Japanese Capital Favors Downside Protection in U.S. Multifamily as Los Angeles Cap Rates Climb

About 60 percent of Japanese real estate investment in the U.S. has gone into multifamily since 2021, according to Tokyu Land US, as Los Angeles reprices after 19 straight quarters of cap-rate expansion. Japanese investors remain committed to U.S. apartments but are shifting toward safer positions in the capital stack, according to Ben Cherney, executive […]