Multifamily Archives - Capital Square - Raising capital, buildings and expectations https://capitalsq.com/tag/multifamily/ Capital Square is one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer and manager of multifamily communities Sun, 08 Feb 2026 11:12:49 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://capitalsq.com/wp-content/uploads/2023/07/cropped-Capital-Square-favicon-C-32x32.png Multifamily Archives - Capital Square - Raising capital, buildings and expectations https://capitalsq.com/tag/multifamily/ 32 32 NMHC 2026 Highlights: A Market Defined by Discipline and Opportunity https://capitalsq.com/expertise/nmhc-2026-highlights-discipline-and-opportunity/ Mon, 02 Feb 2026 19:32:55 +0000 https://capitalsq.com/?post_type=expertise&p=182585 This year’s National Multifamily Housing Council (NMHC) conference reinforced a growing sense that the next phase of the real estate cycle is taking shape, marked by greater clarity, discipline and …

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This year’s National Multifamily Housing Council (NMHC) conference reinforced a growing sense that the next phase of the real estate cycle is taking shape, marked by greater clarity, discipline and opportunity for experienced operators. While near-term fundamentals remain mixed across markets, the discussion emphasized that the combination of attractive pricing, abundant debt capital and a sharp decline in new multifamily starts is setting the stage for improved performance heading into 2026.

Across investing, development and management operations, the message was consistent: success will favor groups that understand submarket-level dynamics, apply thoughtful underwriting and execute differentiated strategies rather than relying on broad market assumptions.

The Capital Square team’s biggest NMHC takeaways:

  • In the immediate post-COVID years (2021-2022), many firms underwrote real estate with a broad brush. Today, the industry has shifted toward more disciplined, asset-level underwriting, recognizing meaningful differences across product types, asset classes and market fundamentals that increasingly diverge by location.
  • Regarding capital markets, transactions for premium assets continue to trade at relatively low cap rates, as investors pay up for quality and rely on net operating income (NOI) growth to drive returns.
  • Debt capital remains abundant and is ready to be deployed.
    • Blackstone, for example, aims to double its funding activity in 2026 versus 2025.
    • Many investors facing challenges have been able to recapitalize and refinance their assets due to ample liquidity in debt markets, avoiding distressed sales.
  • Not everyone is familiar with Opportunity Zones (OZs), which seems surprising given they have become a $100 billion+ industry, but those who are familiar recognize the value of pairing up land sellers with experienced OZ sponsors to drive business – with unique advantages in 2026. 
  • Single-family rental (SFR) aggregators continue to expand their focus on Build for Rent (BFR).
    • As examples, Invitation Homes Inc. (INVH) acquired ResiBuilt Homes, LLC in January 2026 to internalize BFR construction.
    • In 2024, Blackrock took Tricon private and planned to complete a $1 billion single-family home development pipeline.
  • To get new developments going in 2026, firms have to believe in a growth story or have a nuanced business plan that differentiates their development.
    • There will be compelling development opportunities for well-located sites without messy entitlements and landowners who are flexible or motivated.
  • Absorption of apartment units in 2025 was the third highest annual absorption rate since 2000.
  • Lower consumer confidence is affecting household formation, but a higher percentage of households are likely to continue renting
    • Significant rental demand is coming from Baby Boomers who are re-entering the housing market and young adults who are remaining renters for longer – both trends which affect demand for specific rental product types.
  • Many tempering expectations linger around rent growth in 2026, but there’s consensus that the impact of rental unit absorption and the severe drop-off in multifamily construction starts over the last couple years will be felt sooner rather than later.
    • Some markets are much farther along than others in the process of absorbing new supply. Differences in market dynamics will become more apparent in 2026.  
    • For example, Atlanta was cited as being toward the end of the supply/absorption wave, while Nashville is still hovering around the peak of new deliveries.
  • Concessions remain elevated across major markets as owners work to absorb new supply.
    • The process of absorbing new units and burning off the rental concessions needed to fill the new supply may still take significant time. Although the market feels more stable, operators and investors need to be patient as they wait for more material growth to return to the market.
  • Renters have the ability to move for lower in-place rents, so it’s becoming increasingly important to engage the renter throughout the entire lifecycle and begin working the renewal immediately upon lease signing.
    • Data shows residents who feel a sense of belonging through events and multiple touchpoints throughout their resident journey are more likely to renew.
    • Although renewal offers cannot be generated more than 90 days prior to lease expiration, all renewal efforts should be made on a consistent basis. 
  • Property performance has been muted over the last few years, so once improvements appear in rent growth and occupancy (maybe by the end of 2026), investors should react aggressively to take advantage of the pricing discounts to peak.
  • Capital Square’s portfolio is poised to do well in the coming 12 months as our heavier concentrations are outside of the markets that are still fighting a glut of new supply.

