Almanac Realty Investors, a business unit of Neuberger, has committed up to $300 million of growth capital to SparrowHawk, a private real estate company founded in 2011 by Alfredo Gutierrez and headquartered in Houston, focused on the acquisition and management of institutional-quality industrial assets located throughout the Midwest.

SparrowHawk currently owns and operates 16 properties, comprised of more than 2.8 million square feet across St. Louis, Kansas City, and Chicago. The new round of growth capital will be used to accelerate SparrowHawk’s proven strategy of acquiring high-quality industrial properties in primary and secondary Midwest markets with proximity to robust transportation infrastructure.

SparrowHawk CEO, Alfredo Gutierrez, said, “At SparrowHawk, we believe true success is built with partners who share your values, your vision, and your drive. Our partnership with Almanac reflects that alignment—uniting not just capital, but character, trust, and shared ambition. Together, we enter this next chapter with sharper focus, deeper capabilities, and a collective commitment to delivering meaningful, long-term value for our investors.”

Ackman-Ziff Real Estate Group LLC was exclusive advisor to SparrowHawk on the transaction and was managed by Adam Steinberg, co-head of equity practice.

A late-year dip in advertised multifamily rents in the United States erased the modest gains posted earlier in 2025, something that might signal a slowdown in apartment demand as the sector heads into the new year, according to new research from Yardi Matrix.

In December, the average advertised U.S. apartment rent fell by $5 to $1,737, a 0.3% decline from November. That monthly drop closed out 2025 with flat year-over-year rent growth, marking the weakest quarterly performance for the multifamily market since the global financial crisis, Yardi Matrix reported in its National Multifamily Report for December.

Yardi Matrix reported that renter demand slowed toward the end of 2025, partly because of flattening job growth and the effects of immigration policy, factors that weighed on household formation. Still, occupancy levels have held firm, and supply absorption remains healthy when compared to long-term historical trends.

The disconnect between slowing rent growth and stable occupancy suggests that renters are becoming more price-sensitive, particularly in markets where a wave of new supply has intensified competition among landlords.

Geographically, rent growth in 2025 was uneven. Gains were largely concentrated in coastal markets and across parts of the Midwest, where new supply has been more limited and demand drivers have remained strong.

The weakest performance was concentrated in Sun Belt markets, where elevated levels of new construction have weighed heavily on pricing. Cities that saw rapid development during the post-pandemic surge are now grappling with increased concessions and downward pressure on advertised rents.

While rents softened, investment activity showed greater resilience. Multifamily sales volume in 2025 finished about 10% higher than in 2024, reflecting renewed investor interest after a slower period earlier in the cycle. Transaction activity was strongest in secondary and Sun Belt markets, including Dallas, Seattle, Phoenix, Miami and Atlanta. Yardi Matrix said that these metros continue to attract capital because of their long-term population growth prospects.

Looking ahead, Yardi Matrix analysts struck a cautiously optimistic tone. Despite ongoing economic uncertainty, gross domestic product growth in the fourth quarter pointed to improving momentum in the broader economy. Greater stability in 2026 could help lift consumer confidence, support job creation and gradually revive rental demand.

Yardi Matrix reported, too, that a slowdown in new apartment deliveries later in 2026 could also help rebalance supply and demand in oversupplied markets.

Lee & Associates Dallas-Fort Worth completed a lease transaction for a 123,241-square-foot industrial space at Carter Industrial Park in Fort Worth, Texas.

Reid Bassinger, Trey Fricke and Schaefer Amos of Lee & Associates Dallas-Fort Worth represented the Tenant, ReturnPro. ReturnPro helps retailers, brands, and 3PL sellers solve returns by addressing every part of the post-purchase experience from returns initiation all the way to the second shelf.

Cheyenne Mungaray, Forrest Cook and Jeff Rein of Stream Realty Partners – Fort Worth represented the Landlord, Agellan Capital Partners Inc.

Colliers brokered the sale of Humble Commerce Center – Building 2, a 55,900-square-foot warehouse facility son 2.4937 acres at 17520 Eastex Freeway Road in Houston, Texas.

Robert McGee, Taylor Schmidt, and Austin Bartula of Colliers represented the seller, Urban Eastex, LP, while Sinem Arikan and Barkley Peschel of Colliers represented the buyer, ELLAXA, in the transaction.

Located along the U.S. 59 (Eastex Freeway) corridor, the property offers excellent visibility and direct freeway access in one of northeast Houston’s most active industrial markets. The site’s proximity to Bush Intercontinental Airport and major regional distribution routes made it an attractive option for both investors and users seeking functional warehouse space in a high-demand location.

JLL Capital Markets negotiated the sale of the NxNW Houston Class A Logistics Portfolio, a three-property industrial portfolio totaling 1,020,722 square feet of premier logistics space strategically positioned across Houston’s North and Northwest submarkets.

JLL represented the seller in the transaction. An Ares Real Estate fund (“Ares”) acquired the asset. Marq Logistics, which represents Ares’ vertically integrated global logistics real estate platform and is a leader in the development and operation of modern logistics facilities, will manage the portfolio.

The portfolio comprises six recently constructed industrial buildings with an average vintage of 2016 and is currently 95% leased to 10 tenants. The three properties include Central Green Corporate Center (516,134 square feet), North Houston Logistics Center Building G (351,400 square feet) and West Little York (153,188 square feet), offering diverse industrial configurations including cross-dock, rear-load and inverted front-load capabilities with clear heights ranging from 26 to 36 feet.

The properties are strategically located to capitalize on Houston’s growth dynamics, with Central Green Corporate Center positioned within a master-planned business park just six minutes from George Bush Intercontinental Airport and offering direct access to Hardy Toll Road. North Houston Logistics Center Building G benefits from direct Interstate 45 frontage, while West Little York sits in the heart of Houston’s Northwest submarket growth corridor near Highway 290. The portfolio’s locations provide exceptional connectivity throughout the Houston metropolitan area and access to the broader Texas Triangle region, which encompasses over 25 million residents within a five-hour drive radius.

The JLL Capital Markets team representing the seller included Senior Managing Director and Industrial Group Leader Trent Agnew, Managing Director Charlie Strauss, Director Lance Young, Senior Analyst Brooke Petzold and Analyst Dawson Hastings.

 JT Magen completed new office space for BRR Architecture at 3218 Manor Road in Austin, Texas.

JT Magen served as construction manager for the 4,117-square-foot buildout, overseeing all aspects from budgeting and scheduling, procurement of materials, managing subcontractors and conducting the final handover. JT Magen collaborated with the rest of the project team –  architect / interior designer BRR Architecture and MEP engineer Salas O’Brien – to deliver a functional, collaborative space that met BRR Architecture’s needs.

BRR Architecture is a national architectural design firm with more than 60 years of experience designing spaces that elevate the everyday experience. The company collaborates with clients across multiple sectors, including retail, hospitality, industrial, mixed-use, multifamily, and office environments. BRR opened their Austin office in 2016. After almost a decade, the firm was ready to expand into a larger space to accommodate its growing team.

The open plan office space spans one floor of the building and features a mix of workstations and private offices, a flex room, a plot room for large-scale drawings, meeting and conference rooms, and a breakroom. A custom hand-painted mural that blends community and office culture and a full kitchen breakroom make the space inviting and unique.