A persistent gap between buyer and seller expectations is slowing multifamily dealmaking, even as investors continue to find opportunities across the market.
That disconnect—rooted in sellers holding onto peak-era pricing and buyers waiting for clearer valuation signals—is forcing a more cautious and disciplined approach to acquisitions, according to panelists at the GlobeSt. Multifamily Owners Summit in Tampa.
Moderated by John Sebree, senior managing director and head of real estate investment sales at Lument, the discussion focused on how investors are navigating a market where pricing remains uneven and highly dependent on local conditions. While deal flow has not disappeared, panelists said transactions are taking longer to come together as both sides struggle to align on value.
"Sellers are hanging on to 2021 prices, buyers are waiting to see what 2026 pricing looks like," Sebree said.
That standoff is reshaping investment strategies. Rather than pursuing volume, buyers are underwriting more conservatively and passing on deals that do not meet their return thresholds.
Matt Ferrari, founder and managing partner of PXV Multifamily, said his firm is approaching acquisitions with a deal-by-deal mindset, prioritizing discipline over market momentum.
"We are buying at our price, not the seller's price," Ferrari said. "The reality is it is less about the market for us and more about the story of the specific deal."
Other investors are slowing their pace altogether. Danny Lippman, president of JRK, said his firm has intentionally pulled back on acquisitions, choosing to phase into new investments as pricing clarity emerges.
Even in regions where opportunities are plentiful, patience remains critical. Adam Short, CIO of JVM Realty, pointed to the Midwest as an active market but said pricing often continues to impede transactions.
"There are a ton of opportunities, especially in the Midwest," Short said. "A lot of those opportunities, though, are being overpriced, so we are being patient."
For now, panelists said, multifamily investors are willing to wait—focusing on disciplined underwriting and selective dealmaking until buyer and seller expectations begin to converge.
Check back with GlobeSt.com for more from this panel and event.
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