Wider Economic Discussions:

  • From a macroeconomic perspective, job growth is the big focus amongst economists along with the impact of immigration policy.
    • Across the country, there was little job growth in the second half of 2025, although performance of some sectors and in some markets was better than average. 
    • The low-hire/low-fire labor market is affecting recent college grads and white-collar employees disproportionately.
  • Half of recent economic growth is attributed to data center construction, but data centers require relatively few staff to operate once complete. 
  • Inflation is now settling in the mid to high 2% range, higher than we became accustomed to prior to COVID. 
  • Shifting tariff and immigration policies have created uncertainty that affects business investments and R&D. 
  • Platforms are increasingly incorporating artificial intelligence (AI) across portfolios to generate deeper insights into property management, asset management and investments.

Looking ahead, as supply pressures ease in many markets and capital markets remain supportive, opportunities are emerging to acquire and develop well-located assets at compelling bases, particularly for sponsors with flexible capital and operational expertise. Continued advances in technology and data-driven asset management further enhance the ability to drive performance through the cycle.

In this environment, Capital Square’s integrated platform — focused on disciplined investment, differentiated development and hands-on management — positions the firm well to capitalize on improving fundamentals and long-term value creation as the market normalizes.


Disclosure

Securities offered through WealthForge Securities, LLC, Member FINRA/SIPC. Capital Square and WealthForge Securities, LLC are separate entities. There are material risks associated with investing in DST properties and real estate securities including illiquidity, tenant vacancies, general market conditions and competition, lack of operating history, interest rate risks, the risk of new supply coming to market and softening rental rates, general risks of owning/operating commercial and multifamily properties, short-term leases associated with multifamily properties, financing risks, potential adverse tax consequences, general economic risks, development risks, long hold periods, and potential loss of the entire investment principal. Past performance is not a guarantee of future results. Potential cash flow, returns and appreciation are not guaranteed. IRC Section 1031 is a complex tax concept; consult your legal or tax professional regarding the specifics of your particular situation. This is not a solicitation or an offer to sell any securities. Please read the Private Placement Memorandum (PPM) in its entirety, paying careful attention to the risk section prior to investing. Private placements are speculative and illiquid. Diversification does not guarantee profits or protect against losses. FINRA Broker Check link: https://brokercheck.finra.org/.

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Investment Insights: Multifamily Supply & Demand Update | Q2 2025 https://capitalsq.com/expertise/investment-insights-multifamily-supply-demand-update-q2-2025/ Mon, 09 Jun 2025 16:41:53 +0000 https://capitalsq.com/?post_type=expertise&p=182079 What are the fundamental components around today’s complex supply and demand equation? Capital Square’s co-CEO and chief investment officer, Whitson Huffman, analyses the unique story of today’s multifamily market in …

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What are the fundamental components around today’s complex supply and demand equation? Capital Square’s co-CEO and chief investment officer, Whitson Huffman, analyses the unique story of today’s multifamily market in this Q2 2025 investment insight video:

Video highlights include:

Delivering ongoing market analysis and tax-advantaged real estate investment education through our real estate research library and our ongoing expertise series is one of Capital Square’s competitive advantages.

Explore our latest open offerings and contact our team to continue the discussion.


