Prometheus Opens Leasing at Harken, Los Altos’ First New Apartment Project in Decades
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: $5.5B across 64 reported transactions. All Multifamily coverage →
Computed from Real Estate Trail’s own tracked coverage
Prometheus Real Estate Group has opened leasing at a 172-unit apartment complex on El Camino Real in Los Altos, finishing a project it took over after the previous developer defaulted five years ago. The building open…
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