Last year saw a growth in demand for multifamily properties, mainly due to secondary markets, according to the CBRE Group's annual report. CBRE defines the sector to include student housing, senior housing, and manufactured homes as well as apartment properties. Peter Donovan, senior managing director with CBRE Capital Markets’ Multi-Housing Group, notes that there is still an "abundant supply of equity and debt capital from all types of foreign and domestic players," but the report notes “a growing sense” that the “easy money” in the sector has already been made. Land values and construction prices have risen, and cap rates may have bottomed out.
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