The Walker Webcast Kris Mikkelsen (EVP & Co-Head of Capital Markets), Justin Nelson (Senior Managing Director) & Ivy Zelman (EVP & Co-Founder of Zelman, a Walker Dunlop Company)
Mar 26, 2026
Ivy Zelman, housing research leader with deep demographic and market forecasting expertise; Justin Nelson, debt capital markets and construction lending strategist; Kris Mikkelsen, capital markets chief tracking multifamily flows. They discuss spring home sales, shifting single‑family versus multifamily demand, construction and financing liquidity, private credit risks, and pockets of demand from data centers to build‑for‑rent.
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Beware Forced Disposition Rules For Single Family Rentals
- Avoid legislation that forces short-term forced dispositions, as it can collapse valuations and cut supply.
- Ivy warns a proposed bill requiring SFR portfolio disposals at seven years could lower values up to one-third and curb starts in concentrated markets.
Rotate Into Selective Development Where Economics Work
- Consider rotating capital from acquisitions into selective development where returns meet mid-six return-on-cost targets.
- Kris says equity is the governor; some capital is shifting into development aiming to deliver into 2028 recovery despite high underwriting bar.
Fifth Amendment Concern Over Forced SFR Sales
- Willie warns the takings clause could become central if forced-sale rules pass, creating legal and valuation shocks.
- He explains forcing SFR owners to sell to for-sale buyers changes residual math and could trigger Fifth Amendment takings debate.