Against a backdrop of high interest rates, inflation and the conflict in Iran, the “tale of two markets” scenario that began in the post-pandemic office sector now encompasses multifamily, Trepp’s Lonnie Hendry told the audience at Connect Apartments 2026 in Los Angeles. Not only is the have/have-not dichotomy market-specific, he added, “you could have two apartment buildings on the same street with completely different outcomes, depending on the debt stack and who the operator is.”

Looking at multifamily relative to other asset classes, “it’s still performing exceptionally well,” said Hendry, chief product officer at Trepp. However, he pointed out, “there’s definitely a lot of properties underwater.”

Hendry, Brighton Capital Advisors managing partner Michael Cohen and LaTerra Development managing director Chris Tourtellotte provided insights for the conference’s “Capital Markets & Investment Strategy: Where the Money is Moving” discussion. Continuing a point raised by Hendry, Cohen said, “I started in CMBS in 1991 and have been through many cycles of this. This one is unique because there’s capital available to buy and the lenders have money.

“The issue here on multifamily is almost 100% leverage,” he continued. “If you bought between 2017 and 2023, you’re over-leveraged.”‘

Lenders are not forcing borrowers’ hand at this point, said Cohen. “However, they are taking control. They are getting more aggressive. They are starting to put receivers in place. They are looking for any of your personal recourse carve-outs.”

Asked by moderator Bryan Doyle, COO, Americas capital markets at Cushman & Wakefield, whether his company is still pursuing deals, Tourtellotte said yes. The challenge right now, he pointed out, is in finding buying opportunities.

“What we’re seeing today is capital wanting to buy existing assets,” he said. Often, those properties are new construction that is selling at or near the loan balance.

“Obviously, you don’t want to be a seller today,” said Tourtellotte. “But I think there’s some generational buying opportunities.” The challenge, though, is in finding deals that can meet equity partners’ return expectations.

Colliers has been retained as advisor for the sale and leasing of Enclave @ Carpinteria, a three-building, 121,230-square-foot advanced manufacturing and office/flex campus located at 6303-6309 Carpinteria Ave. on the Santa Barbara South Coast. The opportunity provides owner-users and growing occupiers a rare chance to establish a large-scale coastal headquarters in one of Southern California’s most supply-constrained technology and innovation markets, according to Colliers.

The assignment follows Colliers’ sale of the Tech Park @ Goleta portfolio earlier this year, a 733,497-square-foot technology campus recapitalized in a transaction reported at $235 million, the largest in Santa Barbara County history. “The success of the Tech Park @ Goleta transaction reinforced what investors already see in this market: established technology and aerospace tenants, limited supply, and growing demand from innovation-driven companies,” said vice chair Sean Fulp “Enclave represents that same thesis from an occupier perspective.”

Along with Fulp, the Colliers team includes EVP Austin Herlihy of Colliers Santa Barbara, EVPs Todd Tydlaska and Mark Schuessler, VP Miles Waters, and associate VPs Jordan Garcia and Blake Hammerstein. Senior Vice President Jason Roth of Colliers’ Debt & Structured Finance will serve as financial advisor.

A jaw-dropping Idaho residence perched 8,500 feet up in the clouds at the very top of a peak on Mineral Hill recently hit the market for $625,000.

Built in 2016, the modern two-bedroom home, also known as the state’s “most elevated private residence,” is accessible via a dirt road not for the faint of heart.

“The road is not maintained whatsoever, and a lot of it is bare rock from the washout during winter,” says listing agent Nathan Bedard of Assist2sell Discovery Real Estate. “You could fix up the road, but with the snowmelt from the winter, it destroys the road every season.”

The property recently received a $50,000 price cut in the hopes of attracting a buyer before the winter weather arrives.

The “once-in-a-lifetime opportunity to acquire a geographic superlative” offers buyers bragging rights to own “the highest residential vantage point in the Gem State.”

“It’s located near the Montana border in north-central Idaho, about 3.5 hours east of Lewiston,” Bedard notes. “To give you an idea of how remote it is, to show the property would be an all-day thing. It takes two hours for a side-by-side to get up there. They have also gotten a Jeep up there, but it takes seven hours one way.”