Disclosure: Securities offered through WealthForge Securities, LLC, Member FINRA/SIPC. Capital Square and WealthForge Securities, LLC are separate entities. There are material risks associated with investing in DST properties and real estate securities including illiquidity, tenant vacancies, general market conditions and competition, lack of operating history, interest rate risks, the risk of new supply coming to market and softening rental rates, general risks of owning/operating commercial and multifamily properties, short-term leases associated with multifamily properties, financing risks, potential adverse tax consequences, general economic risks, development risks, long hold periods, and potential loss of the entire investment principal. Past performance is not a guarantee of future results. Potential cash flow, returns and appreciation are not guaranteed. IRC Section 1031 is a complex tax concept; consult your legal or tax professional regarding the specifics of your particular situation. This is not a solicitation or an offer to see any securities. Please read the Private Placement Memorandum (PPM) in its entirety, paying careful attention to the risk section prior to investing. Diversification does not guarantee profits or protect against losses. Private placements are speculative.

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Multifamily: Poised for Growth https://capitalsq.com/expertise/multifamily-poised-for-growth/ Wed, 14 May 2025 17:17:14 +0000 https://capitalsq.com/?post_type=expertise&p=182057 Multifamily headlines have swamped newsfeeds. Narratives have been hailing slowing construction levels and elevated renter demand as well as stabilizing rents and increased investor interest. Recent multifamily news articles catching …

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Multifamily headlines have swamped newsfeeds. Narratives have been hailing slowing construction levels and elevated renter demand as well as stabilizing rents and increased investor interest.

Recent multifamily news articles catching our attention include:

Capital Square’s Response

We’ve been saying it for years: the multifamily sector is an extremely attractive asset class. This is not only because of the housing shortage that continues to plague the U.S., but also because, even in volatile markets, investments in housing have historically offered stability. While some asset classes fluctuate in demand, people always need a place to live.

Changing dynamics of supply and demand are a big part of this conversation, as are the diversified tenancy of multifamily (versus a single anchor tenant) and high NOI-to-cash flow margins. Plus, the short-term leases of multifamily create a hedge against inflation. We could go on about each of these ideas and the many compelling fundamentals of multifamily investments, but in short, the latest data and news headlines point to trends well aligned with Capital Square’s long-standing investment philosophy.

As CoStar has noted, approximately 2 million new renter households are expected to arise over the next five years in the United States, and homeownership is expected to remain difficult. Multifamily is poised for tremendous growth, and as we focus on our investors, we are proud to offer tax-advantaged real estate opportunities positioned to maximize outcomes.

Learn more about our open offerings. Then connect with our team to continue the conversation.


Disclosure: Securities offered through WealthForge Securities, LLC, Member FINRA/SIPC. Capital Square and WealthForge Securities, LLC are separate entities. There are material risks associated with investing in DST properties and real estate securities including illiquidity, tenant vacancies, general market conditions and competition, lack of operating history, interest rate risks, the risk of new supply coming to market and softening rental rates, general risks of owning/operating commercial and multifamily properties, short-term leases associated with multi-family properties, financing risks, potential adverse tax consequences, general economic risks, development risks, long hold periods, and potential loss of the entire investment principal. Past performance is not a guarantee of future results. Potential cash flow, returns and appreciation are not guaranteed. IRC Section 1031 is a complex tax concept; consult your legal or tax professional regarding the specifics of your particular situation. This is not a solicitation or an offer to see any securities. Please read the Private Placement Memorandum (PPM) in its entirety, paying careful attention to the risk section prior to investing. Diversification does not guarantee profits or protect against losses. Private placements are speculative.

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A Favorable Rental Climate of Both Circumstance and Choice https://capitalsq.com/expertise/a-favorable-rental-climate-of-both-circumstance-and-choice/ Mon, 29 Jul 2024 14:17:20 +0000 https://capitalsq.com/?post_type=expertise&p=181169 Approximately 80% of Baby Boomers favor renting over buying a home in 2024, according to Bank of America Institute. Recent headlines add weight to a shifting narrative: Adding to the …

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Approximately 80% of Baby Boomers favor renting over buying a home in 2024, according to Bank of America Institute.

Recent headlines add weight to a shifting narrative:

Adding to the story of the active rental market – where individuals and families are choosing rental housing for both financial and lifestyle reasons – is RealPage’s July 2024 forecast that suggests roughly 40% of the top 50 U.S. markets may see rent growth above 3% in 2025, with 55% of markets expecting 2-3% growth.

