Thursday, July 23, 2026

On Tap Today

Daily Market Snapshot
S&P 500 7,498.96 −10.24 (−0.14%)
FTSE Nareit All Equity REITs 872.29 −4.58 (−0.52%)
10-Year Treasury 4.63% +4 bp
SOFR 3.61% +4 bp
Data as of market close July 22, 2026. SOFR reflects the July 21 trade date.
The S&P 500 slipped 0.14 percent to 7,498.96 as oil prices jumped roughly 3 percent on the latest round of United States strikes against Iran, keeping inflation risk in focus while investors awaited results from Alphabet and Tesla. The FTSE Nareit All Equity REITs index fell 0.52 percent to 872.29 as rate-sensitive property names absorbed the drift higher in long-term yields. The 10-year yield moved up four basis points to 4.63 percent, near a two-month high, widening fixed-rate take-out pricing and thinning the cushion on refi underwriting just as the Federal Reserve enters its pre-meeting blackout. SOFR rose four basis points to 3.61 percent, adding to floating-rate carry for sponsors holding bridge and construction paper.

Presented by Allegion

Campus‑to‑Community Student Living helps you protect NOI in a market where every efficiency matters. With new supply flooding key student housing markets, absorption slowing, and OpEx rising, you need solutions that make your operations more predictable — not more complicated.

Today’s students expect a seamless flow between campus, home, and everywhere in between. And your team needs access technology that actually works together behind the scenes. Campus‑to‑Community gives you that clarity by unifying the credential experience, automating manual workflows, and reducing the fragmentation that drives up costs.

With mobile credentials, you cut rekeying and service calls. With self‑guided tours, you accelerate absorption without adding payroll. With automated move‑in/move‑out workflows, you reduce staff burden during the most chaotic weeks of the year. And with portfolio‑wide access standardization, you finally get a scalable framework that supports both operational consistency and long‑term portfolio health.

Paired with best‑in‑class proptech partners and seamless integrations, Campus‑to‑Community isn’t just a modernization strategy — it’s an efficiency engine that helps you differentiate without spending big, improve retention, and deliver a more intuitive living experience from first tour to final exam week.

If you’re ready to reduce OpEx, streamline workflows, and strengthen your resident experience, connect with one of our student housing experts.

AI in Capital Raising

Artificial intelligence is not replacing the relationships that drive real estate fundraising. It is rapidly eliminating the research, preparation, and administrative work that has traditionally consumed much of a capital-raising team’s time. Investor lists that once took weeks to build can now be assembled in hours, while outreach, meeting preparation, and follow-up can be handled with far greater speed and precision.

That shift is beginning to create a meaningful competitive divide. Sponsors using AI can identify the right investors sooner, personalize more outreach, and run more conversations simultaneously. The advantage is not simply lower costs or fewer manual tasks. It is the ability to build momentum faster than teams still managing fundraising through spreadsheets, fragmented databases, and labor-intensive research.

To help real estate firms close that gap, Thesis Driven co-founder Brad Hargraves has partnered with Propmodo on AI in Real Estate Capital Raising, a hands-on workshop for sponsors, GPs, and fundraising professionals. The program focuses on practical tools and workflows teams can use immediately, without replacing the judgment, credibility, and relationships that ultimately determine whether investors commit.

Fast Take

Retail Investors Gain Entry to Blackstone's Real Estate and Private Equity Mix

Blackstone launched two closed-end funds Wednesday in partnership with Wellington Management and Vanguard, opening its private equity, credit, infrastructure, and real estate portfolios to individual investors. WVB Blackstone All Privates Fund offers exposure across Blackstone's perpetual strategies in those four asset classes. WVB All Markets Fund combines the same private holdings with Vanguard fixed income and index products plus Wellington-managed public equities. Bank of America clients will be the first to access the products, which target qualified purchasers and accredited investors.
Wellington will act as fiduciary and allocate assets through its multiasset portfolio division. The All Privates Fund carries a 3% redemption limit; the All Markets Fund allows 10%. Blackstone president Jon Gray said the blended approach aggregates risk and return across the firm's strategies. The three partners will consider additional products depending on investor demand.
Fund managers face mounting pressure to democratize access to private markets as institutional enthusiasm cools. Private credit funds have fielded heavy redemption requests this year, and private equity firms contend with sluggish exit activity and harder fundraising. Jean Hynes, Wellington's chief executive, said private markets now represent a larger share of the economy than 25 years ago, when public equities offered fuller coverage. Vanguard president Greg Davis said individual investors have been shut out of that growth.
 
Fast Take

Small Landlords Challenge Rent Freeze Process in New York Lawsuit

Five small landlords filed suit Wednesday in New York state court seeking to overturn the city's rent freeze on stabilized apartments, marking the first legal challenge to Mayor Zohran Mamdani's policy. The complaint alleges the Rent Guidelines Board conducted a sham process when it voted 7-1 in June to impose zero rent increases on one- and two-year leases beginning October 1. The freeze affects roughly one million rent-regulated units. The plaintiffs claim Mamdani stacked the board with loyalists and had City Hall representatives brief members on the cost of living, effectively directing the outcome.
Attorney Randy Mastro, representing the landlords, said the board cherry-picked data to understate operating costs and overstate landlord financial performance. One board member who represented landlords resigned ahead of the vote, stating the board had abandoned its fact-finding role. The suit differs from a 2016 challenge to a de Blasio-era freeze, which argued tenant affordability shouldn't factor into decisions; that suit failed after a judge ruled affordability was a permissible consideration if applied fairly.
Property owners say years of 3% annual increases haven't covered rising costs from interest rates, utilities, insurance, and a 2019 law that tightened rent regulations. Many landlords carry substantial debt but face few foreclosures because lenders don't want distressed rent-stabilized buildings. Mamdani campaigned heavily on housing affordability after market rents hit record highs; Manhattan apartments rented for a median $5,295 monthly in June while median renter income rose just 1.8% compared to 4.7% rent inflation citywide. Board member Arpit Gupta, who cast the sole dissenting vote, has called for building-specific rent adjustments rather than uniform citywide caps.

Overheard

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