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Nineteen metros across the Midwest & Mountain West

Core and secondary metros backed by durable infrastructure demand, three growth-driver metros, and properties within about 75 minutes of each. Select a metro for headline data.

FRH target metros across the Midwest and Mountain WestNineteen target metros plotted by approximate location, from Reno, Boise, Salt Lake City and Phoenix in the west to Detroit, Cleveland and Columbus in the east. Kansas City, Columbus, Cincinnati and Salt Lake City are marked as multifamily focus markets, and Boise, Reno and Des Moines as growth-driver secondary metros. Shaded circles show the roughly 75-minute radius FRH also considers.Kansas CityColumbusCincinnatiSalt Lake CityChicagoMinneapolis–St. PaulDetroitSt. LouisPhoenixDenverClevelandIndianapolisMilwaukeeToledoLouisvilleOmahaBoiseRenoDes Moines
  • Multifamily focus
  • Core
  • Secondary
  • Growth driver
  • About 75 minutes

Approximate locations; shaded circles show the roughly 75-minute radius. Data points are cited to their sources and current as of October 23, 2026.

All nineteen metros

Multifamily is concentrated in four focus markets; covered land, opportunistic and note strategies apply across all of them.

Multifamily focus markets

  • Kansas CityMO-KS

    Multifamily focus market

    • 2,270,682 MSA population, July 1, 2025Source: U.S. Census Bureau
    • +0.7% nonfarm jobs, Aug 2025 to Aug 2026 (preliminary, not significant)Source: U.S. Bureau of Labor Statistics
    • ~6,300 apartment units under construction, mid-2026Source: Northmarq
    • 4.1% industrial vacancy, Q3 2026Source: CBRE

    Kansas City market page

  • ColumbusOH

    Multifamily focus market

    • +21,000 residents (about 1.0%), 2024 to 2025, double the U.S. rateSource: Columbus Region (One Columbus)
    • +0.1% nonfarm jobs, Aug 2025 to Aug 2026 (preliminary)Source: U.S. Bureau of Labor Statistics
    • 4.20% multifamily vacancy and +1.6% rent growth, Q2 2026Source: Matthews Real Estate Investment Services
    • 9,070 units under construction (4.1% of inventory), Q2 2026Source: Matthews Real Estate Investment Services

    Columbus market page

  • CincinnatiOH-KY-IN

    Multifamily focus market

    • 2,312,858 MSA population, July 1, 2025Source: U.S. Census Bureau
    • +0.3% nonfarm jobs, Aug 2025 to Aug 2026 (preliminary)Source: U.S. Bureau of Labor Statistics
    • 7.61% multifamily market cap rate, Q2 2026Source: Lee & Associates
    • 3,971 units under construction vs. 152,350 inventory, Q2 2026Source: Lee & Associates

    Cincinnati market page

  • Salt Lake CityUT

    Multifamily focus market

    • ~2.75M combined Salt Lake City, Provo and Ogden MSA population, 2025Source: U.S. Census Bureau
    • +2.5% Salt Lake City MSA jobs, Aug 2025 to Aug 2026 (statistically significant)Source: U.S. Bureau of Labor Statistics
    • +2.1% Utah County population growth, 2025Source: KUTV
    • -3.2% year-over-year city median rent, Oct 2026Source: Apartment List

    Salt Lake City market page

Core target metros

  • ChicagoIL-IN-WI

    Core target metro

    • 9,434,123 MSA population, July 1, 2025Source: U.S. Census Bureau
    • +0.2% nonfarm jobs, Aug 2025 to Aug 2026 (preliminary)Source: U.S. Bureau of Labor Statistics
    • +4.4% year-over-year city median rent, Oct 2026Source: Apartment List
    • 6.0% average multifamily cap rate, 1H 2026Source: Northmarq

    Chicago market page

  • Minneapolis–St. PaulMN-WI

    Core target metro

    • 3,790,295 MSA population, July 1, 2025Source: U.S. Census Bureau
    • +1.4% nonfarm jobs, Aug 2025 to Aug 2026 (statistically significant)Source: U.S. Bureau of Labor Statistics
    • 4.6% apartment vacancy and +3.5% annual rent growth, Q2 2026Source: Northmarq
    • +2.7% year-over-year Minneapolis median rent, Oct 2026Source: Apartment List

