JANUARY 14, 2009
The rapid reversal of fortunes in commercial real estate is taking down yet another sector: apartment complexes.
Owners and developers of multifamily buildings are trying to stay afloat as the deteriorating economy and escalating job losses create difficulties in raising rents and shortfalls in projected revenues from these buildings.
While sharp declines in retail and office sectors of commercial real estate have commanded attention in recent months, some analysts say deterioration in the multifamily sector is quickly catching up.
A downturn in this sector also drags in housing mortgage giants Fannie Mae and Freddie Mac, which are already hurting from ...