Multifamily Housing in Commercial Real Estate
Guide to Understanding the Multifamily Sector in CRE
How can you find and connect with multifamily property professionals to grow your business in commercial real estate? Biscred can help you better understand the multifamily sector in Commercial Real Estate. Our guide addresses the following questions about the multifamily CRE sector:
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What is considered multifamily housing in commercial real estate?
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Who owns, operates, and develops multifamily properties?
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What are the stages of the multifamily property lifecycle?
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How can Biscred help me identify and connect with decision-makers in multifamily CRE?
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Who are the major players in multifamily real estate?
What Is Multifamily Housing in CRE?
The term “multifamily housing” encompasses assets designed to house multiple families in a single structure. Multifamily housing is an asset class separate from a standalone (or free-standing) house that doesn’t share a structure with other housing units. There are actually 8 different types of multifamily housing, including:
Apartment Buildings:
Residential buildings usually with individual units that are rented out, not sold. Apartments can take a lot of different shapes and forms, and will usually have special amenities to attract residents. Apartment buildings are often owned by an organization that pays a property management company to handle maintenance, leasing, and most logistics. They may be owned by REITs (real estate investment trusts), corporations, or private equity.
Duplexes:
A duplex, or double-family home, is most often made up of two separate housing units that share the wall of a single building. They may share a middle wall or be stacked upon one another. Duplexes may be rented out, but can also be owned by individuals. Sometimes, a property will be split into multiple duplexes or a fourplex, where multiple units are on a single property.
Townhouse:
Not to be confused with a duplex, a townhouse is a type of larger multifamily housing that has rows, or clusters, of multi-story units. Townhouses may be rented or bought, with common spaces that residents share, usually managed by an HOA. The layout of a townhouse community will vary, but these are commonly seen in cities where square footage is at a premium and building up has a lot of benefits.
Condominiums:
A condo layout may be similar to an apartment building, but is unique in the way that the ownership is structured: Condos are privately owned. A condo owner will usually pay a higher-than-average HOA fee that includes amenities, landscaping services, and sometimes utilities. Condos can come in any of the shapes and sizes that apartments are found in.
Age-Restricted Housing:
More colloquially known as 55+ housing, age-restricted housing is a class of multi-family housing that involves housing and amenities for people of a certain age group, most often 55 and older. The ownership structure of age-restricted housing can vary from renting to owning, as it will often depend on the location, amenities, and services offered.
Mixed-Use Properties:
A housing type growing in popularity, these mixed-use properties combine living spaces with commercial spaces, offices, and other uses for greater efficiency of space usage and attractiveness for tenants interested in city living. Mixed-use properties rarely sell private units to residents, but rather rent them out. They’re typically owned by REITs, property management companies, or developers transforming commercial properties to mixed-use.
Student Housing:
Found in and around universities and colleges, student housing is an asset class designed to house students. Highly dependent on location, these multi-family housing units can take a lot of different shapes, but lease rooms or units out to students on short-term contracts. It usually comes with more amenities included in the rent and is always managed by a property management company and owned by private equity, REITs, or the university/college.
Low-Income Developments:
Multi-family housing with income limits for individuals and families with limited financial resources. This asset class leverages government subsidies and programs to provide rental housing priced at a percentage rate of the tenant’s income. It can sometimes be bought, but it will depend on the structure of the development.
Who’s Involved in Multifamily CRE?
Multifamily assets have multiple layers of stakeholders — from institutional investors and REITs to on-site managers and leasing agents. Here's a breakdown of common roles:
Executive Leadership
Titles: CEO, CFO, managing partner
Responsible for: Strategic investment decisions, financing, acquisitions
Contact them if: You’re offering investment services, property technology platforms, or enterprise-scale solutions.
Acquisitions & Investments
Titles: Acquisitions manager, investment analyst, portfolio manager
Responsible for: Sourcing, analyzing, and securing multifamily assets
Contact them if: You’re brokering a deal, selling services to investors, or promoting data insights that support buying decisions.
Asset & Property Managers
Titles: Asset manager, property manager, regional manager
Responsible for: Daily operations, leasing, tenant relations, and maintenance
Contact them if: You offer property services like security, cleaning, renovation, or automation tech.
Development & Construction
Titles: Development director, construction manager, project manager
Responsible for: Ground-up construction, unit renovations, capital improvements
Contact them if: You offer contracting, architectural, or design services, especially for value-add or new developments.
