C-Port Equity Newsletter I Multifamily Buyer Sentiment Improves
Published about 1 month ago • 2 min read
Portfolio Highlight
Flats at Leland (126-Units)
Flats at Leland closed out 2025 with strong operational momentum as the property completed its transition from lease-up to stabilized operations. The community achieved an average occupancy of 97.3% during Q4, with limited leasing activity due to low unit availability and minimal expirations, reflecting the strength of the asset’s positioning. Even with reduced leasing volume, new leases delivered positive rent trade-outs averaging +6.5%, signaling continued pricing power in the submarket. As more leases expire through the first half of 2026, we expect increased turnover to create additional opportunities to capture market rent growth. Operationally, expenses normalized following lease-up, declining 20% quarter-over-quarter due to lower utilities, reduced marketing spend, and fewer make-ready costs. As a result, Net Operating Income more than doubled +147% QoQ, supporting stable cash flow as we enter the refinance process.
C-Port Activity
C-Port has been highly active over the past three weeks, highlighted by continued acquisition momentum and the successful close of Fund IV. We first completed the acquisition of Saddlebrook Apartments, a 267-unit community in Murfreesboro within the fast-growing Nashville MSA, presenting multiple avenues for rent and NOI growth through targeted renovations and operational improvements. Shortly thereafter, Fund IV made its first investment with the acquisition of Elme at Conyers in the Atlanta MSA, secured at a 28% discount to its 2021 sale price and offering compelling value-add potential with immediate operational upside. With strong investor support behind Fund IV and a robust pipeline of opportunities, we remain highly active and excited to continue deploying capital into strategic multifamily investments.
"Buyer sentiment for core multifamily assets improved in Q4 2025, while underwriting assumptions mostly held steady for the second consecutive quarter, according to CBRE’s Q4 Multifamily Underwriting Survey. Seventy-six percent of survey respondents indicated positive sentiment for core acquisitions, up from 64% in Q3 and 44% a year ago. This increased positivity contributed to a 9% year-over-year rise in multifamily investment volume last year, with a similar gain expected in 2026."
"Rents continued their early-year momentum. After January saw the first increase in effective asking rents in seven months, the U.S. saw prices increase again – mildly – in February. U.S. prices climbed 0.3%"
"The CRE lending market showed strength throughout 2025. Commercial originations increased year over year during the first six months, and this growth continued in the second half of the year"
"Homeowner tenure peaked at 13.4 years in 2020, then gradually declined each year until 2024. The declines were driven by the pandemic-driven homebuying and selling frenzy, when record-low mortgage rates and remote work motivated many Americans to move. Tenure inched up from 11.8 years in 2024 to 12 years in 2025 as home sales slowed due to high housing costs."
"The average rate on the popular 30-year fixed loan rose 13 basis points to 6.12%, according to Mortgage News Daily. It had fallen to a recent low of 5.99% on Feb. 23 and pretty much sat there all week."
"The pressure valve has clearly been released for now. However, volatility across energy markets remains exceptionally elevated. Markets interpret political messaging almost instantly, often adjusting prices well before the underlying situation has materially changed"
Cracks are starting to appear in private credit. Investors are taking notice. Capital is starting to move and not quietly. After a strong run, private credit is showing signs of strain, and investors are beginning to rethink where they want to be. Funds that once attracted steady inflows are now dealing with rising redemption requests, tighter liquidity, and a noticeable slowdown in fundraising. A big part of the pressure is coming from their exposure to SaaS companies, many of which are no...
Portfolio Highlight The Park @ Santa Maria (184-Units) The Park at Santa Maria delivered stable performance in it's most recent reporting period. The property stands at 91% occupancy, slightly down from 92% due to typical seasonal leasing trends rather than any change in underlying demand. Average rents remained flat quarter-over-quarter, but are 6% higher since acquisition, reflecting disciplined pricing and steady leasing execution. Net Operating Income increased 9% from the prior quarter...
We are pleased to share that Fund IV has officially closed! We want to sincerely thank both our returning investors and those joining us for the first time. The strong support we received throughout the fundraising process is deeply appreciated and, in our view, reflects meaningful conviction in our strategy, our disciplined approach, and the opportunity set ahead. Today’s backdrop continues to offer attractive entry points, strong structural tailwinds in our target sectors, and visibility...
