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Volume 4 - Number 19 | September 26, 2006
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TOP STORY: REIT Chiefs See Growth Through 2007
By Sule Aygoren Carranza
At a recent CEO roundtable hosted by Bank of America, the heads of three of the biggest apartment REITs expressed optimism that the industry will continue to grow through 2006 and into 2007. David Neithercut, president and CEO of Equity Residential in Chicago, Ric Campo, Houston-based Camden Properties Trust's chairman and chief executive officer, and Tom Toomey, president and CEO of United Dominion Realty Trust Inc. of Richmond, VA, agreed that while they won't likely see double-digit growth in net operating income in some areas, growth in the high single digits should be the norm, at least through next spring.
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CA Markets Dominate Sperry Van Ness' Top 10 List
By Sule Aygoren Carranza
Four of the top 10 markets expected to show the best conditions for multifamily in the future are in California, according to Sperry Van Ness' 2006 Top 10 Markets to Watch. The report focuses on future trends and markets that show the most potential for income growth.
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Employee Compensation in MF Firms Falls Again
By Sule Aygoren Carranza
Unlike other industries, compensation in the multifamily business is falling for its top-paid executives. At the same time, turnover rates and the costs of providing health care to employees are increasing. Those are the findings of the National Multi Housing Council’s seventh annual National Apartment Survey of Compensation and Benefits Practices, which gathers information on compensation for 65 various positions in 101 apartment firms, representing some 45,000 employees.
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Deal Watch: Value-Add Firm Buys 1,336 Class C Apartments
By Amy Wolff Sorter
A multifamily investment group, looking to buy 5,000 apartments in the coming year, has picked up 1,336 units in two back-to-back transactions in the Greater Houston area. The newest acquisition is a seven-property, 1,080-unit portfolio.
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