Industry Influencers, our latest recurring feature, highlights how Berkadia’s market-leading research is being utilized by our peers and partners in the multifamily industry. This month’s update covers August 1 through 31.
Commercial Observer Quotes Berkadia’s Mitch Sinberg on Tampa’s Rapid Job Growth
Senior Managing Director Mitch Sinberg pointed toward nationally competitive job growth as a major driver of value-add opportunities in Tampa. Commercial Observer reached out to Berkadia after Associate Director Matthew Robbins and his team helped to negotiate a $43.1 million Freddie Mac mortgage as part of a multifamily transaction for a property near Tampa’s bustling central business district:
“After over a third of the units were renovated, the property exemplified proven value-add potential and upside with the opportunity to further the asset’s value with additional capital improvements,” said Mitch Sinberg. “The Tampa [area] also continues to outperform other job markets nationwide, making it a favorite for multifamily investors.”
- Tampa’s Resilient Rent Growth – Effective rent in the Tampa metro was up 3.8% year over year to $1,266 as absorption continued to outpace the delivery of new high-end multifamily developments. Berkadia’s Tampa Multifamily Report also provides pertinent job and population growth trends in addition to timely rent data.
The Real Deal Cites Berkadia’s Miami Multifamily Report Covering $55 Million Deal
Reporting on the $55 million acquisition of a 331-unit apartment complex near Westchester, The Real Deal leveraged Berkadia’s recent Miami Multifamily Report to analyze the latest trends in rent growth:
“The report signals that rents are starting to stabilize in Miami amid [an addition] of inventory from new apartments and condos that are being rented out.”
- Did You Know? – The South Florida multifamily market has demonstrated substantial demand since the start of 2019, with just over 8,500 new units absorbed through the first two quarters of the year. Berkadia’s latest Multifamily Report explains why occupancy is up 30 basis points annually across the Miami metro.
GlobeSt.com Covers Red Hot Market Growth with Berkadia’s San Antonio Team
GlobeSt.com benefited from the experience of Berkadia’s San Antonio team when analyzing the drivers behind the metro’s surging multifamily market. Berkadia Managing Director Mike Miller and Senior Director Will Caruth lent their voices to the publication following the team’s negotiation of the sale of the 360-unit Axios Apartments.
Miller emphasized that “a trio of economic factors including low business costs, an advanced telecom infrastructure and an increase of young educated households with children have supported [San Antonio’s] economic and population growth.”
Caruth added: “With almost 20,000 new residents moving to San Antonio over the past year due in part to its affordability, the demand they bring has elevated rent growth above the national average, making it a compelling market for investors.”
- River Walk Greets New Development – It’s no accident demand has remained elevated in the San Antonio metro since 2014. Berkadia’s latest Multifamily Report explores this any other reasons why rent growth in the city has continued to accelerate at a healthy 3.5% year over year through June 2019.