Rate Spike Forces D.R. Horton to Take $91.4MM Hit on Completed Multifamily Projects
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 November 2026: $10.1B across 33 reported transactions. All Multifamily coverage →
Computed from Real Estate Trail’s own tracked coverage
A surge in interest rates during the September quarter forced D.R. Horton to take $91.4 million in impairments on nine finished apartment communities, flipping its rental segment to a loss and signaling that buyers of…
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