The company plans to renovate the portfolio's four properties, which are located in a qualified Opportunity Zone.

The value of concessions in the area has risen 5.1 percentage points from 7.5% at the end of 2019, to 12.6% in August 2020.

While one observer thinks apartment rents have held up better than expected until this point, he realizes they have gotten some help.

Currently, multifamily mortgage delinquency levels are up only slightly from pre-pandemic levels for both affordable housing and market-rate housing loans in CMBS transactions.