Multifamily developments in the Sun Belt are next in line for CRE pain after offices predicts Carson Block, chief executive officer of short-seller Muddy Waters Capital.
“A lot of multi-unit residential in the US — particularly in the Sun Belt — is in trouble,” Block told Bloomberg in an interview. “That’s the shoe that hasn’t really dropped yet, but that we think will.”
Since a year ago, Carson has been publicly arguing — and investing — that the multifamily market has some fundamental weaknesses. He announced then that he was shorting Blackstone Mortgage Trust, which lends money against commercial real estate collateral. And it hasn’t been all office towers as far as the eye could see, although those were earlier warning signs.
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