ATLANTA — Apartment management is a people-intensive industry that requires dedicated team members at multiple levels. Finding talented and driven individuals is priority No. 1 for multifamily operators. But seasoned executives are the first to admit that hiring is difficult in an expanding economy where recent graduates have multiple career paths at their choosing. Property management firms are recruiting prospects who are working in outside industries, which has been a reliable..
ATLANTA — Executives from some of the most active multifamily firms in the Southeast are honing in on the suburbs of Charlotte and Raleigh as they map out their long-term investment and development strategies. During the Carolinas panel at the eighth annual InterFace Multifamily Southeast conference, the panelists stated they’re preparing for a suburban shift as a large swath of the millennial renting cohort and downsizing baby boomers will be priced out of core submarkets. “There’s..
Sometimes there is a “herding” mentality in real estate investment activity, but markets that do not make the headlines of news stories or appear on the top market lists are the ones investors should focus on. New Orleans is one such market, and while it might not be on everyone’s radar, it has the fundamentals and dynamics that are attracting investors’ attention. With a total inventory of approximately 55,000 units, demand for multifamily acquisitions in New Orleans and the Gulf..
With Atlanta’s economy more robust than ever, demand for multifamily housing remains high, driving rent growth and investor interest throughout the market. Since the last cycle — when a reliance on construction hit hard — the city has transformed its economy by building up its IT, healthcare and automotive sectors, among others. The results of strong job growth and the diversification of employment are evident market-wide. In particular, Buckhead and Midtown have seen a substantial..
LAS VEGAS — An affiliate of Caesars Entertainment Corp. (NASDAQ: CZR) has agreed to sell the real estate assets of Harrah’s Las Vegas Hotel and Casino on the Las Vegas Strip for $1.14 billion. The buyer is VICI Properties Inc. (OTC: VICI), a Las Vegas-based REIT spun off last month from Caesars Entertainment Operating Co. Inc., a subsidiary of Caesars Entertainment. As part of the transaction, VICI will lease back the land and real estate to Caesars under a 15-year, triple-net lease..
ATLANTA — Tim Keane, City of Atlanta’s planning commissioner, is tasked with a monumental challenge facing many planners: how to practically design the future for a city on the cusp of a population boom. Citing the Atlanta Regional Commission, Keane said that the Atlanta metro area is on track to add 2.5 million people over the next 25 years, the equivalent of adding the entire metro Charlotte population. [caption id="attachment_192276" align="alignleft" width="300"] Tim Keane is a..
Although so-called “creative office space” is for now a tiny slice of the overall supply in Atlanta, it represents the most significant change in the use of office space in generations. Tenants and landlords have only begun to use creative design principles to push rents past levels previously thought unreachable, while increasing worker productivity and satisfaction. Trends in this sector will define the American workplace for decades. The largest users of creative office space —..
LOS ANGELES — Office rents across the United States and Canada are getting a big lift from the influence of tech job creation, according to CBRE. All of the submarkets tracked in the brokerage giant’s annual Tech-30 report have experienced rental growth over the past two years. In 13 of those submarkets, asking rental rates have grown by more than 10 percent in the two years tracked between second-quarter 2015 and second-quarter 2017. On the list of 30 submarkets, office rent growth..
A decade ago, the Atlanta retail market was a house of cards. It was clear to see this if you were in the industry at the time, and possibly even if you weren’t. Based on the intense overbuilding that had taken place, it wouldn’t have taken a worldwide economic meltdown to wreck it, though that didn’t help. Literally hundreds of unanchored retail centers had cropped up all over suburbia, fitting directly into everything that people consider to be negative about shopping centers. The..
SAN JOSE, CALIF. — Bayview Development Group, a privately held commercial real estate development and investment firm based in Northern California, has received a $288.8 million construction loan to develop MIRO in downtown San Jose. The project will include a pair of 28-story luxury apartment towers housing more than 600 residences and 20,000 square feet of retail and commercial space. Situated in one of the top markets in the Silicon Valley, MIRO will feature one-, two- and three-bedroom..