Some sectors, such as apartments and industrial, had a stellar quarter.

The fund's first purchase is expected to be a multifamily property in Austin, Texas, for more than $100 million.

However, cross-border investment is at its lowest point since 2014.

Covenant began raising Fund X in 2020 and blew past its initial target of $400 million

This deal follows CBRE's recent stake in Industrious.

The properties have fared well through the pandemic, demonstrating the healthy demand for select service hotels.

Most loan resolutions were in the hotel sector, which accounted for $958 million of the total, followed by retail at $524 million.

The average bill is $3,700 per household in arrears, a total of $23 billion nationally.