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Volume 4 - Number 9 | May 9, 2006
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TOP STORY: Multifamily Gets New Suitor in TICs
By Sule Aygoren Carranza
In the past few months a new player has emerged in the multifamily sector and is gradually making its presence felt. Tenant-in-common groups, which have been investing in a big way in the retail and office segments, are now making inroads into the apartment market.
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Optimism Up for Multifamily, Sector Hits Sweet Spot
By Sule Aygoren Carranza
Property managers have become more optimistic about multifamily fundamentals and the spring leasing season, according to a recent survey conducted by Bank of America. The New York City-based firm’s apartment optimism index rose 5%, from 64 in the first quarter of 2005 to 67 in the first quarter of this year.
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INSIDER: Phoenix Realty Group’s J. Michael Fried
By Sule Aygoren Carranza
Phoenix Realty Group is trying to offer a solution to the lack of afffordable housing in select major metro areas. Through its urban private equity funds, the New York City-based real estate fund manager is providing capital and expertise to local developers for construction of market-rate, middle-income workforce housing and neighborhood revitalizing commercial properties.
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DATA POINTS: Cap Rates Rise Slightly as Conversions Cool
By Sule Aygoren Carranza
After falling steadily for the past five years, cap rates for multifamily properties rose in the first quarter--at least, for garden apartments. Asking cap rates for such assets rose 30 basis points, while the average cap rate for closed deals declined 20 basis points between January and March, reports Real Capital Analytics Inc. in its latest Apartment Trends Monthly.
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