Higher interest rates have created a bid-ask gap between student housing buyers and sellers, shutting down sales activity in the market.

Firms are still investing in co-living units. But the sector has gone through a transformation in the past few years.

Related Cos. is teaming up with Wynn Resorts Ltd. to pursue one of three gaming licenses for New York’s downstate area. Competitors include SL Green Realty Corp., which has proposed a casino project in Times Square in partnership with Caesars...

The public pension, the second biggest in the nation, is offering $15.7 million in tax-exempt bonds via auction Wednesday. Calstrs’s new headquarters is considered an investment for the pension, which has a prodigious $297.6 billion under management.

A question looming over the industry is whether the legislation will get renewed or if the benefit will fade once the law expires.

The measure, known as Proposition ULA, boosts the one-time transfer tax to 4 percent for property deals between $5 million and $10 million, and 5.5 percent for transactions of $10 million and above. The current rate on all sales is 0.45 percent.

Office loan delinquencies and distressed office sales remain subdued, though the sector is facing headwinds.