Capital Square’s Response to the Rental Climate Headlines:

As an owner, builder and manager of best-in-class rental housing properties that are in demand, Capital Square is well positioned to serve this historically high population of renters for years to come.

Over 40 of our multifamily communities across the Sun Belt are now managed by Capital Square Living, Capital Square’s property management division, establishing long-term value for investors from the property-level up. In-house property management maximizes revenue, increases operating efficiencies and reduces costs, while delivering best-in-class service. With Capital Square Living, we enable our residents to thrive, while our multifamily real estate portfolio also becomes even more exciting, fully leveraging the strength of our vertically integrated real estate firm.

Our growing number of build-for-rent (BFR) communities is also answering the elevated demand from renters who desire the space of a single-family home without the significant financial responsibility of home ownership. Thus, the benefits and flexibility of rental communities can now reach new populations seeking larger housing solutions, complete with a yard for their dogs.

The rent growth predictions for 2025 and beyond, when the next housing crisis on the horizon begins to arise, mean opportunities continue to reside in multifamily and BFR real estate investing.

At Capital Square, we’re ready for it, living our mission as we continue to raise capital, buildings and expectations. Contact us today to learn more.

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The Next Housing Crisis on the Horizon https://capitalsq.com/expertise/the-next-housing-crisis-on-the-horizon/ Fri, 12 Jul 2024 18:26:35 +0000 https://capitalsq.com/?post_type=expertise&p=181119 While concerns about occupancy and rent growth have been the story so far in 2024, a new narrative is in sight. Yes, some submarkets are experiencing oversupply as new apartment …

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While concerns about occupancy and rent growth have been the story so far in 2024, a new narrative is in sight. Yes, some submarkets are experiencing oversupply as new apartment communities come online and begin to lease up.  However, with building permits and housing starts grinding to a halt, the future looks very bright for multifamily housing late in 2024 and beyond.

In short, due to inflated costs of labor and materials, new developments are stalling. Many projects are being frozen or terminated. Prohibitive finance costs are restraining new construction that was once booming when interest rates were low.

Paused and cancelled multifamily and single-family developments may not be felt immediately, but come late 2024, the housing crisis spurred by frozen construction during the Great Recession of 2008 will feel very real again. We are still several million housing units short from the Great Recession and will not catch up in the current housing cycle. This is very good news for owners of housing properties. We see an opportunity for existing and new investors to benefit from the next upswing in the housing market.

Headlines are beginning to tell this reframed story:

Capital Square’s Response to the Headlines:

We’re ready for it. We know where opportunity resides, and it’s in housing. Multifamily, build-for rent (single-family) and manufactured housing communities answer both basic needs and lifestyle aspirations. They will remain solutions for those who cannot afford to buy a home or those who rent by choice for the benefits and flexibility a rental lifestyle can provide.

Investing in housing – whether through Delaware statutory trusts (DSTs), opportunity zone funds, development funds or a real estate investment trust – enables a qualified investor to seize the potential of this exceptional asset class. This isn’t a new belief or new means of doing business. Tax-advantaged real estate investment strategies are at the core of everything Capital Square has been, is now, or will become.

Our development team is also showcasing its distinction in the present environment. There are no pauses on Capital Square Development’s horizon. By seizing upon strategic pathways and innovative processes, Capital Square’s multifamily deliveries remain on schedule for 2025, 2026, and 2027 in metros including Raleigh, North Carolina; Knoxville, Tennessee; Phoenix, Arizona; and Richmond, Virginia.

Housing is a necessity. People need a place to live. The economy may shift and sway, and the real estate industry may have its fluctuations. Nonetheless, an investment in multifamily properties would have never lost money when made in any quarter since Q4 1977 in the National Council of Real Estate Investment Fiduciaries (NCREIF) unlevered property portfolio. In fact, the average annualized return was 9.4%.1

At Capital Square, we raise capital, buildings and expectations. The complexities of the real estate market are manifold, but we believe the best is yet to come.

Contact Capital Square to learn more.


