Featuring Adam Levin & Robert Johnston (Marcus & Millichap Levin Johnston) With market insight from The Christensen Group

A Market Poised for Intelligent Action

The multifamily investment landscape is evolving — from reactive speculation to thoughtful strategy. According to Levin and Johnston of the Levin Johnston Group, headwinds like barriers to homeownership, selective supply constraints and stable job markets are re-energizing investor interest in multifamily. At the same time, tax-advantaged positions such as 100 percent bonus depreciation are coming back into play.

We at The Christensen Group are partnering with Levin Johnston on a new Portland multifamily listing launching next week — an asset structured to reflect these dynamics (scale, quality, market fundamentals). Below are three strategic trends that investors would do well to follow.

Shifts in Location Demand Drivers

Levin & Johnston note that broader social and economic shifts are prompting investors to reassess geography. Especially relevant are West Coast markets with strong job ecosystems and quality of life — despite recent out-migration narratives.

In the Pacific Northwest, markets such as Portland, Salem and Vancouver are benefitting from these dynamics: affordability, lifestyle, and employment resilience. For investors, the geographic takeaway is clear: look where the return-to-office, hybrid work and lifestyle trends intersect with strong fundamentals.

Flight to Quality, Stability and New Opportunities

As investors regain confidence, many are moving away from smaller, vintage assets and toward larger, higher-quality properties that offer scale and operational advantages. Levin & Johnston highlight examples of owners doubling unit count and upgrading property grade to achieve these goals.

Locally, we’re seeing the same behavior. Through our upcoming Portland listing (with Levin Johnston), we are providing an opportunity for investors to align with this “flight to quality” mindset — a property that marries strong operations and value-add potential in a market poised for stability.

Stabilizing Rates & Tax Strategies Impact Timing

Macro and fiscal policy shifts are now influencing transaction timing and investor positioning. According to Levin & Johnston, because borrowing costs have moderated and tax strategies (like full bonus depreciation) are preserved, transaction activity is reviving across multifamily.

For Pacific Northwest investors, this means the time to act is now — when debt is accessible, supply is constrained, and fundamentals are solid. The upcoming Portland launch exemplifies how to position around these market inflection points.

Why It Matters for Strategic Investors

The national headlines may capture attention, but value is created locally — in the markets where investors execute. The partnership between Levin Johnston and The Christensen Group underscores one belief:

The next cycle will favour investors who think beyond cap rates and act with precision.

Smart capital is flowing toward:

• Markets with high barriers to new supply

• Properties with scale and operational efficiency

• Portfolios structured to capture tax benefits and long-term growth

If you’re ready to participate in this cycle — not just observe it — now is the time to align your strategy.

Next Week: Portland Multifamily Launch

We’re excited to announce our collaboration with Marcus & Millichap’s Levin Johnston Group on a new Portland multifamily listing launching next week. Stay tuned to Beyond the Cap Rate for full property details, investor materials and how to engage.

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