November Apartment Rents Drop 0.4% as Seasonal Trends Take Hold

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Good morning. November rents saw a seasonal dip, but resilient demand, steady occupancy, and wage growth suggest a stable outlook for apartments.

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Market Snapshot

SEASONAL TRENDS

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• Opportunity awaits: Boardwalk Wealth unveils Jefferson Reserve Phase II, a 96-unit garden-style project offering immediate cash flow, tax benefits, and Opportunity Zone deferrals in a 14-16 month timeline. (sponsored)

• Steady ground: Thanks to accounting flexibility and moderate distress levels, US banks are weathering CRE loan challenges better than anticipated—and distress-related failure may be overblown.

• Financial flexibility: SL Green Realty (SLG) secured a $1.25B mortgage extension for One Madison Avenue, reinforcing its market position with a transformative renovation and strong tenant lineup.

• Wealth shift: The rapid rise of family offices is fueling alternative investments, with private equity leading as affluent families adapt to manage record fortunes and plan generational wealth transfers.

• Stadium revival: Pasadena’s Rose Bowl Stadium is set for a privately funded renovation of $80M, which will include modern seating, enhanced infrastructure, and a massive video board.

• Strategic merger: Ready Capital plans to acquire troubled Texas-based REIT United Development Funding IV in a $181M deal, promising growth, liquidity, and expanded residential lending.

• Workforce focus: Aion Partners launched a $1B JV with Goldman Sachs (GS) to target 4K–6K value-add multifamily units, focused on workforce housing in the under-supplied Midwest and mid-Atlantic.

• Strategic acquisition: Caisson Capital Partners expands its heartland housing portfolio with the purchase of Parham Pointe Apartments, a 184-unit Class-B property in Midtown Little Rock, Arkansas. (sponsored)

• Apartment supply surge: Major metro areas are nearing peak apartment supply, with some like Chicago subsiding while others, like NYC and LA, face delays stretching into 2026 or beyond.

• Landmark refinancing: NYC is planning a $550M bond offering to refinance Blackstone REIT’s iconic 8 Spruce St. apartment tower, leveraging low vacancy rates and strong demand.

• Debt overhaul: NexPoint Residential Trust restructured $1.47B in debt across 17 multifamily properties, reducing interest rates and extending repayment to 2028 for growth and investment.

• Senior living record: A developer consortium secured $473M in a record-breaking bond financing to build The James, a 350-unit luxury senior housing complex in Irvine, the city’s first in 28 years.

• Housing leader: President-elect Trump nominated Scott Turner as HUD Secretary, overseeing a $73B budget focused on affordable housing, FHA loans, and fair housing enforcement.

• Strategic acquisition: DRA Advisors and Marquette Companies acquired Ascend St. Charles, a 400-unit suburban Chicago apartment complex, for over $90M.

• Storage expansion: Extra Space Storage (EXR) provided a $41.3M bridge loan to 1784 Holdings for a 132.2 KSF self-storage facility in San Gabriel, CA, continuing their collaborative financing efforts.

• Industrial deal: Stanion Wholesale Electric Co. purchased a fully leased 25 KSF industrial building in Liberty, Missouri’s Heartland Meadows Industrial Park for $3.2M.

• Battery boost: A Samsung and Stellantis JV secured a $7.5B federal loan commitment to develop EV battery plants near Indianapolis, advancing domestic manufacturing and supporting EV production.

• Tax dispute: Triple Five Group, owner of the American Dream megamall, seeks a $183M tax refund over alleged overvaluation, amid rising sales, legal challenges, and ongoing financial pressures.

• Collins comeback: Six Art Deco buildings on Miami Beach’s Collins Avenue listed for $50M as brokers aim to reignite the iconic strip’s retail scene, spurred by recent high-profile luxury acquisitions.

• Retail struggles: Macy’s (M) faces a tough market to sell its 400 KSF Union Square flagship in San Francisco, with potential redevelopment options stalled by low demand for big-box retail.

• Tech sublease surge: Snowflake (SNOW) signed a 773 KSF sublease from Meta (META) in Menlo Park, marking one of the Bay Area’s largest office deals post-pandemic.

• Office-to-resi pivot: Extell Development planned to convert a Midtown Manhattan office building at 655 Madison Avenue into a mixed-use residential property with 62 units.

• HQ transition: Wells Fargo (WCF) planned to sell its historic San Francisco headquarters at 420 Montgomery St. and consolidate operations at 333 Market St. amid a challenging downtown office market.

📈 CHART OF THE DAY