🤠 Morgan Stanley Plans $1.3B Tower as "Y'all Street" Grows
🏠 NYC Freezes Rent on 1 Million Stabilized Apartments
🏭 Prologis Makes £12.6B Bid for UK Logistics Giant Segro
Upcoming Workshops:  👾 Building & Funding Data Centers

Data Viz of the Week: Where Housing Costs Sting

A new Pew Research Center study finds homeownership continues to slip out of reach for most young Americans. From 2019 to 2024, inflation-adjusted home values jumped 30% while incomes for under-40 households rose just 9%, pushing the price-to-income ratio to 3.5—matching mid-2000s bubble levels. 

Higher rates drove modeled monthly payments up roughly 64%, and the share of young renters who can afford to buy fell from 56% to 37%. A majority of U.S. metros are now "somewhat" or "very" unaffordable for under-40 buyers, with the Western US leading the squeeze. Young adults still want to own, but the math no longer works.

Upcoming Thesis Driven Workshops

• LAST CALL: Monday, June 29: How to Build and Fund Data Centers (💻 Online): ​A two-day interactive workshop designed for real estate investors, developers, and capital allocators who want to understand—and invest in—the data center asset class. - $499

• Wednesday, July 8: Brand Building for GPs (💻 Online): ​An interactive workshop for real estate sponsors, GPs, and emerging managers who want to build a brand that accelerates capital raising—whether you’re raising your first fund or scaling an established platform. - $299

• Thursday, July 9: AI in Due Diligence (💻 Online): ​​An interactive workshop for owners, operators, developers, acquisitions teams, asset managers, and the legal and finance professionals supporting them—exploring how AI is reshaping due diligence from LOI to close. - $299

Three Articles We Loved from Last Week

It’s not easy keeping up with everything. Here are three articles we loved from the past week that you may have missed:

1. (Bisnow) Morgan Stanley Considering $1.3B Office Tower in Uptown Dallas Morgan Stanley is planning a 709,000-square-foot skyscraper at 2401 McKinney Avenue in Uptown Dallas — less than a mile from the $709 million campus rival Goldman Sachs is building at NorthEnd — deepening what locals have dubbed "Y'all Street." The Dallas City Council approved an $18.5 million incentive package Wednesday, with the bank expected to invest roughly $684 million and employ 3,800 people by 2031, potentially scaling to 4,800 jobs by 2039. Construction could begin as early as fall 2026 under a 16-year lease, adding yet another anchor to a North Texas financial corridor that already includes Charles Schwab, JPMorgan Chase, and Bank of America.

2. (CNN) Rent Board Fulfills Mamdani's Vow to Freeze the Rent on 1 Million NYC Apartments The NYC Rent Guidelines Board voted 7–1 to freeze rents on both one- and two-year leases for roughly 1 million rent-stabilized apartments — about 27% of the city's housing stock — marking the first two-year freeze in the board's history and fulfilling a central campaign pledge from Mayor Zohran Mamdani, who appointed six of the board's nine members. The landlord representative resigned before the vote, calling the outcome "decided on the campaign trail," and industry groups note that building expenses are up 27% since 2020 while stabilized rents have risen just 11%. A legal challenge is widely expected.

3. (Bloomberg) Prologis Makes £12.6 Billion Bid for UK Warehouse Giant Segro The world's largest industrial REIT went public with an all-share bid valuing London-listed logistics landlord Segro at roughly £12.6 billion ($16.4 billion) — a 25% to 31% premium over recent trading — after its initial approach was unanimously rejected by Segro's board. A combination would create a $200 billion+ global warehouse and data center platform, but Segro argues the offer "significantly undervalues" the company and its expanding data center pipeline. Prologis counters that its stronger balance sheet and global development capabilities could unlock Segro's backlog faster — setting up what may become the year's highest-profile CRE M&A contest.

Developer of the Week: NADG

North American Development Group (NADG) broke ground this week on NUVO Delray Beach, a 476-unit apartment community situated in the Agricultural Reserve area west of Delray Beach, Florida. The project is backed by a $121 million construction loan secured amid what industry observers are calling a pronounced apartment shortage across the Palm Beach County market. 

NADG is a Canadian-founded developer with an active U.S. footprint spanning retail-anchored mixed-use and multifamily development across the Sun Belt. The Delray Beach project reflects a broader push by developers to deliver new rental supply in supply-constrained Palm Beach County submarkets, where strong population inflows from Northeast metros have kept vacancy tight and rents elevated. 

NUVO Delray Beach's scale and Agricultural Reserve location also signals growing developer willingness to push further into western Palm Beach suburbs.

You can read more about NADG on the Thesis Driven GP database here.

Investor of the Week: Patoka Capital

Patoka Capital is a New Albany, IN-based family office and private equity firm founded in 2013 by CEO Chance Ragains, who previously served as COO of Great Escape Theatres — building it into one of the largest motion picture exhibitors in the country before selling to Regal Cinemas in 2012. The firm deploys roughly $200 million in permanent, committed family capital across two parallel tracks: acquiring and scaling niche operating businesses, and direct real estate investment alongside operating partners. With about 13 people and managing directors who are hands-on operating executives, Patoka runs in-house diligence and closes in 30 to 45 days with no seller financing — giving it a speed and certainty advantage that institutional buyers and fund-clock-constrained shops can't match.

On the real estate side, Patoka is an active multifamily developer and senior living investor with a growing portfolio across the Sun Belt and beyond. In multifamily, the firm partnered with MMI Development on Affinity Tampa, a 291-unit, ~$45 million Class A apartment community in the Tampa MSA, and is developing Progress @ Tech Ridge in Austin — an $85 million, 460-unit Class A project across 18.1 acres. In Nashville, Patoka co-invested with Houston-based Meeks + Partners on CityLights, a luxury condominium development. The senior living portfolio includes Rivercrest Senior Living in New Albany (95 units across independent living, assisted living, and memory care), Legacy Ridge (a 68-bed memory care community in Gainesville, VA, developed with Dillin LLC), and two facilities in upstate New York totaling 126 beds. The firm also owns Xscape Theatres, operating six locations across Florida, Texas, Kentucky, Maryland, and Indiana — with real estate structured through sale-leaseback arrangements with institutional counterparties like EPR Properties. No fund timeline, no LP redemption pressure — just patient capital looking for the next JV with a strong local operator.

Get more details on Patoka, including team contacts, deal activity, and investment preferences, inside the CapitalStack database.

—Brad and Paul