Multifamily Buyers Find Openings as Lenders Press Owners to Sell
Multifamily buyers waiting for sellers to lower their prices may find their next opening among owners whose lenders are losing patience. Pressure to sell has increased over the past six to nine months, industry executives said, but they cautioned that more motivated sellers do not necessarily signal a marketwide buying opportunity.
Instead, the next round of acquisitions may depend on a more immediate question: Which owners can afford to wait, and which need to make a deal?
That distinction shaped the discussion at the GlobeSt. Multifamily Owners Forum 2026 in San Diego on Wednesday. Executives from Hamilton Zanze, Virtu Investments and StarPoint Properties described a market where financing pressures are pushing some owners toward sales while others remain willing to hold out for better prices.
Lender Pressure Puts Sellers To The Test
Owners who have waited for interest rates to fall are facing greater lender pressure, potentially creating openings for buyers. One panelist said pressure has intensified over the past six to nine months and argued sellers need to do more to close the pricing gap.
But the urgency varies by owner. Those facing refinancing needs or other financial constraints have less room to reject offers and wait for a recovery. Sellers with greater financial flexibility can take a different approach.
"Both sides are playing a waiting game now," said Ritesh Patel, chief investment officer at Virtu Investments.
For buyers, that makes a seller's ability to hold an asset an important part of the negotiation. A gap in pricing expectations may be easier to bridge when an owner needs to transact than when selling remains optional.
Owners Weigh Lower Prices Against Holding On
Kurt Houtkooper, CEO of Hamilton Zanze, said sellers are increasingly accepting current asset values, although some continue to resist lower offers.
He said owners repeatedly delay sales in hopes that improving market conditions or major political events would bring stronger pricing. Buyers, meanwhile, keep asking why they should pay more when current conditions support lower valuations.
The result is a standoff that growing lender pressure has not entirely resolved. Recognizing a property's current value does not necessarily mean an owner is willing—or needs—to sell at that price.
"If I don't need to sell, I am not going to sell," Houtkooper said.
That ability to wait helps explain why acquisition opportunities can emerge without producing a broader agreement between buyers and sellers on pricing.
A Broad Buying Window Remains Elusive
The prospect of more owners coming to market also does not mean investors should expect a wave of compelling deals.
John Sebree, senior managing director and head of real estate investment sales at Lument, moderated the panel and asked whether multifamily was approaching a new normal or remained in a period of uncertainty.
Paul Daneshrad, CEO of StarPoint Properties, cautioned against expecting a dramatic near-term buying opportunity. He said previous periods of strong multifamily acquisition activity benefited from declining interest rates and the market momentum they generated. He does not see comparable conditions developing today or in the immediate future.
He distinguishes between finding an attractive acquisition and expecting conditions to make large portions of the market attractive at once.
Selective Buyers Can Still Find Openings
Daneshrad said opportunities remain for investors willing to evaluate deals selectively.
"Could there be good opportunities if you are selective, yes," he said. "But tremendous, no."
For multifamily investors, the discussion pointed to a market that requires patience, but not assuming every seller can wait. Lender pressure may bring more properties into play, but individual owners' financial circumstances, property fundamentals and buyers' return requirements will help determine which deals get done.
The opening for buyers is not necessarily a sweeping reset in prices. It may be a seller whose timetable has changed—and a property that makes sense at the price that owner is now prepared to accept.
Check back with GlobeSt.com for more from the Multifamily Fall Owners Forum.
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Source: GlobeSt/ALM