The Future of Multifamily Development in the Northeast

The adaptive reuse thesis that we're pursuing is a best location thesis of delivering new multifamily. If there is real estate available in extremely high-barrered entry locations where you can acquire the real estate inexpensively enough, we would probably look at one or two other cities. I think that we're going to be equally focused on the future pipeline being taken with ground up in markets that are currently overly invested. So we like all different kinds of development. It can be right now, it's been city-center focused. If it's urban and adjacent, if that's the opportunity set in three years, in two years, that's what we'll be doing.