One Property: $100K Per Door in 2021, $25K Today—This Is What Collapse Looks Like Bisnow’s latest report on Houston multifamily puts numbers to what’s already clear on the ground. Class A and B properties are trading again as prices reset and capital flows back in. But the Class C story is far darker. Syndicators bought C assets at pandemic-era cap rates with floating debt, counting on endless rent growth. Instead, rates jumped, rents stalled, and lenders have been extending and pretending . The results so far… • $400 million in Houston multifamily notes filed for September’s foreclosure auction • Properties once priced at $100,000 a door now trading at $25,000 • Occupancies sinking as low as 20 percent Many of these properties are basically obsolete, with no equity left for repairs. Lenders don’t want to take the hit, but they can’t keep deferring reality. Institutional capital won’t touch C at any price, leaving fewer buyers just as supply is about to surge. If you’re holding Class C in Houston, time is short. The day of reckoning is coming. For lenders, better to sell first than last. For investors, Class B looks like the middle ground—not distressed enough to collapse, but cheap enough to make sense. Cycles reveal fragility. Houston’s A and B are bending. C is breaking. https://lnkd.in/eHhbm_yY