The Sponsors Who Treated Multifamily Like a Business—and the Ones Who Treated It Like a Trade The apartment boom created a generation of buyers. The downturn revealed who was actually building businesses.
For much of the last decade, multifamily investing became synonymous with acquisition activity. Sponsors were measured primarily by volume-driven metrics:
Units acquired
Capital raised
Markets entered
Assets under management (AUM)
Portfolio growth
Industry conferences...