  1. “The Golden Age of Multifamily,” Linneman Associates, LLC, 2022 (the “Linneman Report”). Linneman Associates, LLC is a consulting and research firm specializing in commercial real estate investment strategy and was compensated by Capital Square Realty Advisors, LLC for preparation of the Linneman Report. ↩

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Developments that Capture the Artistry & Creative Style of Richmond, Virginia https://capitalsq.com/expertise/developments-artistry-creative-style-richmond-virginia/ Tue, 30 Apr 2024 14:23:50 +0000 https://capitalsq.com/?post_type=expertise&p=180766 The vibrant murals captured across our Scott’s Addition developments embrace the thriving artistic spirit of Richmond, Virginia. Richmond is home to hundreds of murals scattered across its many historic neighborhoods. …

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The vibrant murals captured across our Scott’s Addition developments embrace the thriving artistic spirit of Richmond, Virginia. Richmond is home to hundreds of murals scattered across its many historic neighborhoods. The city’s street art is rich and diverse, a reflection of the many cultures and backgrounds that make up the local community.

When planning new projects, incorporating public art isn’t an afterthought. It is essential for thoughtfully integrating into the communities that we serve. At each of our buildings in historic Scott’s Addition, we have dedicated space that showcases the talent of our local art community and further contributes to the neighborhood – a vibrant, walkable district packed with artisans, restaurants, breweries, and local small businesses.

When the latest crane rose over Scott’s Addition, we saw not only another opportunity for public art, but an opportunity to further engage with the community where we live and work. The installation “Rings of Saturn” will be on display through most of 2024 while the crane is in operation to construct 2922 W Marshall Street, a three-building mixed-use multifamily development.

The project will be a further reflection of Capital Square Development‘s mission: to execute high quality, placemaking development projects that serve the communities in which they reside.   

Staying true to the identity of the community has been at the heart of every development initiative in Scott’s Addition – just as understanding the local fabric has been essential in Charleston, South Carolina; Raleigh, North Carolina; Steamboat Springs, Colorado; and every other Capital Square development project. 

Artists we have featured within our Richmond developments include:

The Night Owl, VIV at Scott’s Collection

Mickael Broth, also known as the Night Owl, painted alongside internationally renowned graffiti artists for the first RVA Street Art Festival over ten years ago in Richmond. Since that time, not only has Virginia’s capital city exploded with public art, but local artists have earned their reputation on a global scale.

In addition to his work across and within VIV (as pictured above), the Night Owl has painted over two hundred public murals throughout the United States and Europe. His book, Murals of Richmond, documents the street art explosion in the city, and our Capital Square team is honored to have this artist’s work in the spotlight.

Thicket Design, INK at Scott’s Collection

Naomi McCavitt, the artist behind Thicket Design, has worked as both scientific illustrator and surface designer. From these dual inspirations comes artwork both accessible and stunningly serene. Her creative projects have been showcased in Richmond, San Francisco, Miami, Chicago and Seattle, while her years spent designing nature-based illustrations for the Virginia Department of Game and Inland Fisheries have their own legacy in her Audubon-esque attention to detail.

Thicket Design’s work on and around INK, which includes a lobby mural and a multi-story exterior façade mural (seen above), infuses this once-industrial neighborhood with ecology and a reconsideration of what is worthy of our attention. The visual weight of her compositions sparks the imagination of every passerby, lending a bold vibe to everyday experiences, an originality that spills into viewer’s imaginations.

Humble, VIV at Scott’s Collection

Christian Kyle Harrell, better known as Humble, has created art for brands from TOMS to Pepsi, but his impact on local projects has had even more profound results. Though he has lived in Richmond, Virginia for more than a decade, his phosphorescent, energy-filled large-scale art has appeared in galleries, at festivals and on walls from New York to Puerto Rico. Evoking emotion and connection, his creative works are intentional and alive.

The Richmond creative scene is captured by Humble’s work at the Richmond International Airport, but now this trademark vitality is also captured on a massive exterior façade mural at VIV (above) as well.

Vero Rivera, Gem at Scott’s Collection

Vero Rivera is fascinated by creating art that mimics nature’s innate talent “to adapt, heal and strive depending on its surroundings and experiences.” In her work, the natural world frequently intervenes, reclaiming spaces in urban environments in styles both serene and stunning. A native of Puerto Rico and an artist who has created street art and held gallery shows across the world, Vero continues to catch audiences’ attention with her ephemeral grandeur.

