CAPITAL INSIGHTS January, 2026 |
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"As we begin the new year, the real estate market is entering a period of transition—defined less by uncertainty and more by selectivity and intention. After several years of constrained capital and cautious decision-making, capital that once sat on the sidelines is now moving again, guided by discipline, fundamentals, and long-term conviction. At Venture Real Estate Group, we believe this environment rewards preparation over speed. The year ahead is not about chasing momentum, but about identifying opportunities where pricing, structure, and execution are aligned. With improved visibility on interest rates and a renewed focus on income-driven returns, patient and strategic investors are well positioned to benefit from this next phase of the cycle. We look forward to sharing insights, market intelligence, and thoughtful perspectives throughout the year as we navigate these evolving conditions together. My very best, Andrew Langsford Founder & President Venture Real Estate Group |
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"The Story Behind It" How Execution Creates Opportunity |
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How We Raised the Height Limit on a 119-Unit Development |
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We’re excited to launch a new series sharing the real stories behind our deals—why they worked, what didn’t, and how we solved the problem. You often hear about the glitter. We want to share the work that creates it—and how to avoid the glue that can take deals down. This is the story behind The Adriana, a 119-unit multifamily development in downtown Des Moines, King County, WA. |
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When we first evaluated the site, zoning allowed a 35-foot height limit, which meant a four-story building. But we saw something others didn’t: water views, proximity to Sea-Tac Airport, and a downtown poised for growth. If we could add two more stories, the building would rise above every other structure in the city—becoming the tallest building downtown. I told my partner—who was playing in the NBA at the time—that we were going to raise the height limit. I believed it. Conviction came first. The question was how. Here’s how we approached it: |
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They wanted investment, credibility, and long-term commitment.
When your destination is clear, obstacles lose their power. For me, my family is my inspiration.
The project had to make economic sense. Preparedness mattered.
We initially requested eight to nine stories. Six stories felt achievable, but our bold ask set the stage for success.
I met face-to-face with the mayor and council members. We talked business—but also family, community, and shared values.
The final council meeting felt straight out of a Hollywood script. Tension was high, public comments were heated, and the gavel came down more than once. |
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The result: a unanimous 100% –0 vote in our favor. Execution, belief, and preparation made it possible—not luck. |
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As capital markets normalize, we expect transaction activity to increase gradually. Price discovery is improving, bid-ask spreads are narrowing, and confidence is returning—albeit selectively. While liquidity is re-entering the market, underwriting standards remain disciplined, and execution will be the primary differentiator between strong and average outcomes. This cycle will favor investors focused on durability rather than velocity. |
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In the current phase of the cycle, we believe real estate returns will be driven primarily by income, structure, and execution rather than market-driven appreciation. Our investment approach emphasizes durable cash flow, conservative leverage, and flexible capital structures designed to protect downside while preserving long-term upside. We remain focused on assets where value creation is achieved through operational excellence—expense management, disciplined renovations, and quality tenant retention—rather than aggressive growth assumptions. In an environment where liquidity is returning but underwriting remains selective, we prioritize opportunities where fundamentals, pricing, and execution are aligned, positioning portfolios for resilience across market conditions. |
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Multifamily Capital Markets: Liquidity Is Back — But with Conditions |
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A recent ConnectCRE analysis highlights that multifamily capital markets are entering 2026 with abundant liquidity. Loan origination is expected to climb year-over-year, supported by: Expanded agency lending caps Significant dry powder in private credit Strong CMBS market Increased life-insurance allocations to CRE debt
However, access remains selective. Lenders are prioritizing low-risk, well-underwritten opportunities, rather than aggressive or uncertain deals. |
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CBRE U.S. Real Estate Market Outlook 2026 |
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CBRE projects a meaningful rebound in U.S. commercial real estate investment volumes (+16%) as markets normalize, driven by stabilizing rates, improved price discovery, and renewed investor confidence. Returns are expected to be income-driven rather than appreciation-driven, emphasizing the value of disciplined underwriting and durable cash-flow strategies. |
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Positioned for the Next Phase Liquidity may be returning, but cycles reward discipline—not urgency. As capital re-enters the market, our focus remains on thoughtful underwriting, intelligent structuring, and relentless execution. We look forward to navigating the year ahead together. |
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Interested in investing in a Real Estate Syndication or Fund? We are always here to answer your real estate questions. Contact us below to get in touch with the Venture team. |
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Venture Real Estate Group 40 Lake Bellevue Drive, Suite 230, Bellevue, Washington 98005, USA |
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