Foreign investors continue to spend money on apartment properties in the U.S., even while they may be slowing down on purchases of assets in other sectors. In the second quarter, cross-border investors became net sellers of U.S. commercial real estate overall for the first time in seven years, according to Jim Costello, senior vice president with research firm Real Capital Analytics (RCA).
These investors are lured by the ongoing strong demand for apartments that has shrunk vacancy in the sector. In addition, because apartment buildings rely on their income on dozens or sometimes hundreds of different tenants, their incomes are viewed as less volatile than, for example, a single-tenant office building, according to McAuliffe.
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