4 — April 2026 — Spring Preview — M id A tlantic Real Estate Journal
www.marej.com
S pring P review
By Raffaella Schnurr, Amalfi Capital Multifamily and industrial markets show greater balance
A
malfi Capital concen - trates on the multifam- ily and industrial sec-
assumptions are more ground- ed in reality. Industrial funda - mentals remain strong, though rent growth has normalized, while multifamily is stabiliz - ing after a period of aggressive expansion. Transaction activ - ity is still measured, but there is far greater clarity, allowing experienced operators to move forward with more confidence. Interest rates continue to be the biggest source of un- certainty, particularly for leveraged acquisitions and new development. While we are cautiously factoring in the possibility of modest rate
relief, we are not relying on it. Deals must perform in today’s environment, with conserva - tive leverage and realistic exit assumptions. At the same time, construction costs, mate- rial & labor availability, and broader economic conditions continue to influence decision- making. As a result, discipline in underwriting and flexibility in execution remain essential across both asset classes. Looking ahead, we con - tinue to focus on operational efficiency, strategic growth, and disciplined expansion. In multifamily, that means
prioritizing asset manage- ment and tenant retention, while in industrial, the em - phasis is on well-located, functional properties tied to logistics demand. We’re also seeing early but meaningful impacts from AI, particu - larly in data analysis, leasing optimization, and logistics modeling. While New Jersey remains one of our key mar- kets, Amalfi Capital contin - ues to focus on the top 10–12 major MSAs across the coun - try, targeting regions with strong population growth, job creation, and long-term
demand drivers. We continue to see opportunities with overleveraged operators and in properties that were origi - nally underwritten with ex - cessive leverage, particularly during stronger market con- ditions when assumptions around rent growth, exit pricing, and debt costs were more aggressive. As those as - sumptions have reset, many of these assets are becoming readily available at meaning- ful discounts. Amalfi Capital is well positioned to pursue these opportunities, as we have the capital strength and operational expertise to step in, stabilize performance, and execute a disciplined turnaround strategy that creates long-term value. About Amalfi Capital: Amalfi Capital is a real estate equity firm founded in 2015 that is an investor in over 5 million square feet of property throughout the United States. Amalfi focuses on expanding its portfolio by partnering with highly experienced sponsors who are experts in their respec- tive markets by investing in commercial & industrial as- sets that we believe are well positioned for above market returns over the long run. Our conservative approach combined with markets and properties that have histori- cally high occupancy, such as our concentration on multi- family, industrial distribution & flex space facilities, has been a winning formula since our inception. Raffaella Schnurr is the managing partner of Amalfi Capital. MAREJ
tors and they feel more bal- anced today than they did a year ago. In 2025, the market was still work - ing through a disconnect
between buyer expectations and seller pricing, largely driven by rapid interest rate increases. Today, that gap has narrowed, and underwriting Raffaella Schnurr
INVESTING I N EXC ITING PR OJECT S FOR THE FUTURE! Amalfi Capital is a real estate equity firm founded in 2015 that is an investor in over 5 million SF of property throughout the U.S. Amalfi focuses on expanding its portfolio by partnering with highly-experienced sponsors who are experts in their respective markets, and by investing in residential, commercial, and industrial assets that we believe are wellpositioned for tremendous returns over the long run.
SPRING PREVIEW
a section of the MARE Journal Phone: 781-740-2900 www.marej.com S ection P ublishers Linda Christman lchristman@marejournal.com Lea Christman lea@marejournal.com S ection E ditor Karen Vachon editor@marejournal.com
71 Sponsors Years of Experience
86 Current Investments
4 Specialist Industries
39 Sponsor Partners
7740 Multi- Family Units
3270 k Industrial Square Footage
520 k Square Footage
Amal fiCap italInfo@gmail.com
Amal fiCap ital.biz
P.O. Box 306, Wickatunk, NJ 07765
(732) 433-2811
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