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| Richard Tarquino |
MIAMI,FL --The multi-housing market remains very strong in
South Florida. Rents in most submarkets are at record levels and occupancies
are over 95%.
“We are seeing cap
rates on class a assets ranging in the high 4 to 5% range on
"in-place" NOI,” says Calum Weaver, Private Capital Group, Multi-Housing,
CBRE.
This is defined as in place NOI adjusted for RE taxes,
insurance and reserves. Class B assets ranged from 5 to 5.5% on in-place NOI
and Class C properties are in the 6 plus range.
Strong market fundamentals are causing more multi-housing
development projects throughout South Florida. Developers are building to low 6
in-trended yields in urban areas, and 7 in the suburbs.
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| Calum Weaver |
One of the biggest
developments over the past year has been an increased appetite by a variety of
lenders willing to provide financing for private investors.
Lenders are aggressively pursuing private capital
multi-housing opportunities in the $1 to $5 million range.
Even non-recourse financing is now available. With a variety
of lending options available, at near record low interest rates, the
multi-housing private investor has numerous debt solutions available for an
acquisition or refinance. In this month’s multi-housing market update,
For a complete copy of the company’s report and additional
market information, please contact:
Calum Weaver
Private Capital Group
Multi-Housing
CBRE
954.331.1763
Richard Tarquinio
Private Capital Group
Multi-Housing
CBRE
954.331.1764
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