It's been an interesting time for multifamily. A favored class with industrial not long ago, now the Federal Reserve mentions it with office as one where "prices continue to decline."

Transactions are down. CBRE says that it's one of only two areas where there looks to be more room for cap rate expansion. Overall CRE activity has been weak, as the Fed's latest Beige Book said. For those who have hoped to lock in a lower interest rate after the Federal Open Markets Committee make them, they may be waiting a lot longer than they thought.

Banks have pulled back significantly on CRE loans, including multifamily. Private equity, insurance companies, CMBS, and other sources

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