Multifamily Dealmakers Report More Activity – Kevin Crook interviewed
Woodland Hills, CA— July 21, 2023— The National Multifamily Housing Council (NMHC) conducted a Quarterly Survey of Apartment Market Conditions for July 2023, which indicated a small but growing share of respondents reporting an uptick in apartment deal flow. They attributed this to asset valuation activity increasing due to loan maturities and fund level redemptions. Private buyers were noted as the most active, and new entrants were entering the market.
However, the article warns that while some uptick in activity is observed, it’s climbing up from a deep trough, as nationwide year-over-year transaction activity is down 58% during the 12 months ending in June 2023. Markets with declining rent growth experienced more significant transaction declines, while secondary and tertiary markets, including Chicago, fared relatively better.
Kevin Crook, Investors Management Group Director of Acquisitions & Dispositions, tells GlobeSt.com that these periods of disconnect “have delivered some of our best buying opportunities. We’ve negotiated price discounts, moved forward on the strength of the fundamentals, and capitalized on a great basis as the market recovered. We’re looking to duplicate that kind of success again in the coming months of the market correction.”
Read the full article at GlobeSt
by: Richard Berger