Market intelligence

What we see across our markets

The screens we run before we buy anything: nineteen metros, every deal we have reviewed, what sellers are asking, and where rates sit today.

Pipeline totals as of October 27, 2026. Treasury and SOFR update every business day.

Opportunities reviewed: 250
Asking price reviewed: $250M
Passed on: 92%
Under active review: 21
Target metros: 19

Markets

Market screener

Our nineteen target metros side by side. Select a column to sort. Infrastructure bars score river freight, rail and interstates, energy and EV charging, 0 to 3 each.


Kansas CityMO-KS	Focus	2.27M	+0.7%	5.20%Northmarq, 1H 2026	9	106
ColumbusOH	Focus	2.24M	+0.1%	6.31%Matthews, Q2 2026	8	0
CincinnatiOH-KY-IN	Focus	2.31M	+0.3%	7.61%Lee & Associates, Q2 2026	11	0
Salt Lake CityUT	Focus	—	—	—	9	0
ChicagoIL-IN-WI	Core	9.43M	+0.2%	6.00%Northmarq, 1H 2026	12	0
Minneapolis–St. PaulMN-WI	Core	3.79M	+1.4%	—	11	0
DetroitMI	Core	4.39M	−0.2%	—	11	0
St. LouisMO-IL	Core	2.81M	+0.7%	6.50%Northmarq, Q2 2026	11	3
PhoenixAZ	Core	5.23M	+0.9%	5.17%Matthews, Q2 2026	7	1
DenverCO	Core	3.09M	+0.1%	5.36%Matthews, Q2 2026	8	2
ClevelandOH	Core	2.17M	+0.4%	8.01%Matthews, Q2 2026	10	16
IndianapolisIN	Core	2.21M	−1.1%	—	7	0
MilwaukeeWI	Core	1.58M	−0.3%	—	8	0
ToledoOH-MI	Secondary	599K	−0.7%	—	11	0
LouisvilleKY-IN	Secondary	1.40M	−0.1%	—	9	0
OmahaNE-IA	Secondary	1.01M	+1.2%	7.00%Lee & Associates, Q2 2026	7	0
BoiseID	Growth driver	864K	+1.1%	—	3	83
RenoNV	Growth driver	—	+0.8%	5.40%Lee & Associates, Q2 2026	7	0
Des MoinesIA	Growth driver	759K	−0.5%	—	6	0

Population: Census, July 1, 2025. Jobs: BLS nonfarm payrolls, Aug 2025 to Aug 2026, preliminary. Cap rates: the named brokerage research, multifamily averages. A dash means we have not verified a current figure.

Pipeline

How deals move

Every opportunity enters the same process. Most are declined, which is the point.

Reviewed250
Every opportunity logged and screened
Under active review21
Still open after the first screen
Underwriting5
Full model, site and seller work

229 passed (92%). 39 were outside our target metros and were declined at the first screen.

Sourcing

Where deals come from

Opportunities reviewed, by view. The darker segment is still under active review.

Kansas City106
Boise83
Outside target metros39
Cleveland16
St. Louis3
Denver2
Phoenix1

Brokers sent 204 of 250 opportunities; our own public-record research found 36. Opportunities outside our nineteen metros are logged and declined at the first screen.

Pricing

What sellers are asking

Going-in cap rates on asking prices we reviewed, shown only where we have at least five data points. Asking cap rates are seller expectations, not closed sales.

BoiseManufactured housing & RV · 5 asking prices
8.89%8.3–8.9%
BoiseMultifamily · 15 asking prices
5.75%4.7–8.1%
ClevelandMultifamily · 5 asking prices
8.26%6.2–11.8%
Kansas CityMultifamily · 8 asking prices
6.38%5.2–9.7%

Median asking cap rate, deals FRH reviewed
Range
Published market average (multifamily)

Rates

Capital markets

The rates our debt is priced from, updated every business day from the Federal Reserve Bank of St. Louis (FRED), the U.S. Treasury and the New York Fed.

10-year Treasury—

5-year Treasury—

SOFR—

Market cap rate minus 10-year Treasury

How much yield a market pays over the risk-free rate. Thin or negative spreads mean the deal has to win on basis and operations.

Spreads appear once the daily rate feed loads.

Strategy

Where each strategy fits

Our four strategies across the nineteen metros. The tier filter above applies here too.

Metro	01Covered land	02Workforce multifamily	03Opportunistic	04Debt & notes
Kansas City	Selective	Lead strategy	Active	Active
Columbus	Selective	Lead strategy	Active	Active
Cincinnati	Selective	Lead strategy	Active	Active
Salt Lake City	Selective	Lead strategy	Active	Active
Chicago	Active	Opportunistic	Lead strategy	Active
Minneapolis–St. Paul	Active	Opportunistic	Active	Active
Detroit	Active	Opportunistic	Lead strategy	Active
St. Louis	Active	Opportunistic	Lead strategy	Active
Phoenix	Lead strategy	Opportunistic	Active	Active
Denver	Lead strategy	Opportunistic	Lead strategy	Active
Cleveland	Active	Active	Lead strategy	Active
Indianapolis	Lead strategy	Opportunistic	Lead strategy	Active
Milwaukee	Active	Active	Active	Active
Toledo	Active	Selective	Lead strategy	Active
Louisville	Active	Selective	Lead strategy	Active
Omaha	Lead strategy	Selective	Lead strategy	Active
Boise	Lead strategy	Opportunistic	Lead strategy	Active
Reno	Active	Selective	Active	Active
Des Moines	Lead strategy	Selective	Lead strategy	Active

Lead strategyLead strategy
ActiveActive
SelectiveSelective or opportunistic

About this data

Pipeline figures are totals from FRH's internal deal log as of October 27, 2026. They count opportunities reviewed, not properties owned, and they say nothing about investment performance. We do not publish individual deals, prices, sellers or brokers. Asking volume is the sum of list prices where one was given. Market statistics come from the public sources named above and are summarized on each metro's page.

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