REBusinessOnline

Speed to Market is ‘Almost the Only Priority’ for Multifamily Developers Looking to Avoid Cost Risks, Say InterFace Panelists

CHARLOTTE, N.C. — Multifamily developers are pushing their chips in and aggressively looking for new development deals, especially for sites in and around high-growth markets in the Southeast. Michael Tubridy, senior managing director of Crescent Communities, said his firm isn’t leaving anything to chance and is looking to move quickly on development opportunities.“We’re trying to get as many units on the ground today as possible, because tomorrow will be more expensive,” said …

Multifamily Operators Battle Fraud, Labor Shortages on the Front Lines, Say InterFace Panelists

CHARLOTTE, N.C. — Property managers are navigating a minefield of issues in today’s apartment market. Analyzing renter applications for fraud, collecting overdue rent and turning over units from freeloading tenants are all in a day’s work for savvy apartment operators.Amanda Kitts, senior vice president of property management at Northwood Ravin, a multifamily owner and operator based in North Carolina, said that part of the role of an operations professional today entails poring over …

Electric Vehicle Manufacturing Powers Real Estate Activity Along I-85 Industrial Corridor, Say InterFace Panelists

CHARLOTTE, N.C. — The Southeast has long been home to automotive giants such as Honda, Hyundai, Toyota and Mercedes-Benz, as well as their large network of suppliers. In 2021, BMW led the nation in automotive exports by value, the eighth consecutive year the German automaker held that distinction.BMW produced and exported $10.1 billion worth of cars and SUVs from its mega campus in Spartanburg, S.C., last year, and the company recently announced two new facilities — one on its campus …

I-85 Corridor Markets See Explosion of Industrial Development, But InterFace Panelists Wonder if Housing Will Follow

CHARLOTTE, N.C. — During the closing panel at France Media’s InterFace I-85 Industrial Corridor conference, brokers from the major markets along the 666-mile interstate gave updates about developments and opportunities in their territories.Brockton Hall, vice president of Colliers’ Upstate South Carolina office, said that the Greenville-Spartanburg industrial market in South Carolina had 16 million square feet of industrial space under construction, which represents an inventory …

Architects Draw the Short Straw with Heavier Workloads, Fluctuating Availability of Construction Materials

If you know any architects, you may want to check in with them because chances are they’re exhausted from having more work now than ever before, with no end in sight. That’s because despite all the headwinds facing real estate design — namely supply chain disruptions and staffing woes — developers are in growth mode, and architects are needed as they are uniquely equipped to game plan for what users want and need.The volume of work has not only accelerated for architects but …

The Tax Appeal Life Cycle in D.C. Goes Through Three Levels of Review

In the District of Columbia, a prudent taxpayer must observe important steps and deadlines to appeal a real property tax assessment. Strict code provisions, government policies and procedures govern the appeal process, so understanding the typical life cycle of an appeal provides a head start in making sure a property is fairly assessed.Here is a look at what to expect as a case advances:Assessment and Notification Assessors reassess all real property in the District each year using …

No Barriers Blocking Atlanta Apartment Market Growth, Say InterFace Panelists

ATLANTA — Multifamily investors increasingly view Atlanta as a tier-one market.Speakers on a panel at France Media’s InterFace Multifamily Southeast conference, held in Atlanta on Dec. 2, point to several reasons why the region is the right place, right now, to build, buy and sell all manner of apartment assets.“In Atlanta, you’ve got an incredible diversity and strength of employers,” said Chad DeFoor, senior director of multifamily sales for Franklin Street.Total nonfarm …

Apartment Leasing, Management and Operations Continue to Adapt to Market Needs, Says InterFace Panel

ATLANTA — For the past few months, the apartment sector has been in an upswing from an owner and operator perspective. Rents are rising and occupancy rates are high. However, some fear that these positives in the real estate market are going to be short-lived and eventually come to an end. Kevin Owens, division president of RPM Living, said that when the hottest geographic markets start to slow down, then other markets are going to follow suit.“Boise, Idaho is the hottest market from a …

Capital Chases Southeast Multifamily Sector, Says InterFace Panel

ATLANTA — This year marked a golden age in terms of operating or selling multifamily properties, according to Alan Dean, region president of Terwilliger Pappas, a development firm with four offices in the Southeast. But given the rising costs associated with land acquisition, materials and labor, the challenge has been putting together new deals.“Anyone that got deals done shortly after COVID hit, those deals are going to be very valuable because they’re going to be opening up with …

Rapid Rent Growth Spurs Wave of Multifamily Investment Sales, Says InterFace Panel

ATLANTA — The third quarter of 2021 was the most prolific quarter on record for U.S. multifamily investment sales, according to Real Capital Analytics (RCA). Apartment sales volume totaled $78.7 billion for the quarter, a 192 percent increase from third-quarter 2020 and a 59 percent jump from third-quarter 2019. RCA data shows that the dollar amount of assets traded this past quarter exceeded the average annual sales from the period 2008 through 2011. James Mehalso, managing director of …




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‣ Lee & Associates
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