Willis, Harrison2020-09-042020-09-042016-06-018702884https://hdl.handle.net/1813/70772Multifamily investments, particularly value-added strategies, have been of keen interest to real estate investors for years now. Successful execution of a multifamily investment offers excellent risk-adjusted returns when compared to other classes of real estate such as industrial, retail, and office. From a volatility standpoint, multifamily enjoys relatively stable long-term cash flows with less downside risk during periods of recession due to stable tenancy in most major markets. The stability during downturns is also supported by the fact that recessions tend to make renters out of owners, increasing demand for apartments.en-USRequired Publisher Statement: © Cornell University. Reprinted with permission. All rights reserved.Cornellreal estatepropertyinvestormarketvalue-addvalue-addedfundsinvestment fundsstrategyvaluedealreturngeneral partnermanagerlimited partnerprojectrepositionmultifamilyhousingunderwriteunderwritingfirmexitHarrison Willisarticle