    Minneapolis–St. Paul market page

  • DetroitMI

    Core target metro

    • 4,390,913 MSA population, July 1, 2025Source: U.S. Census Bureau
    • -0.2% nonfarm jobs, Aug 2025 to Aug 2026 (preliminary, not significant)Source: U.S. Bureau of Labor Statistics
    • $6.4B Gordie Howe International Bridge, opened July 27, 2026Source: BNN Bloomberg
    • 4.9% industrial vacancy, Q2 2026Source: Lee & Associates

    Detroit market page

  • St. LouisMO-IL

    Core target metro

    • 2,814,421 MSA population, July 1, 2025Source: U.S. Census Bureau
    • +0.7% nonfarm jobs, Aug 2025 to Aug 2026 (preliminary, BLS)Source: U.S. Bureau of Labor Statistics
    • 6.5% apartment vacancy and $88,300 median price per unit, Q2 2026Source: Northmarq
    • 6.9% industrial vacancy and 1.35M sq. ft. quarterly absorption, Q3 2026Source: CBRE

    St. Louis market page

  • PhoenixAZ

    Core target metro

    • +59,065 residents (+1.14%), 2024 to 2025Source: ABC15 Arizona
    • +0.9% nonfarm jobs, Aug 2025 to Aug 2026 (preliminary)Source: U.S. Bureau of Labor Statistics
    • $265B total TSMC commitment cited by Gov. Hobbs, Jul 16, 2026Source: AZFamily
    • 5.31% apartment vacancy and -2.60% year-over-year rent, Q2 2026Source: Matthews Real Estate Investment Services

    Phoenix market page

  • DenverCO

    Core target metro

    • 3,092,037 MSA population, July 1, 2025Source: U.S. Census Bureau
    • +0.1% nonfarm jobs, Aug 2025 to Aug 2026 (preliminary)Source: U.S. Bureau of Labor Statistics
    • 5.74% apartment vacancy and -4.7% year-over-year rent, Q2 2026Source: Matthews Real Estate Investment Services
    • 15,493 apartment units under construction, a multi-year lowSource: Matthews Real Estate Investment Services

    Denver market page

  • ClevelandOH

    Core target metro

    • 2,165,775 MSA population, July 1, 2025Source: U.S. Census Bureau
    • +0.4% nonfarm jobs, Aug 2025 to Aug 2026 (preliminary)Source: U.S. Bureau of Labor Statistics
    • 3.68% apartment vacancy and +2.88% rent growth, Q2 2026Source: Matthews Real Estate Investment Services
    • 8.01% multifamily cap rate and $78,300 average price per unit, Q2 2026Source: Matthews Real Estate Investment Services

    Cleveland market page

  • IndianapolisIN

    Core target metro

    • 2,205,695 MSA population, July 1, 2025Source: U.S. Census Bureau
    • -1.1% nonfarm jobs, Aug 2025 to Aug 2026 (preliminary, not significant)Source: U.S. Bureau of Labor Statistics
    • $18B+ planned capital at Lilly's Lebanon campusSource: Indiana Capital Chronicle
    • ~6,075 apartment units delivered in 2025, about 2.9% of stockSource: Hoodline

    Indianapolis market page

  • MilwaukeeWI

    Core target metro

    • 1,575,010 MSA population, July 1, 2025Source: U.S. Census Bureau
    • -0.3% nonfarm jobs, Aug 2025 to Aug 2026 (preliminary, not significant)Source: U.S. Bureau of Labor Statistics
    • 4.3% overall multifamily vacancy, Aug 2026Source: CoStar News
    • ~550 full-time employees at Microsoft's first Mount Pleasant data center; about 800 expected with phase twoSource: Microsoft

    Milwaukee market page

Secondary (selective)

  • ToledoOH-MI

    Secondary metro (selective)

    • 599,376 MSA population, July 1, 2025Source: U.S. Census Bureau
    • -0.7% nonfarm jobs, Aug 2025 to Aug 2026 (preliminary, not significant)Source: U.S. Bureau of Labor Statistics
    • $916 city median rent, +6.2% year over year, Oct 2026Source: Apartment List
    • ~$400M Stellantis investment at Toledo Assembly; truck launch expected 2028Source: 13abc (WTVG)

    Toledo market page

  • LouisvilleKY-IN

    Secondary metro (selective)