Bedard says he cannot show the “island in the sky” during inclement weather and winter months.

“It’s a seasonal property and mostly just for summer use,” he notes. “I would think when you come here, a typical stay would be one to two weeks to make it worth the ride up.”

Because of its remote location, the 1,272-square-foot residence is being offered fully furnished.

“I can’t show it in the winter, so you’d have to wait until the end of spring to look at it,” he says.

The loft-style interior boasts wood-clad walls, floors, and ceilings. Oversized picture windows provide breathtaking mountain views.

A spiral staircase leads up to an additional living area. The primary bedroom can be found on the main level, with guest accommodations located upstairs. There is also a deck to soak in the stunning scenery.

Buyers should also note that “Idaho’s highest private retreat” has some considerations.

“It does have septic, and electricity is by solar, which is enough to power the whole cabin in the summer,” Bedard says. “There is a nearby spring on Forest Service land about 150 yards away for water. You just have to put in a hose and hook up a pump. The cabin is not insulated, but there’s a wood stove.”

The monumental property, “just 100 feet shy of the legendary Buffalo Hump,” offers breathtaking views of Bear and Crescent Lakes below.

“You look down on the two lakes from the dining area,” he says. “If you can make the trip, the views are amazing once you’re there. It’s on the brink of Gospel-Hump Wilderness, and there are old mines up there. You can also do lots of high-altitude hikes from the property.”

Bedard says he believes the next buyer will be much like the seller, looking for a unique high-altitude trophy property to call their own.

“People who are interested are property collectors,” he notes. “We have had people from Texas and southern Idaho look at it.”

Surrounded by solitude and the Nez Perce National Forest, the property, ideal for spotting wildlife, also offers elite deer, elk, and bear hunting right in your own backyard.

“There are also marmots and all of the other North American animals,” he says. “There are also trails that lead to high-mountain lakes for fishing.”

Located on a rare 1-acre “deeded summit,” the lot also offers vistas of the Seven Devils of Hells Canyon and Montana’s mountain peaks.

“There have been no recent updates to the property, but it’s in great condition, as it’s only 10 years old,” Bedard said. “To even do any updates would be quite a bit of work. The snow doesn’t pile up on it because of the wind, so the house doesn’t get covered in snow.”

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Ron Murray knew he wanted to live in a tiny home, but there was a problem—where would he put it?

The Canadian tiny home enthusiast was right to worry about that first. While tiny homes offer sustainability advantages and are a viable option for managing the housing affordability crisis, you can’t just plunk one anywhere you want.

Finding the right place to live tiny is one of the bigger issues for people deciding to downsize their lives, and the search is often complicated by local ordinances and municipal requirements for tiny homes.

Luckily, Murray met an unofficial tiny home “matchmaker” through the company he was considering contracting to build his tiny home, who helped Murray find a piece of land to lease in Dunrobin, Ontario, about a mile away from the border of Quebec.

“We had to figure out where to put it before we purchased it,” says Murray, who now owns and lives in a 650 square-foot tiny home with his wife on a tree-filled parcel of land that he has leased for five years. “We were fortunate to make the right connection quickly, but I know it is an issue for a lot of people to find the right property. “

Fortunately, there are some savvy services stepping in to make finding the right land match easier. And with the right match, the setup can be a win-win for both landowners and tiny-home dwellers.

The challenge of finding land for tiny homes

For the uninitiated, it might seem like you could just order up a tiny home, put it on a piece of land in the middle of nowhere, and live happily ever after. However, to truly live in a tiny home long term, you’re still going to need things like water and electricity, which complicates the search.

This lack-of-suitable-land quandary is part of what led Chris O’Connell to venture into purchasing a farm that is now subdivided to host several tiny homes as well. It also led him to co-found TinyConnect.homes, a new “matchmaking” service created to help tiny-home buyers find landowners with properly zoned property to spare.

“Infrastructure is one of the biggest hidden barriers,” says O’Connell. “If a property isn’t on municipal water and sewer, which most rural and farm land isn’t, the landowner needs a well and a septic system with enough capacity for the additional occupants.”

