The fund will seek to deliver annual returns of 13 to 15 percent after fees by developing single-family and multifamily rentals outside gateway markets.

Landlords are growing more desperate as they struggle to fill apartments, offering months of free rent.

Cost increases have been especially hard on developers who rely on wood frame construction to build low- and mid-rise buildings.

Multifamily owners and managers have adjusted to long-term life under COVID-19 by adapting how they offer amenities to residents.

Closing transactions in August increased 2.4 percent from the prior month to a 6 million annualized rate.

A “downturn” may not be the right word when it comes to CRE, says PGIM Real Estate’s Todd Goldberg. A “bifurcation of the market” might be more accurate.

The real estate investment manager has continued to bet on new acquisitions amidst the pandemic.

That math will become easier for developers if more distressed properties become available at a steep discount.