The 21st Century ROAD to Housing Act became law on July 11, 2026, introducing important changes for the US housing market.
Our latest thought piece explores what the Act means for single-family rental (SFR) homes and build-to-rent (BTR) communities, while also examining implications across traditional apartments, manufactured housing, and affordable housing sectors.
As housing demand continues to evolve, understanding both the direct impacts and the broader competitive implications of this legislation will be critical for investors, developers, operators, and policymakers alike.

The Townsend Group believes a perfect storm of market pressures has created an attractive entry point for both LP-led and GP-led real assets secondaries.


The real assets advisor, which oversees $252bn worth of client assets, is advising LPs top capitalize on the macro uncertainty stemming from the new administration’s economic policies by acquiring high-quality assets at significantly discounted valuations.

With slowing transaction volumes, many closed-end funds are taking a year or more to complete their capital raises. As fundraises grind on, funds accrue “catch-up interest”, retroactive management fees, and other expenses that act as a drag on returns. Without significant offsetting asset appreciation, investors committing to these funds could be starting in a significant hole. We have seen examples where a deficit as high as 3% of an investor’s total commitment exists almost entirely because of fees and interest.


As markets shift, this dynamic will invert at some point, and investors will find opportunities to buy into funds with built-in gains due to appreciation. Even today, determined investors can find embedded value in some cases. Either way, investors should consider their starting point when committing late in a fund’s capital raise.

Why The Time is Right for Real Estate Secondaries delves into the evolving landscape of real estate investment amidst significant market pressures. With over half a trillion dollars in U.S. real estate debt maturing annually, coupled with high interest rates and declining asset values, both sponsors and limited partners are facing unprecedented challenges. This environment has led to diminished transaction volumes and liquidity issues, prompting a shift towards secondary transactions as a compelling investment strategy. The piece argues that while traditional opportunistic strategies are faltering, the secondary market offers unique opportunities for investors willing to navigate this complex terrain. As real estate secondaries currently represent a small fraction of the overall market, the article suggests that early adopters may gain significant advantages in this emerging sector.

Nearly a decade after the Global Financial Crisis, investors and investment managers remain acutely focused on the cyclical nature of real estate. In this paper, Townsend’s Prashant Tewari and Christian Nye explore the key aspects of the current Commercial Real Estate Cycle.

Not all commercial real estate debt comes with the same risk/return trade-off. Townsend’s Prashant Tewari and Christian Nye discuss the perceived versus actual risk and why investment strategies must be evaluated methodically.

Asieh Mansour, Senior Advisor to The Townsend Group, and Townsend’s Prashant Tewari explore the implications for the economy and commercial real estate markets of Donald Trump’s Tax Cuts and Jobs Act of 2017.

Some believe that higher rates will lead to lower valuations, while others believe that an improving economy and rising inflation are beneficial to the asset class. Townsend’s Prashant Tewari takes a thorough analysis of periods of rising interest rates and points to three factors that need to be considered to determine how real estate will perform.