MIAMI, FL--The CBRE Multi-Housing Private Capital Group is pleased to present the Fall 2011 Multi-Housing Market Update. This report is geared towards South Florida private capital owners and investors and includes key local trends, sale comparables, statistics and financing guidelines. Highlights of the report include:
- In Miami-Dade average apartment rents are above the record high rents. We anticipate Broward rents to be at record levels within the next year.
- Improving rents and occupancies is translating into higher net operating income (NOI's) for many multi-housing properties.
- In South Florida there are only 62 multi-housing communities of 2000 or newer vintage. The limited amount of multi-housing product built in the last ten-years has led to a surge in new multi-housing development opportunities. In South Florida, we are tracking 62 development deals totaling 18,000 units.
- Cap rates for Class A product range between 4.75% to 5.75%, Class B between 5.50% to 6.50% and Class C between 7.00% to 8.50%. During the first eight months of 2011, there were $561 million in multi-housing sales in South Florida. This is down slightly from 2010, but an increase of more than 300% from 2009.
- Local and foreign investors are aggressively seeking multi-housing proeprties and premium pricing is being placed on the desirable assets in South Florida.
- We trust you find the report useful. As always, please feel free to reach out to us with any multi-housing requirements.
Contact:
Calum Weaver
Private Capital Group
Multi-Housing
CBRE
305.381.6439
Richard Tarquinio
Private Capital Group
Multi-Housing
CBRE
561.393.1675
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