Foreign capital sources have made a major push into U.S. multifamily in recent years, and at the same time pivoted away from coastal real estate in favor of the Sun Belt and secondary markets. Points of interest for these investors include student and senior housing, as well as the potential climate impact on a given property — a move Aaron Jodka, national director of capital markets research for Colliers, considers “unlike anything we’ve ever seen.”

Foreign investors are less likely now to invest in offices or commercial real estate. Instead, according to Jodka, “some of those investors who skewed toward office are seeing the growth opportunities in industrial and multifamily, and they’re diversifying.”

In this four-part series, Robyn Griggs Lawrence examines this foreign multifamily capital sphere from many sides. Read on to find out who’s buying the most, the properties they’re looking for and the market trends their preferences could shape.