Over the past 10 years, some of the world’s richest have more than doubled their investments in apartments globally, with a particularly heavy emphasis on the U.S, Bloomberg reported, citing research from Knight Frank.
With oversupply being an issue in the multifamily market and more units on the way, properties have become cheaper to acquire in the last year. Apartment building prices declined 17% in February and 16% in August. Last month, Blackstone sold its entire Manhattan multifamily portfolio for $142M — a 43% loss from when it was purchased in 2015.
We hope the US10Y TSY has reached the top. Otherwise, losses will get bigger!
