The multifamily housing sector is at an inflection point. Even before the recently announced 2025 tariffs, construction activity had already slowed under the weight of rising interest rates, elevated development costs and tightening capital flows. The new tariffs have only added another layer of uncertainty, particularly around input costs such as steel, lumber and imported components. While the ultimate impact remains unclear, one reality is already evident: Fewer projects are breaking ground, and the pipeline of new deliveries is thinning.
For existing owners and investors, this environment presents both challenges and opportunities.
In a recent interview with IREI, Harry Alcock, CIO of Forum Investment Group, discussed how the firm is doubling down on stabilized multifamily assets while selectively pursuing value-added opportunities through partnerships and private credit. Alcock shares his perspective on how tariffs and construction costs are reshaping inv
