How development helps Richard Richman’s tax syndication business
Why this matters
Multifamily has been the most actively underwritten sector through the rate cycle, with cap rate compression resuming in Sun Belt and gateway markets as 2024-2025 deliveries roll off and refinance demand on 2021-vintage bridge loans clears. Transaction velocity is up modestly, concentrated in stabilized Class A and grocery-adjacent garden assets. Allocators continue to favor residential for its income durability and its insulation from secular demand questions that still hang over commercial sectors.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- Disclosed multifamily deal value tracked in October 2026: $8.2B across 91 reported transactions. All Multifamily coverage →
Computed from Real Estate Trail’s own tracked coverage
As his mammoth apartment company hits 40 years, The Richman Group founder sees industry-wide challenges in building new projects and refinancing them.
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