What IPA Multifamily's Andrew Leahy Learned Moving From Investor to Advisor
August 10, 2026
The multifamily market has not stopped moving. But it has become far more selective about what moves, who will buy it and at what price.
That is the environment Andrew Leahy stepped into when he moved from a 25-year career on the principal side of real estate into the role leading Marcus & Millichap's IPA Multifamily division. In his view, the market is bifurcated: institutional investors are still pursuing well-located, well-built properties, while older assets and properties in oversupplied submarkets remain caught in a longer process of price discovery.
Leahy does not describe a market without demand. He points instead to a market constrained by capital-market uncertainty and higher borrowing costs, where buyers are more cautious and owners have fewer easy answers. In that setting, he argues, brokerage has to be more than a process for bringing an asset to market.
"The conversations with investors are starting earlier than maybe in previous cycles," Leahy said. The question is not simply whether to sell a property, but how that property fits into an owner's broader portfolio, financing needs and investment strategy.
That distinction is central to Leahy's approach at IPA Multifamily. It also reflects the perspective of someone who spent much of his career making investment decisions rather than pitching them.
From Principal To Advisor
Before joining IPA Multifamily, Leahy spent his career on the investment side, including private equity and a public REIT. He managed strategies and balance-sheet decisions, sat on investment committees and worked with brokers as a client.
That experience has shaped his view of what institutional clients expect from advisors. Leahy said the most valuable brokers are those who understand a client's strategic goals, portfolio construction and longer-term objectives, rather than focusing only on a particular acquisition or disposition.
It is a familiar aspiration in institutional brokerage. The harder part is making it meaningful when a transaction is under pressure from a financing gap, slower operating performance or a mismatch between buyer and seller expectations.
Leahy said he has not found owners broadly unrealistic about current values. There is a bid-ask spread, he said, but not one that strikes him as unusually extreme for a market in transition. The challenge is to identify qualified buyers whose strategy aligns with a particular asset and to give owners a clear view of their options.
That may mean a sale, but it may also mean reassessing financing, timing or portfolio priorities. It is an approach that puts more weight on consultation before a listing is launched and reflects the reality that many apartment owners are navigating decisions with no obvious best path.
Read the Full ArticleThat is the environment Andrew Leahy stepped into when he moved from a 25-year career on the principal side of real estate into the role leading Marcus & Millichap's IPA Multifamily division. In his view, the market is bifurcated: institutional investors are still pursuing well-located, well-built properties, while older assets and properties in oversupplied submarkets remain caught in a longer process of price discovery.
Leahy does not describe a market without demand. He points instead to a market constrained by capital-market uncertainty and higher borrowing costs, where buyers are more cautious and owners have fewer easy answers. In that setting, he argues, brokerage has to be more than a process for bringing an asset to market.
"The conversations with investors are starting earlier than maybe in previous cycles," Leahy said. The question is not simply whether to sell a property, but how that property fits into an owner's broader portfolio, financing needs and investment strategy.
That distinction is central to Leahy's approach at IPA Multifamily. It also reflects the perspective of someone who spent much of his career making investment decisions rather than pitching them.
From Principal To Advisor
Before joining IPA Multifamily, Leahy spent his career on the investment side, including private equity and a public REIT. He managed strategies and balance-sheet decisions, sat on investment committees and worked with brokers as a client.
That experience has shaped his view of what institutional clients expect from advisors. Leahy said the most valuable brokers are those who understand a client's strategic goals, portfolio construction and longer-term objectives, rather than focusing only on a particular acquisition or disposition.
It is a familiar aspiration in institutional brokerage. The harder part is making it meaningful when a transaction is under pressure from a financing gap, slower operating performance or a mismatch between buyer and seller expectations.
Leahy said he has not found owners broadly unrealistic about current values. There is a bid-ask spread, he said, but not one that strikes him as unusually extreme for a market in transition. The challenge is to identify qualified buyers whose strategy aligns with a particular asset and to give owners a clear view of their options.
That may mean a sale, but it may also mean reassessing financing, timing or portfolio priorities. It is an approach that puts more weight on consultation before a listing is launched and reflects the reality that many apartment owners are navigating decisions with no obvious best path.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.