Capital
6 Large Multifamily M&A Deals Announced This Year
In the first half of 2026, transaction volume in the multifamily sector remained weak, but M&A became a market highlight. MSCI data shows that April sales hit a new low since 2020, while in May, the privatization of Veris Residential was completed, driving a 34% month-over-month increase in sales. This article summarizes six large M&A deals announced in the first six months of the year, covering types such as REIT mergers and management platform consolidations.
Morgan Properties Evaluates Acquisition Opportunities: Long-Term Holding Strategy and Workforce Housing Positioning
Morgan Properties has risen from No. 35 in the NMHC ranking in 2016 to No. 2 in 2026, with managed apartment units growing from 32,384 to 110,475. In the interview, Chief Operating Officer Greg Curci details the company's acquisition strategy: adhering to a workforce housing positioning, with approximately 55% of assets built in the 1960s-1970s and resident median household income slightly below $75,000; adopting a 10-year holding period model without rushing short-term exits; daring to acquire large, older, poorly managed assets and implementing multi-year comprehensive renovations; while flexibly entering secondary and tertiary markets. Curci also notes that current distressed assets fall into two categories: seller distress and asset deterioration itself, observing over the past six months some properties with occupancy rates as low as the 70% range, but most opportunities still do not warrant taking on debt.
Lincoln Property Co. Acquires The Spectrum Cos., Strengthening Its Carolinas Business Footprint
Lincoln Property Co. has acquired full-service real estate company The Spectrum Cos., and following the transaction, the two parties will jointly form the Lincoln Carolinas platform, incorporating Spectrum's multifamily business in North Carolina and Central Florida. Since 1982, Spectrum has developed nearly 7,000 multifamily units and currently manages 4.4 million square feet of assets under lease. Lincoln previously sold its residential division in 2023, and this acquisition marks its renewed focus on the multifamily market.
U.S. Bipartisan Housing Bill Officially Takes Effect, the Most Significant Legislation in Decades
After months of back-and-forth between the two chambers and a presidential veto standoff, the 21st Century Housing Road Act officially became law at midnight on July 11. The bill aims to expand housing supply, cut regulations, restrict large institutional investors from buying single-family homes, and ultimately lower housing costs. Representative Josh Harder called it the most important housing legislation since 1974. Although industry insiders believe the bill is not a panacea, they generally view it as a major step forward in federal-level housing construction.
AvalonBay acquires full-block development site in South Miami for $22 million
AvalonBay Communities acquired a full-block development site in South Miami for $22 million through an off-market transaction, planning to build the Avalon South Miami II project with 251 apartments. The price per square foot set a record for development sites in South Miami.
Kennedy Wilson Partners with Jamison to Develop 4,000 Affordable Homes in Los Angeles
Kennedy Wilson and Jamison announced a partnership to develop 4,000 affordable homes in Los Angeles through adaptive reuse and new construction. The first project is the conversion of the former World Trade Center, which will provide 512 affordable apartments.
Alliance Residential Locks In 2,000 Apartment Units Within Six Months
After selling its management business to Greystar in 2020, Alliance Residential focused on development and ranked high on the NMHC developer list. Recently, the company has aggressively returned to the acquisition market, purchasing more than 2,000 apartment units across several states within a few months. Its acquisition head details target asset types, transaction competition, acquisition opportunities for new developments, and development prospects.
Multiple Properties in Texas, Alabama, South Carolina, and New York Enter Special Servicing at End of June
A late-June Morningstar report shows that Houston's Steeples Apartments entered special servicing because the borrower failed to implement cash management required by the servicer, with its DSCR declining from 1.85x at issuance to 1.31x by the end of 2025. Meanwhile, a four-property portfolio in Hoover, Alabama, and Greenville, South Carolina, entered special servicing due to default, and Houston's The Park At Saronno was transferred due to payment default. Philadelphia's Independence Lofts may have its loan reinstated following a new appraisal, and properties under Sonder in New York entered servicing due to bankruptcy.
Starwood Capital Raises Over $10.2 Billion for Its 13th Opportunistic Real Estate Fund
Starwood Capital Group announced on July 1 that its latest opportunistic real estate fund, Starwood Distressed Opportunity Fund XIII, has completed its final closing with capital commitments exceeding $10.2 billion. The fund will focus on residential, data center, industrial, and hotel assets in the United States, Europe, and the Asia-Pacific region. To date, Starwood has committed over $3 billion in equity to the fund and has completed or signed 20 transactions. The company's total assets under management have subsequently increased to approximately $130 billion.
Korman Communities CEO: Choosing to Rent Is 'Sweeping the Globe'
Brad Korman, Co-CEO of Korman Communities, recently sat down for an exclusive interview with industry media, sharing insights into the family business's operating philosophy, project site selection logic, and his outlook on the U.S. multifamily housing market. He believes that as young people seek mobility and empty nesters pursue convenience, choosing to rent is becoming a mainstream trend.