    • 1,402,509 MSA population, July 1, 2025Source: U.S. Census Bureau
    • -0.1% nonfarm jobs, Aug 2025 to Aug 2026 (preliminary, not significant)Source: U.S. Bureau of Labor Statistics
    • ~$2B Ford Louisville Assembly retool; 2,200 jobs secured; production from 2027Source: Ford Authority
    • 9% overall apartment vacancy, Q2 2026Source: CoStar News

    Louisville market page

  • OmahaNE-IA

    Secondary metro (selective)

    • 1,009,836 MSA population, July 1, 2025Source: U.S. Census Bureau
    • +1.2% nonfarm jobs, Aug 2025 to Aug 2026 (preliminary)Source: U.S. Bureau of Labor Statistics
    • 2.8% industrial vacancy, Q2 2026Source: Lee & Associates
    • 9.20% apartment vacancy; units under construction down to 2,905 from 4,635, Q2 2026Source: Lee & Associates

    Omaha market page

Growth-driver secondary

Core- and secondary-size metros where operating or under-construction semiconductor, advanced-manufacturing, data-center or similar investment, plus strong in-migration, drive demand. We underwrite them on actual job trends, not on announced projects.

  • BoiseID

    Growth-driver secondary metro

    • 864,243 MSA population, July 1, 2025Source: U.S. Census Bureau
    • ~150,000 residents added in Ada and Canyon counties since 2020 (COMPASS, Apr 2026)Source: COMPASS
    • +1.1% nonfarm jobs, Aug 2025 to Aug 2026 (preliminary)Source: U.S. Bureau of Labor Statistics
    • Mid-2027 Micron ID1 first wafer target; ID2 late 2028Source: KBOI / Idaho News

    Boise market page

  • RenoNV

    Growth-driver secondary metro

    • +0.8% nonfarm jobs, Aug 2025 to Aug 2026 (preliminary)Source: U.S. Bureau of Labor Statistics
    • 6.2% apartment vacancy, down from 8.7% a year earlier, Q2 2026Source: Lee & Associates
    • +4.0% year-over-year asking rent; only 149 units under construction, Q2 2026Source: Lee & Associates
    • 13.6% industrial vacancy, Q2 2026Source: Lee & Associates

    Reno market page

  • Des MoinesIA

    Growth-driver secondary metro

    • 758,539 MSA population, July 1, 2025Source: U.S. Census Bureau
    • -0.5% nonfarm jobs, Aug 2025 to Aug 2026 (preliminary, not significant)Source: U.S. Bureau of Labor Statistics
    • 93.7% apartment occupancy and +2.9% asking rent growth, mid-2026Source: Hubbell Realty
    • 3,100+ apartment units under construction and ~4,700 planned, mid-2026Source: Hubbell Realty

    Des Moines market page

How we choose markets

Five filters, applied before any individual deal.

  • Infrastructure behind demand. Inland river and Great Lakes freight, interstate junctions and Class I rail and intermodal hubs, energy, water, mineral and refining corridors, and a growing EV-charging network.
  • Durable demand. Diverse employment and household demand that does not depend on a single industry or a single cycle.
  • A constructive regulatory and entitlement backdrop. Rules we can underwrite with confidence over a long hold.
  • Lender and operator depth. Local banks, credit unions, property managers and contractors we can rely on.
  • A basis that works if growth slows. We do not need a market to boom for a deal to succeed.

We focus on core and secondary metros and avoid tertiary markets as standalone targets for a long-term hold. Smaller cities are in scope when they sit within about 75 minutes of a target metro: for example Ogden and Provo with Salt Lake City; Fort Collins, Greeley and the north side of Colorado Springs with Denver; Dayton with Cincinnati and Columbus; Akron and Canton with Cleveland; Lincoln with Omaha; Ann Arbor with Detroit and Toledo; Sparks, Fernley and Carson City with Reno; and Ames and Ankeny with Des Moines.

Secondary markets are selective. We look there first for industrial, flex, covered land and notes, and only where a specific deal clears these filters on its own terms.

Growth-driver secondary metros

Boise, Reno and Des Moines are a deliberate exception to the infrastructure filter. Core- and secondary-size metros where operating or under-construction semiconductor, advanced-manufacturing, data-center or similar investment, plus strong in-migration, drive demand. We underwrite them on actual job trends, not on announced projects. A project only counts once it is operating or under construction, and we count no plant-driven demand before a plant's first production date.

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