Though some tiny homes are configured with compost toilets or solar power for more off-grid flexibility, the best long-term setup is a traditional hookup into water, sewer, and electricity.

New septic systems can run well into the tens of thousands of dollars, however, and getting an individual pad ready and hooked up to those services typically runs $5,000 to $10,000. But because suitable land is genuinely hard to find, most tiny-home owners are willing to absorb that cost themselves, or split it with the landowner.

Bridging the gap between tiny homes and perfect plots

In 2022, O’Connell, a New Hampshire native who was living in Miami for his work in the tech field, started looking into the idea of investing in real estate, but traditional models didn’t excite him. After connecting with a business partner who had been working in the tiny home space for a while; however, the idea of building a tiny home community started to come together.

“At the time there really wasn’t much momentum in the starter-home and tiny-home market, but done well, we realized it could be a win for investors, farmers, landowners, tiny home owners, and society more generally,” says O’Connell. And that sparked his interest.

It took two years to find the right property, but in 2024 O’Connell closed on a farm near Ottawa, Ontario (he has dual Canadian citizenship) with zoning that worked perfectly for a tiny home community.

“Once the infrastructure was in place, we filled every available space within weeks,” says O’Connell. “Farm zoning in many jurisdictions allows mobile homes, usually for farm workers, which is where the garden plots come in not only to be more self-sufficient in food production and help local farmers, but also to match up with zoning ordinance and bylaws.”

However, that’s also when the real problem became obvious. “People we had to turn away once we were full would ask, ‘Where else could we go?'” says O’Connell. “We didn’t have a good answer for them.”

O’Connell tried to assist where he could, and one of his business partners actually helped place Murray on his current property. But beyond that, people were relegated to searching localized tiny home Facebook groups and relying on word of mouth to find suitable parcels of land to lease.

Eventually, this led O’Connell and his business partners to develop TinyConnect.homes as a way to help landowners and prospective tiny-home dwellers make successful matches.

“We’ve tried to keep it as simple as possible, thinking of it like a dating site where a would-be tiny-home owner creates a profile and a landowner or a tiny-home builder does as well,” says O’Connell. “It’s free for tiny-home owners, and free for our first 100 landowners.”

After that, landowners will be asked to pay something to have their land listed. On top of that, once a match is made, TinyConnect.homes will split the first month’s land-lease revenue with the landowner so the site’s owners “can monetize the site at some point and reinvest in it.”

How tiny home and land-lease matchmaking can benefit everyone

TinyConnect.homes grew out of the idea that it could serve as a matchmaker between people seeking a place to host their tiny home and landowners looking to lease unused land.

When these matches are successful, it becomes win-win for all parties involved. However, it can be especially helpful for people with extra land but limited means.

“Helping farmers hold onto their land has been a big driver for us,” says O’Connell. There are about 190,000 farms in Canada today, and that number has been shrinking steadily for the last 20 years. The U.S., with nearly 2 million farms, is on a similar trajectory.

“When you look at cash crop yield per acre, a farmer might net somewhere around $700 to $1,000 per acre per year, depending on the crop,” says O’Connell. “On that same acre, you could fit four or five tiny home pads, each leasing for $550 to $650 a month—so roughly $2,000 to $2,500 in additional monthly income, or somewhere in the neighborhood of $24,000 to $30,000 a year, from land that would otherwise produce a fraction of that.”

For a farmer who’s just getting by, that can be the difference between keeping the farm and having to sell. “And you don’t need prime cash cropping land to do this—our pads [on Melody Place Farm] are about 2,500 square feet, so even marginal or unproductive acreage that can’t support a good crop can be repurposed to generate real income,” says O’Connell.

Right now, TinyConnect.homes has the most options on the coasts in Ontario, Quebec, and British Columbia. In the U.S. it extends all throughout the northeast down to Pennsylvania, and on the west coast, Washington and Oregon have been popular as “the local regulations really allow for this kind of model.” However, the service is hoping to soon spread throughout the entire United States.

At the end of the day, however, regardless of location, O’Connell says the most important thing is making good matches.

“That’s why we run an extensive application process to make sure landowners end up with the right community and the right people on their land,” says O’Connell. “Really, we’re hoping to get the word out on what we’re building, so tiny living becomes more of a standard option not just an afterthought.”

