Distress is rising in multifamily — but only in the pockets where capital structures broke. CMBS delinquencies just hit 7.15%, and foreclosures are up 26% YoY. The pressure is concentrated in: • Overbuilt Sun Belt metros • 2021–2022 floating‑rate bridge‑loan vintages • CMBS assets facing maturity walls • High‑cost states (TX taxes, FL insurance) These markets are now producing the highest volume of note sales, partnership buyouts, rescue‑capital requests, and quiet off‑market dispositions. This is not a market collapse — it’s a targeted correction. And targeted corrections create institutional‑grade entry points for capital that knows where to look.