GEM at Scott’s Collection (above) is graced by an exterior façade mural by Vero Rivera. Our team was proud to bring such an internationally acclaimed artist back to Richmond.

Emily Herr, The Otis

Emily Herr, who creates custom hand-painted murals under the name HerrSuite, believes in embracing your space. A Richmond-based muralist specializing in bright imagery and exploring new contexts, Emily’s work captures shared experience and new archetypes alike. Her mobile studio allows her to transport everything she needs to capture her creative vision, wherever she happens to be.

Honoring the DIY community at the roots of Scott’s Addition’s history and its present day, Emily Herr’s mural on The Otis (above) is one of the largest murals in Richmond. After the revelation of the Otis murals, the stunning work was also showcased by the Richmond Times-Dispatch.

In Conclusion

When you’re building the future of a community, you need to not only build it well; you need to fully consider the unique identity of a neighborhood to cultivate everything that it is and everything that it could be.

This is how we build the future of Richmond, and this is how we build the future of real estate.


Disclaimer: Securities offered through WealthForge Securities, LLC, Member FINRA/SIPC. Capital Square and WealthForge Securities, LLC are separate entities. There are material risks associated with investing in DST properties and real estate securities including illiquidity, tenant vacancies, general market conditions and competition, lack of operating history, interest rate risks, the risk of new supply coming to market and softening rental rates, general risks of owning/operating commercial and multifamily properties, short term leases associated with multi-family properties, financing risks, potential adverse tax consequences, general economic risks, development risks, long hold periods, and potential loss of the entire investment principal. Past performance is not a guarantee of future results. Potential cash flow, returns and appreciation are not guaranteed. IRC Section 1031 is a complex tax concept; consult your legal or tax professional regarding the specifics of your particular situation. This is not a solicitation or an offer to see any securities. Please read the Private Placement Memorandum (PPM) in its entirety, paying careful attention to the risk section prior to investing. Diversification does not guarantee profits or protect against losses. Private placements are speculative.

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An Introduction to Real Estate Investment Trusts (REITs): Cash Flow, Appreciation and Inflation Protection https://capitalsq.com/expertise/an-introduction-to-real-estate-investment-trusts-reits-cash-flow-appreciation-and-inflation-protection/ Wed, 31 Jan 2024 12:50:49 +0000 https://capitalsq.com/?post_type=expertise&p=180741 Real estate investment trusts (REITs) seize upon the greatest benefits of real estate investment with the potential for steady dividends and the added advantage of portfolio diversification. Because Capital Square …

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Real estate investment trusts (REITs) seize upon the greatest benefits of real estate investment with the potential for steady dividends and the added advantage of portfolio diversification.

Because Capital Square is bullish on education, the following introduction to REITs and their potential was made just for you:

Leveraging our decades of experience in multifamily acquisitions and data-driven decision making, the Capital Square Apartment REIT is designed to handpick Class A and Class B multifamily properties with value-add and growth potential as well as strong operating efficiencies from open market acquisitions and the existing Capital Square portfolio. We target stable income, capital appreciation and a hedge against inflation to deliver the greatest potential earnings for our investors.

Learn more about how strong communities and strong markets create powerful results through a REIT.

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Knoxville, an Emerging City on the Rise https://capitalsq.com/expertise/knoxville-an-emerging-city-on-the-rise/ Thu, 08 Jun 2023 14:31:55 +0000 https://capitalsquare1.wpengine.com/?post_type=expertise&p=397 Over the last ten years, housing absorption has greatly outpaced supply in this growing Tennessee city. With Knoxville positioned as one of the top ten cities for net-migration in recent …

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Over the last ten years, housing absorption has greatly outpaced supply in this growing Tennessee city. With Knoxville positioned as one of the top ten cities for net-migration in recent years – with dramatically more people moving in than moving out – the demand of this city tucked amid the Great Smoky Mountains is only increasing.1

Tennessee has no state income tax, a cost of living (COL) 17.7% lower than the national average and goods and services (G&S) 11.6% below the national average. Knoxville was ranked the #10 best city to buy a home in 2023, but over 30% of Knoxville residents are renters.2 These fundamentals contribute to a compelling risk-adjusted return profile from an investment perspective. 