Leasing & Marketing
Titles: Leasing director, marketing manager, community manager
Responsible for: Attracting and retaining tenants, promoting vacancies
Contact them if: You provide advertising, lead generation, or leasing platforms.
What Are the Phases of a Multifamily Asset Lifecycle?
1. Pre-Development
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Market research and site selection
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Zoning approvals and entitlements
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Financing and investor pitches
2. Development or Acquisition
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Ground-up construction or buying existing assets
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Permits, design, and construction management
3. Lease-Up & Stabilization
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Marketing and leasing efforts to reach occupancy goals
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Property operations begin; revenue ramps up
4. Operations & Management
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Ongoing maintenance, rent collection, and tenant services
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Capital improvements and occupancy optimization
5. Repositioning or Disposition
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Renovations for higher ROI or asset sale
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Exit strategy: refinance, sell, or hold
What Are Common Challenges Among Multifamily Properties?
Multifamily development and property management involve a complex mix of financial, operational, and regulatory hurdles. For businesses looking to serve this sector, understanding these pain points is the first step to becoming a valuable partner. Here are some of the most pressing challenges developers, owners, and property managers face:
1. Rising construction and labor costs
Budgeting is a moving target. Volatile material prices and skilled labor shortages can derail timelines and eat into margins. Developers may be open to solutions that improve procurement efficiency or workforce management.
2. Navigating zoning and entitlements
Getting from concept to shovel-ready often involves a labyrinth of approvals, zoning changes, and community hearings. Legal, planning, and public engagement support services can be highly valuable in this phase.
3. Financing and capital stack complexity
Multifamily deals often involve layered financing—from equity partners and mezzanine loans to public incentives. Lenders, capital advisors, and data providers that offer clarity or speed in this process are always in demand.
4. Lease-up and tenant retention
Filling units quickly is critical to hitting financial projections, but standing out in a competitive rental market takes sharp marketing and leasing strategies. Companies offering advertising, CRM platforms, or renter engagement tools can make a real impact here.
5. Maintaining operational efficiency
Once stabilized, multifamily assets still require constant upkeep. From maintenance coordination and vendor management to energy efficiency and automation, property managers are always on the lookout for ways to reduce operating expenses.
6. Regulatory and compliance pressures
Rent control laws, safety inspections, fair housing compliance—regulations vary by jurisdiction and evolve constantly. Tools that help track, manage, or streamline compliance are a welcome relief.
7. Resident experience and reputation management
Happy residents = lower turnover. Multifamily operators need solutions that improve communication, resolve issues quickly, and enhance community amenities. Think: tech platforms, feedback tools, or service providers that make daily life smoother for tenants.
How Biscred Helps You Connect with the Multifamily Sector
Biscred’s commercial real estate data platform offers detailed filters that help you:
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Search for professionals involved in multifamily asset classes and sort by seniority, location, or specific asset type
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Get direct contact information, including email, phone, and LinkedIn
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Export outreach lists in segments tailored to your business’s goals
Use Biscred to discover:
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Multifamily-focused developers
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Property management companies
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REITs and institutional investors
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Maintenance and renovation vendors
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Leasing agents and asset managers
By the Numbers: Multifamily CRE in the Biscred Database
To give you an idea of the size of the multifamily industry, we've pulled some data from our database.
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119,421 companies in multifamily CRE*
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1,490,276 professionals with multifamily asset experience
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1,933,060 buildings identified as multifamily
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Number of companies by region, from least to most:
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Southeast: 27,233 companies in 12 states
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Northeast: 23,584 companies in 12 states
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West: 24,580 companies in 11 states
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Midwest: 18,263 companies in 12 states
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Southwest: 15,540 companies in 4 states
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States from each region with the most companies, from least to most:
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Southwest: Texas with 10,076 companies in multifamily CRE
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Southeast: Florida with 7,535 companies
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West: California with 6,598 companies
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Northeast: New York with 5,591 companies
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Midwest: Illinois with 2,867 companies
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Biscred’s database figures represent a snapshot in time. While our records are continuously updated, the numbers shared here offer a strong indication of the depth and breadth of our data.
Who Are the Biggest Multifamily Developers?
