Gary Goodman Gary Goodman is the SVP of acquisitions at Passco Cos.

Multifamily deal volume fell this after record-breaking transaction activity in 2015 and 2016. Institutional players specifically sat on the sidelines, while private investors remained active—at least for the limited deals available. There were several factors that contributed to the slowdown, including the growing length of the cycle.

“For the most part, the private capital owns the market. The pension fund advisors and the REITs are sitting on the sidelines,” Gary Goodman, SVP of acquisitions at Passco, tells That is because those investors used consultants, and the consultants are concerned about where we are in terms of the cycle and cycles don’t last more than seven to nine years. There is this consensus that people should wait for the next buying opportunity. I think it is a false view of things because cycles don’t die on their own. Usually, there is a black swan event that occurs.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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