Multifamily rental communities, like Livano Knoxville in Capital Square’s OZ VIII, are in demand.

Discover Knoxville, Tennessee

Why Opportunity Zones make sense:

With the passage of the Tax Cuts and Job Acts of 2017, each state and five U.S. territories were able to designate up to 25% of eligible census tracts as opportunity zones, resulting in nearly 9,000 active opportunity zones across the country. Designed to stimulate long-term private investments in low-income urban and rural communities nationwide, Opportunity Zones, like Capital Square’s OZ8 in Knoxville, connect private capital with economic growth – answering the multifamily rental demand across the United States.

1 “Knoxville Market Update: Multifamily | Q4 2022,” Newmark, 2023.

2 ibid.

3 “The University of Tennessee-Knoxville Factbook,” accessed March 21, 2023, https://irsa.utk.edu/reporting/fact-book

4 “Knoxville Market Update: Multifamily | Q4 2022,” Newmark, 2023.

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Why Multifamily? https://capitalsq.com/expertise/why-multifamily/ Thu, 01 Jun 2023 17:28:00 +0000 https://capitalsquare1.wpengine.com/?post_type=expertise&p=3275 Out of all real estate property types, multifamily housing solutions are the most stable, recession-resistant, inflation hedging and likely to see long-term growth. Massive shortages in multifamily housing and all …

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Out of all real estate property types, multifamily housing solutions are the most stable, recession-resistant, inflation hedging and likely to see long-term growth. Massive shortages in multifamily housing and all economic indicators point to a strong multifamily market for years ahead.

Compelling Fundamentals of Multifamily Investments

  • Housing is necessity, not discretionary, spending. Unlike retail or other sectors, housing is a stable, essential asset.
  • Housing is one of the largest asset classes in the world. For roughly a third of households in the U.S., 30% or more of household income being spent on housing costs.1
  • Higher housing prices and mortgage rates have pushed even more Americans toward the rental market, which has caused both demand and rents to rise even further in recent years.2
  • Due to recent trends toward a “flight toward quality,” value-add opportunities provide growth potential from interior renovations and amenity enhancements.
  • Nearly half of all U.S. apartments were built before 1980.3
  • Demand for higher-quality apartments spiked 13.8% after the market cool down during the pandemic.4
  • Due to the short lease term (compared to office, industrial or retail), apartment rents can quickly be adjusted as inflation increases. In periods of rapid inflation, such as the hyper-inflation environment in 2022, rents can rapidly be reset to the market.
  • Available agency financing, such as from Fannie, Freddie and HUD, provides a competitive advantage for multifamily investments.
  • In 2022, the national multifamily vacancy rate was 5.0%, well below long-term averages.5

Even during the Great Recession in 2008, multifamily housing performed well, provided it was not over-leveraged. Compare that to the thousands of commercial real estate (CRE) assets that were lost to lenders in the same period.

Capital Square is one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer and manager of multifamily communities. Our data-driven investment philosophies enable us to raise capital, buildings and expectations.


[1] “American Community Survey Public Use Microdata,” U.S. Census Bureau, 2021.

[2] “Consumer Expenditures in 2021,” U.S. Bureau of Labor Statistics, Report 1101, January 2023.

[3] “NMHC tabulations of 2021 American Community Survey microdata,” U.S. Census Bureau; National Multifamily Housing Council, Updated November 2022.

[4] “America’s Rental Housing 2022 report,” Harvard Joint Center for Housing Studies, January 21, 2022.

[5] “2022 Multifamily Market Outlook: Defying Gravity,” Fannie Mae, January 2022.

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The Real Estate Show, as Heard on WRVA https://capitalsq.com/expertise/the-real-estate-show-as-heard-on-wrva/ Sun, 03 Jul 2022 16:37:00 +0000 https://capitalsquare1.wpengine.com/?post_type=expertise&p=975 What was “The Real Estate Show”?  Between July 2021 and July 2022, Capital Square CEO Louis Rogers and his featured guests took a deep dive into compelling real estate investing …

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What was “The Real Estate Show”? 

Between July 2021 and July 2022, Capital Square CEO Louis Rogers and his featured guests took a deep dive into compelling real estate investing topics, such as Section 1031 exchanges, tax-advantaged real estate investments, multifamily investing, qualified opportunity zone funds, real estate investment trusts and more.