Using Biscred’s search filters (industry = developer, asset class = multifamily), we found more than 11,000 companies that operate in commercial real estate development of multifamily buildings. Some of the companies offer multiple services, such as property management, real estate investment, and general contracting in addition to development. The five largest, by number of properties, are:
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John M. Corcoran and Company, with approximately 16,000 properties
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Universe Holdings Development Compan,y with approximately 7,000 properties
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Contour Companies, with roughly 5,000 properties
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Vision Communities, with about 4,000 properties
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Warmington Properties, with 3,844 properties
Answers to FAQs about Multifamily Commercial Real Estate
Why are multifamily properties considered commercial?
Multifamily properties with 5 or more units are generally classified as commercial real estate in the U.S. because they’re valued as assets that generate income, rather than owner-occuped residences. For the property owner, this means more rental income is evaluated at the property level, but it also comes with commercial lending standards and commercial property taxes.
What qualifies as a multifamily property in commercial real estate?
A multifamily property includes multiple residential units located on a single property. A single property that only has 2-4 units is considered a multifamily property but is usually classified as residential, while properties with 5 or more assets are classified as commercial.
How is multifamily real estate different from single-family rentals or condos?
Multifamily properties are multiple rental units on one property, managed as one investment. Single-family rentals are individual homes, even when many are built in the same neighborhood. Condos may look similar to apartments, but each unit is owned separately.
Who typically owns multifamily commercial properties?
One prominent owner type of multifamily commercial properties is an REIT, or real estate investment trust. This is a company made up of investors and generates revenue from owning commercial property. For some multifamily properties, units are independently owned by private investors, LLCs and partnerships, family offices, private equity firms and institutional investors.
How can I find multifamily developers, owners, or property managers?
We have a separate post that explains how to find who owns a commercial property. To find the developer, owner, or manager of a piece of multifamily property, a robust database such as Biscred provides current information for more than 120,000 CRE companies, nearly 1.5 million people, and almost 2 million buildings in multifamily real estate. Search based on location, property type, and more to find key decision makers.
What are the key stages in a multifamily property's lifecycle?
The key stages of multifamily property lifecycle are: Pre-development, development, leasing, operations/management, and repositioning.
How do I break into the multifamily sector as a service provider or vendor?
The key to breaking into the multifamily sector as a service provider or vendor is understanding your ideal customers and tactically positioning your business to meet the specific needs of these companies or individuals. Check out our eBooks on managing CRE leads and lead generation strategies for the future.
What types of professionals should I target for multifamily outreach?
The right multifamily contacts depend on your business specialty, of course. Contact asset/property managers if you offer operational services. Contact development and construction if you offer ancillary services, materials or construction-related solutions. Contact leasing and marketing professionals if you offer advertising, proptech or marketing services. Contact acquisitions and investment for brokerage opportunities, capital placement, or investment services. Reserve contacting executive leadership for enterprise-scale, portfolio-wide or strategic solutions.
What tools or data should I use to support multifamily marketing campaigns?
To support multifamily marketing initiatives, we have a separate post listing some of the top CRE prospecting tools on the market. It may also be worth your time to integrate AI into your workflow and look into other proptech for commercial real estate. Of course, we wouldn’t be remiss if we didn’t mention that Biscred supplies and enriches your existing customer data for more targeted marketing campaigns.
What’s the difference between stabilized assets and value-add opportunities in multifamily real estate?
Stabilized assets describe multifamily real estate assets that have reached market-level occupancy that generates consistent cash flow. Value-add opportunity in real estate represents properties that need redevelopment, renovation, or other operational improvements in order to increase income and overall value. Stabilized assets typically have lower risk and offer steadier income than value-add assets, which involve more risk but greater potential for rewards.
What kind of vendors do property managers look for in multifamily?
Property managers often outsource multifamily operational services and will look for the following vendors: Security, commercial cleaning, leasing and marketing services, maintenance, landscaping and groundskeeping, and property management software (proptech).
How can I stay competitive when marketing to multifamily property owners?
Marketing to multifamily property owners in a competitive and strategic way involves understanding the nature of the B2B relationship as well as the specific requirements for the asset class that they own or manage. That’s hard to answer in a short Q-and-A format, so we’ll point you to our list of general B2B relationship tips and then to our e-Book series on sales and business development for CRE companies.
Why is multifamily one of the most resilient sectors in commercial real estate?
Multifamily is one of the most resilient sectors in CRE because housing is a fundamental need. Even in economic downturns, multifamily housing tends to maintain consistent occupancy, even while other types of CRE (office and retail) face higher vacancies. Multifamily’s multiple-unit structure diversifies income risk at the property level, and short-term leases allow rents to adjust more quickly to changing economic conditions.
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