CBRE helped secure permanent financing for an 11-asset, medical outpatient portfolio concentrated in the Dallas and Houston MSAs. The portfolio totaled 258,000 square feet and was approximately 81% leased at closing.

Zack Holderman and Jesse Greshin of the CBRE U.S. Healthcare Capital Markets’ Debt & Structured Finance team, alongside its partners Chris Bodnar, Brannan Knott, Mindy Berman and Cole Reethof, acted as the exclusive advisors to the sponsor and existing owner, Pinecroft Realty.

The diverse, multi-tenant portfolio includes 37 tenants with a variety of healthcare companies and specialties, including credit tenants such as St. Luke’s Health System (Fitch: A+) and Texas Children’s Hospital (S&P: AA), as well as several established and well-known regional physician groups and local practices. The portfolio represents strong, in-place cash flows with additional upside achievable through lease-up and mark-to-market opportunities.

All 11 assets are located in either the Dallas or Houston MSAs, two of the fastest growing cities in the country. Houston and Dallas host almost 10% of the Fortune 500 company headquarters, including McKesson AT&T, ExxonMobil, Southwest Airlines, HP Enterprise and more. Houston is home to the Texas Medical Center (TMC), the largest medical complex in the world, spanning over 1,300 acres and 60 member institutions, attracting new investment and millions of patients annually.

Walker & Dunlop, Inc. closed over $820 million in sales and financings across Central Texas between January and August 2025. This underscores the region’s resurgence of demographic and economic growth.

Since the start of 2025, Walker & Dunlop Investment Sales has arranged over $320 million in conventional property and land sales, while the company’s Capital Markets team has arranged $500 million in acquisition financing, refinancing, and equity capitalization transactions across conventional and affordable properties.

“This performance underscores Walker & Dunlop’s ability to connect buyers and sellers, place capital, and execute in a complex market,” said Matt Pohl, managing director of Investment Sales at Walker & Dunlop.  “Our integrated platform has helped clients move quickly on opportunities as the market pivots from an interest rate focus to fundamentals-based underwriting. Capital is returning to core growth markets like Austin and San Antonio as investors meet an entry point defined by tightening supply, strong absorption, and forward rent growth. The development pipeline has dropped to lows not seen in this market in decades, and absorption stats continue to set records. Market sentiment has shifted, and we are poised to pair investors with investment opportunities supported by Central Texas’ job and population growth.”

As of mid-2025, Central Texas is showing clear signs of stabilization and a shift toward balance. Property sales and financing volume is climbing, even in a volatile interest rate environment, fueled by rising capital demand and renewed lender activity in the multifamily sector.

Patrick Short, senior director of Capital Markets at Walker & Dunlop added, “Lenders are leaning into Central Texas with renewed conviction, taking a more disciplined approach to underwriting and competing aggressively for high-quality deals in Austin and San Antonio—growth markets supported by significant outside investment and institutional sponsorship,”

While cost relief has been seen in certain sectors, developers are still not seeing the relief some had hoped for which has caused challenges for new development in Central Texas to persist. This has proven an opportunity to purchase new construction class-A product well below replacement cost. While underwriting remains a challenge in today’s environment, the accelerating demand for multifamily paired with the attractive basis opportunities in the market have pushed buyer underwriting in anticipation of the growth to come.

Key factors fueling this sector include:

• Continued expansion from firms like Apple, Tesla, and Nvidia is fueling demand for both talent and office space across Central Texas.
• Mega-projects like Samsung’s $45B Taylor fabrication facility and the EV supply chain are driving long-term job growth and industrial absorption.
• Billions in upgrades to highways, transit, and airports are unlocking new submarkets and enhancing regional connectivity.
• Rising median household incomes, paired with lower unemployment rates.

The worst monthly rent performance in a September in more than a decade? That’s what Yardi Matrix reported in its most recent multifamily research report.

According to Yardi Matrix’s September Multifamily National Report, the average advertised apartment rent in the United States fell $6 to $1,750 a month in September. At the same time, year-over-year multifamily rent growth fell 30 basis points to just 0.6%.

That drop of $6 might not seem like much. But the fall in advertised rents represented the worst September showing in more than a decade. The U.S. multifamily market hasn’t seen a decline in average asking rents this large in a September since 2009.

Yardi Matrix said that in markets with too much new multifamily supply, building owners are offering concessions or cutting advertised rents to attract tenants.

That said, U.S. multifamily monthly rents are still close to all-time highs. Because of this, Yardi Matrix said that it is too soon to say that the September decline is part of a trend.

And it’s not just multifamily rents that fell in September. Yardi Matrix reported that single-family build-to-rent advertised rates fell during the month, too. The average build-to-rent advertised monthly rent dropped by $15 in September to $2,194, while the year-over-year growth rate fell 60 basis points to a flat 0.0%.

A key factor for the multifamily market’s rental fall? Yardi Matrix said that more than 525,000 apartment units are in the lease-up phase across the country. That intensifies competition among properties. Markets with the weakest rent growth are often those with the deepest pipeline of units in the lease-up phase.

An example is Dallas, which has 35,000 apartment units in lease-up, representing 3.8% of its multifamily stock. Phoenix has 22,000 units in lease-up, equal to 5.9% of its multifamily stock, while Austin, Texas, has 18,000 units in lease-up, which is 5.5% of its multifamily stock.

Some Midwest markets are bucking the trend of falling apartment rents, though. Yardi Matrix said that Chicago’s average asking apartment rent rose 3.9% in September on a year-over-year basis while that figure stood at a healthy 3.4% in the Minneapolis-St. Paul market.

Rent growth, though, remained negative in Austin, Texas, where the average advertised monthly rent fell 4% this September when compared to the same month a year ago, and in Dallas, where the advertised rent dropped 1.9% this September compared to the same month in 2024.

The national occupancy rate fell slightly to 94.7% in August, but was unchanged year-over-year, according to Yardi Matrix’s report. The Twin Cities market posted one of the largest increases in occupancy rates with a jump of 0.6% in August.

Short-term rental trends were less positive for some Midwest markets. In Detroit, the monthly advertised asking rent fell 0.4% from August to September. In Chicago and Columbus, advertised monthly rents fell 0.5% in September when compared to August.

Year-over-year rent growths were solid in many Midwest markets, though. In the Cleveland-Akron area, monthly advertised rents jumped 3.2% this September when compared to a year earlier. That figure stood at 3.1% for Cincinnati, 2.1% for St. Louis, 2% for Milwaukee and 1% for Louisville.