Ascent’s State of the Market Update

May 2023 saw U.S. year-over-year multifamily rent growth turn negative for the first time since the Global Financial Crisis of 2007-2008. The decline was -0.6%. However, the data analytics firm Markerr’s outlook for the next five years was much more positive. It predicted that the top 100 markets in the USA will see a 3.9% increase in rent through 2024, and a 5% jump the year after, followed by more normal 3% to 1.5% growth in years three to five.

Company Update
We got an upgrade! Did you hear? We’re upgrading our investor portal to give you a higher quality and easier investing experience. Once the switch is complete, existing investors will have access to all investment information and documents. In a couple of weeks, you can expect to receive an invite to Cash Flow Portal with the next steps.

Deal Update
We’re celebrating and you should too! We’ve officially purchased Cabana Encanto with a $23.5 Million discount and at a higher IRR of 14-16% than we originally thought going in.

This cash-flowing, Class A property was a great find in any market, but especially in this volatile one.

This was the biggest raise we’ve ever done and we’re honored to be growing with you. 

What we’re up to!
Did you see Pranay’s recent article on Kevin MD’s blog about physicians unlocking financial freedom through syndication investing? You can read it here!

Education Corner
Ascent was born from a place of education, so we want to continue that practice by sharing helpful, relevant tidbits of knowledge in each newsletter. 

Did you know?

In commercial real estate, ‘Vacancy Rate’ is a key term. It’s the percentage of all available units in a rental property that are vacant or unoccupied at a particular time. It’s a good indicator of the property’s rental demand.