Following a hectic 2020, this year started off promising, with the COVID-19 vaccine rollout throughout the country, despite concerns about rent issues and the economy. January rent collections increased 1.7 percent from the same period of 2020 to 76.6 percent, according to the National Multifamily Housing Council. And as the new administration was getting ready to assume office, then-President-elect Joe Biden unveiled a $1.9 trillion relief bill for the multifamily sector. Just hours after being sworn-in, Biden signed an executive order to extend the federal eviction moratorium until the end of March.
As 2021 is expected to bring the industry closer to normalcy, In its forecast report, Berkadia identified affordable housing and the Southeast region as top priorities for investors. Earlier last month, Amazon announced the launch of a more than $2 billion Housing Equity Fund that aims to invest in apartments for moderate- and low-income renters. At the same time, construction kicked off on a nearly $100 million affordable housing project in Santa Clara, Calif.
After learning last year that senior housing was the most impacted sector, we now found out its occupancy rate dropped to a record low of 80.7 percent. Meanwhile, Aegis Living and Blue Moon Capital Partners teamed up to buy a multi-state, $350 million senior housing portfolio.
January was also a great month for big-dollar multifamily deals, with Pretium and Ares’ $2.5 billion acquisition of Front Yard Residential Corp., GSA buying 27 student housing assets across 18 states, and Investcorp’s $330 million purchase of more than 1,800 units in Georgia, Maryland and Florida.
Here are MHN’s must-reads for last month: