FORT LAUDERDALE, FL—Franklin Street Real Estate Services reports S outh Florida multifamily sales transaction volume for the first half of 2011 realized a 105% increase over the same period last year. A total of 11 multifamily sales were tracked during the first half of 2011,equating to a volume of $253,439,701. The volume during that same period last year was only $123,404,000.
This increase was driven by the large number of apartment communities listed for sale at the beginning of this year, combined with a recovering rental market and the increased availability of capital to finance new acquisitions.
This is despite the surprisingly low transaction volume during the first quarter of 2011, which was similar to the first quarter of 2010.
The majority of transactions during the first half of 2011 were “traditional” multifamily rental communities, accounting for 77% or nine of the eleven sales. Only two distressed sales, including one bulk condo sale, transpired during the first half of 2011.
This is in direct contrast to the same period last year where distressed sales accounted approximately half of all transactions tracked. In total for 2010, distressed sales and bulk condo sales, accounted for 40% of the total transaction volume.
The average price per unit during the first half of this year was $94,333, which is a 32% increase over the same period last year at $71,454 per unit.
For a complete copy of the company’s report, please contact:
Douglas E. Drive (top right photo)r, CCIM, Senior Director, Franklin Street Real Estate Services,
515 Las Olas Blvd., Suite 1040 ▪ Fort Lauderdale, FL 33301
Office: 954.640.1100 ext. 507 ▪ Fax: 954.640.1101
Direct: 954.671.1827 ▪ Cell: 954.865.1453
Email: Doug.Driver@FSFP.com
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