HHS Residential recently celebrated the groundbreakings of two new single-family rental home communities in Central Texas: Tricon Trail Creek in New Braunfels and Tricon Bryson in Leander. They are the third and fourth of Tricon’s 13 new, purpose-built, single-family rental home communities in Texas, including five in metropolitan Dallas-Fort Worth, three […] More

The U.S. multifamily sector saw strong momentum at the start of 2022, with robust demographic trends underpinning record leasing activity, rent growth and investment during the first quarter, according to CBRE’s latest report.

Investment in the multifamily sector increased by 56% year-over-year to $63 billion in Q1 2022 — the strongest first quarter on record and bringing the trailing four-quarter total to $374 billion. Multifamily accounted for 37% of total commercial real estate investment volume in Q1 2022, followed by office at 21% and industrial at 20%.
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29th Street Capital, a privately held real estate firm,bought the two-building Venue Museum Districtin Houston from Hines. The firm’s acquisition of the property in the Museum District was its 16th purchase of a multifamily asset in the city’s metropolitan region. The Venue Museum District is a 224-unit Class A property built in 2009. The firm […] More