Gregg Allman‘s daughter, Delilah Island Allman Frawley, is parting ways with her Maryland home—and the buyer could potentially walk away with more than just the property.

Frawley, whose late father was a founding member, lead singer, and keyboardist for the legendary rock group “The Allman Brothers Band,” has listed her four-bedroom home in Easton, MD, for $749,990 with listing agent Maresca Visone of Douglas Elliman.

And while the spacious abode doesn’t appear to have been owned by her famous father, Frawley has several belongings from the musician’s estate that could potentially be sold with the property if a buyer is interested, a source exclusively told Realtor.com®.

The specific items that could be included in a separate sale have not been disclosed.

Located in the Easton Village community, the Craftsman-style residence was built in 2007 and spans approximately 4,201 square feet. In addition to its four bedrooms, it contains three full bathrooms and one half-bathroom.

The property previously served as a model home for Easton Village, and its spacious layout offers plenty of room for both entertaining and everyday living.

A covered front porch leads into an open-plan interior that connects several of the home’s primary gathering spaces.

The kitchen sits at the center of the layout and is outfitted with stainless steel appliances, a built-in range, dishwasher, and a sizable center island. A separate breakfast area provides another spot for casual meals.

Despite the open layout, the residence also offers more traditional entertaining spaces, including formal living and dining rooms.

Elsewhere, the family room features a dramatic two-story ceiling, an abundance of natural light and a gas fireplace.

The home’s primary suite is conveniently situated on the main floor and offers several amenities of its own.

There are three walk-in closets for storage, while the en suite bathroom features a walk-in dual shower.

The bedroom also opens onto a private porch, providing an additional outdoor space away from the home’s main entertaining areas.

Three more bedrooms can be found on the second floor, along with a hall bathroom and a Jack-and-Jill bathroom shared by two of the bedrooms.

An open loft overlooks the living space below, while pull-down attic access provides additional storage.

The home’s attached, rear-entry two-car garage has a unique history of its own.

Because the property previously served as a model home, the garage was once used as a finished showroom and was equipped with ductless heating and cooling, according to the listing.

Outside, extensive hardscaping creates several areas where a new owner can take advantage of the Maryland weather.

A large patio provides space for entertaining, while a hot tub offers a more private place to unwind. The outdoor areas are surrounded by established landscaping.

Beyond the boundaries of the home, residents of Easton Village have access to an array of shared amenities, including a fitness center, an outdoor swimming pool with a water view and paths for walking and jogging.

The community also offers access to a dock on the Tred Avon River, placing the property close to the water while also providing proximity to Easton’s shops and restaurants.

The home’s potential connection to pieces from Allman’s estate adds another layer of intrigue to the offering.

Allman, who died in 2017 at the age of 69, achieved fame as a founding member of The Allman Brothers Band and became one of the most recognizable figures in Southern rock.

For a prospective buyer of his daughter’s Maryland property, the opportunity to potentially acquire items from his estate could provide an unusual link to the music legend—although any such purchase would be dependent on the buyer’s interest and would involve only the pieces Frawley is willing to sell.

As for the house itself, its combination of more than 4,000 square feet of living space, a main-level primary suite, multiple entertaining areas and community amenities offers plenty beyond its celebrity connection.

The property sits on a 5,500-square-foot lot and carries monthly community charges of $224, according to the current listing.

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A trustee generally has greater authority than a beneficiary to manage and control trust assets, but the two roles serve entirely different purposes.

A trustee administers the trust and may have authority to sell trust property, invest assets, and make distributions. Those powers, however, may be limited by the trust’s terms, the trustee’s fiduciary duties, court orders, or beneficiary challenges.

Beneficiaries generally cannot challenge a trustee’s decisions simply because they disagree with them. They can, however, seek court intervention when a trustee exceeds their authority, breaches fiduciary duties, or mismanages trust assets. In some circumstances, beneficiaries may even petition to have a trustee removed.

Ultimately, neither role is inherently “more powerful.” Trustees control trust administration, while beneficiaries have legal rights to protect their interests in the trust and hold trustees accountable.