Multifamily distress is spreading beyond the early hot spots of New York City, San Francisco and Texas.
While those locales still have their share of problems, as demonstrated when the massive Parkmerced complex recently went to servicing, problems are creeping up in new areas. For instance, Washington, D.C., traditionally considered one of the safest apartment markets in the country due to stable federal government employment, recently saw the new The Lanes at Union Market head into foreclosure.
“This is one of the first ones that I’ve seen in the region,” William Rich, president of Delta Associates, an Alexandria, Virginia-based research firm that covers the mid-Atlantic region, told Multifamily Dive. “There have been some in other cities, but that hasn’t really happened here, especially for an asset that just delivered within the past couple of years.”
Here, Multifamily Dive rounds up the problem loans that have come to light since January 2023. Please check this page for regular updates.