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    Managers Race for Employees

    Property managers will go all out to bring fresh blood to the multifamily industry and focus even more on keeping their best employees. With the low unemployment rate and new developments coming online, operators need all the help they can get. Keep an eye out for salaries to creep up as the pool of experienced More

  • in Archive, Premium, Uncategorized

    Parking Parallels Construction Woes

    Watch for parking to be heavily scrutinized more often by developers as both land costs and construction costs remain high. Parking is expensive to build and requires a lot of valuable real estate. While the demand is still there, the cost to build is only increasing. Due to sizing constraints for urban sites, most firms More

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    Equity Jumps for Redevelopment

    Converting older buildings into apartments will draw in patient equity investors like moths to a flame. Adaptive reuse deals transform functionally obsolescent office, retail, factory buildings, etc., into apartments by creative sponsors. These opportunistic situations will attract equity dollars as they are some of the few multifamily deals out there that consistently yield high-teen and More

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    What will Break the Cycle?

    Everyone is wondering how much longer this current economic cycle can last.  Will it be a black swan event?  The end of Libor?  An interest rate increase?  Or will it mirror Australia’s 20-plus years of stability?  Most seem to agree that unless some unforeseen event happens, there will not be a downturn for at least More

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    Regional, Local Banks Swoop in

    Count on regional and local banks to pick up steam during the second half of the year, especially as the big banks put more focus on their existing relationship borrowers.  This leaves room for regional and smaller players to grab attractive deals.  Market growth will also allow banks to increase their lending over thenext few More

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    Self-Storage Lending Overflows

    Borrowers will see plenty of financing options for self storage this year.  In the past, lenders looked at this property as specialized, but that view has changed.  More lenders will look toward self-storage as they move away from the four main food groups.  Too much competition in multifamily and industrial and less favorable demographics in More

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    Banks Compete for Construction

    There will be ample liquidity in the construction lending space from banks, debt funds and select life company lenders.  Banks will compete on pricing and be more disciplined on leverage during the second half of the year.  Keep an eye out for more non-bank lenders to enter the construction lending game.  This increased competition will More

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    VALUE-ADD INTENSITY RAMPS UP

    The drop in interest rates fired up value-add buyers, causing cap rates to fall even further. While there are slightly fewer groups aggressively targeting only value-add deals (particularly in Texas due to real estate taxes), competition has grown even fiercer. Hard money acquisitions at contract signing are becoming more frequent. The combination of high-net-worth capital More

  • in Archive, Premium

    HOUSING DEVELOPERS PUT DOWN ROOTS

    Count on single-family housing developers to make themselves at home in the multifamily space going forward. The beginning of this cycle saw a shift of new entrants such as Lennar, DR Horton, Toll Brothers, MBK Real Estate and Tricon become trailblazers for other housing developers tempted to get into multifamily development. Expect to see more More

  • in Archive, Premium

    Value-Add Intensity Ramps Up

    The drop in interest rates fired up value-add buyers, causing cap rates to fall even further. While there are slightly fewer groups aggressively targeting only value-add deals (particularly in Texas due to real estate taxes), competition has grown even fiercer. Hard money acquisitions at contract signing are becoming more frequent. The combination of high-net-worth capital More

  • in Archive, Premium, Uncategorized

    Housing Developers Put Down Roots

    Count on single-family housing developers to make themselves at home in the multifamily space going forward. The beginning of this cycle saw a shift of new entrants such as Lennar, DR Horton, Toll Brothers, MBK Real Estate and Tricon become trailblazers for other housing developers tempted to get into multifamily development. Expect to see more More

  • in Archive, Premium

    Equity Ignites

    The demand for equity in the multifamily space will be immense, as equity capital stays fluid. There’s plenty of equity-provider interest in multifamily, especially from global institutions who want experienced, specialized operators to mitigate risk. Targeted IRRs will be in the mid-teens-plus with preferred returns in the low-teens. Construction IRRs should be in the high-teens More

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