Although prices on multifamily have come down, the market still hasn’t stabilized. Rents have come down in many markets and expenses have increased, but prices have still not adjusted accordingly. Additionally, cap rates are still often lower than interest rates. Brian Burke, President and CEO of Praxis Capital, a multi-decade multifamily investor, has transitioned from multifamily to investing in senior living facilities. Brian is buying distressed senior living facilities and renting them out to professional operators on a NNN basis. The tenants are responsible for all expenses and sign 15-year leases with built-in rent increases. Brian is buying these facilities at huge discounts to replacement cost with high cash-on-cash returns.