Assertion Partly supported AI assessment confidence: 85% certainty 4/5 debate potential 1/5

Broyer: Non-traded REITs bought $20B in multifamily in 2021

James Breuer · Robert Boucai & James Broyer – Tax-Efficient Multifamily Real Estate at Newbrook (EP.475) · Dec 4, 2025 · at 16:04

James Broyer discusses the surge in capital and aggressive bidding by non-traded REITs during the 2021 multifamily real estate market run-up.

0:00 / 0:11exact quote · 11.6s

720p mp4 · rendered on demand · StarZero watermark

“So you had these non-traded REITs that were actually buying about twenty billion dollars worth of multifamily in 2021. About 10% of all transactions in the multifamily space were being traded to these non-traded REITs.”

quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →

The claim, plainly

Non-traded REITs purchased approximately $20 billion of multifamily assets in 2021, representing roughly 10% of all transactions in the sector.

a quote alone can be ambiguous, so this restates it with the references and context of the conversation around it resolved. AI-written; the tape below the player is the source.

Assessment

The claim contains two distinct legs: (1) that non-traded REITs (NTRs) purchased approximately $20 billion of multifamily assets in 2021, and (2) that this represented roughly 10% of all transactions in the multifamily space. Market data from MSCI Real Capital Analytics (RCA) confirms the first leg: non-traded REITs acquired approximately $21.4 billion in U.S. apartment properties in 2021, closely matching the $20 billion figure. However, the second leg conflates the broader market with a subsector: the 10% figure represents NTRs' share of private investor apartment acquisitions ($21.4 billion out of $213.9 billion), rather than total multifamily transactions across all investor classes, which reached $331 billion to $350 billion in 2021 (making NTR volume roughly 6.1% to 6.5% of the total sector).

MSCI Real Capital Analytics (May 2022) reported that non-traded REITs accounted for $21.4 billion (10%) of the record $213.9 billion acquired by private investors in U.S. multifamily assets in 2021.
RCA full-year 2021 transaction reports recorded total U.S. multifamily volume across all buyer types at $331 billion or more, meaning non-traded REITs accounted for ~6.5% of total sector transactions rather than 10%.

Checked against

[1] msci.com [2] armadaetfs.com [3] lument.com [4] multifamilydive.com

non traded REITs multifamily 2021 20 billion RCA Stanger "record $213.9 billion" apartment 2021 total us multifamily volume 2021 "MSCI" OR "RCA"

assessed as of 2026-09-02

This assessment is an AI reading of a public statement, made against the cited references with the confidence shown. It can be wrong. The quote, the tape and the references are all on this page; if something is off, use report an error below. full disclaimer →

Mentioned

multifamily real estate non-traded REITs

⚑ Spot an error? Report it

More from James Breuer

Assertion Supported

Broyer: Austin, Dallas, and Tampa have not led long-term rent growth

“If you step back and look at the data, you look at over the past 10 years, 20 years, it's not the Austins, the Dallases, the Tampas of the country that are performing the best Because we're solving for rent growth.”

James Breuer Dec 4, 2025 ▶ 22:57 Robert Boucai & James Broyer – Tax-Efficient Multifamily Real Estate at Newbrook (EP.475)

Disclosure

Broyer: Newbrook avoids real estate acquisitions in California and New York

“We do not touch California. We don't touch New York. These places where you don't know if there's going to be restrictions put in place that are going to impact our ability to manage the assets the way we need to, or that are going to increase taxes on the sal…”

James Breuer Dec 4, 2025 ▶ 28:00 Robert Boucai & James Broyer – Tax-Efficient Multifamily Real Estate at Newbrook (EP.475)

Assertion Partly supported

Broyer: Multifamily real estate values dropped about 30% from peak

“After about a year and a half, to Robert's point of getting to that six percent cash on cash, finally saw these values Drop about 30% from peak, and then we were able to start buying below replacement cost.”

James Breuer Dec 4, 2025 ▶ 16:39 Robert Boucai & James Broyer – Tax-Efficient Multifamily Real Estate at Newbrook (EP.475)

Disclosure

Newbrook targets two-thirds of investment returns from cash flow

“For us, to Robert's point, we look to have about two thirds of our return to come from cash flow. That is the best risk adjusted way for us to look at these versus a floating rate buyer that might not care about cash flow and might rely on appreciation at the …”

James Breuer Dec 4, 2025 ▶ 21:18 Robert Boucai & James Broyer – Tax-Efficient Multifamily Real Estate at Newbrook (EP.475)

Disclosure

Broyer: Newbrook underwrites property exits assuming a persistent buyer's market

“We underwrite that we're going to be selling them in an environment similar to today, which is largely a buyer's market.”

James Breuer Dec 4, 2025 ▶ 28:59 Robert Boucai & James Broyer – Tax-Efficient Multifamily Real Estate at Newbrook (EP.475)

Assertion Not checkable as stated

Broyer: Multifamily investing is far less crowded due to overleveraged syndicators

“Multi-family is far less crowded than it was a couple of years ago, given the number of people that have floating rate debt, that are over levered, that are on the sidelines, that can't raise capital.”

James Breuer Dec 4, 2025 ▶ 29:50 Robert Boucai & James Broyer – Tax-Efficient Multifamily Real Estate at Newbrook (EP.475)

Broyer: Non-traded REITs bought $20B in multifamily in 2021

More from James Breuer

Turn any episode into a week of clips.