The show was broadcasted live on WVRA (1140 AM & 96.1 FM).

Listen to past episodes:

July 3, 2022 – Interview with Sherri Ellis, President of the National MS Society, Virginia Chapter, and Dr. Myla Goldman, VCU School of Immunology Professor & Division Chief, Vice Chair for Faculty Development, Neurology Department, Continued


June 26, 2022 – Interview with Sherri Ellis, President of the National MS Society, Virginia Chapter, and Dr. Myla Goldman, VCU School of Immunology Professor & Division Chief, Vice Chair for Faculty Development, Neurology Department


June 12, 2022 – Andrew Tapley, Senior Managing Director, Walker & Dunlop, Continued


June 5, 2022 – Andrew Tapley, Senior Managing Director, Walker & Dunlop


May 22, 2022 – A Conversation with John Harvey


May 15, 2022 – A Conversation with John McGuire, Member of the Virginia House of Delegates and Candidate for Virginia State Senate, Continued


May 8, 2022 – A Conversation with John McGuire, Member of the Virginia House of Delegates and Candidate for Virginia State Senate


May 1, 2022 – An Introduction to section 1031 Exchanges


April 24, 2022 – A Conversation with Whitson Huffman and Adam Stifel, Continued


April 17, 2022 – A Conversation with Whitson Huffman and Adam Stifel


April 10, 2022 – A Conversation with Natalie Mason, Continued


April 3, 2022 – A Conversation with Natalie Mason


March 20, 2022 – A Conversation with Jaqueline Rogers, Continued


March 13, 2022 – A Conversation with Jaqueline Rogers


March 6, 2022 – A Conversation with Robert Miller, Continued


February 27, 2022 – A Conversation with Robert Miller, Continued


February 20, 2022 – A Conversation with Robert Miller


February 13, 2022 – A Conversation with Jeff Katz, Continued


February 6, 2022 – A Conversation with Jeff Katz, Continued


January 30, 2022 – A Conversation with Jeff Katz


January 23, 2022 – A Conversation with Professor Robert McNab, Continued


January 16, 2022 – A Conversation with Professor Robert McNab


January 9, 2022 – A Recap of 2021


December 19, 2021 – A Conversation with CEO and Executive Director at The Port of Virginia Stephen Edwards


December 5, 2021 – Let’s Talk About REITs


November 21, 2021 – A Conversation with Don Finley of the Virginia Business Higher Education Council


November 14, 2021 – A Conversation with Capital Square Executive Vice President James Brunger


November 7, 2021 – Section 1031 Exchange Seminar


October 31, 2021 – A Conversation with Chief Strategy & Investment Officer Whit Huffman


October 24, 2021 – A Conversation with Multifamily Investment Expert Jay Olander


October 17, 2021 – John McGuire, Former Navy SEAL, Candidate for Re-Election to the Virginia House of Delegates District 56, Continued


October 10, 2021 – John McGuire, Former Navy SEAL, Candidate for Re-Election to the Virginia House of Delegates District 56


October 3, 2021 – It’s All About the Babies with Demographer Ken Gronbach


September 26, 2021 – Virginia Governor Candidate Glenn Youngkin, Continued


September 19, 2021 – Virginia Governor Candidate Glenn Youngkin


September 12, 2021 – From TICs to DSTs


September 5, 2021 – Preserve 1031 Exchange


August 29, 2021 – Dr. Peter Linneman – The Golden Age of Multifamily Investing, Continued


August 22, 2021 – Dr. Peter Linneman – The Golden Age of Multifamily Investing


August 15, 2021 – Whitson Huffman on Investing and Multifamily, Continued


August 8, 2021 – Whitson Huffman on Investing and Multifamily


August 1, 2021 – A Discussion with Willie Walker, CEO of Walker & Dunlop, Continued


July 25, 2021 – A Discussion with Willie Walker, CEO of Walker & Dunlop


July 18, 2021 – Section 1031 Exchanges, Continued


July 11, 2021 – An Introduction to Section 1031 Exchanges


July 4, 2021 – Investing in Real Estate to Maximize Profits and Tax Benefits

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