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Volume 3 - Number 20 | October 25, 2005
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TOP STORY: Optimism Up for Multifamily REITs, But Those in Condo Game May Be Hurt
By Sule Aygoren Carranza
In its third-quarter survey on the apartment market, Banc of America Securities LLC found that improving fundamentals have industry insiders more optimistic about the sector. Almost all of the metrics used by the locally based firm to gauge market conditions were positive, and the apartment optimism index, which is the average of all seven rental indices used in the study, came in at 73, up from 65 in the prior quarter. (An index value above 50 is a bullish indicator for the rental market.)
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GE-ML Stoltz JV to Convert 450 Units in S. Florida
By Sule Aygoren Carranza
A joint venture of GE Commercial Finance Real Estate and locally based ML Stoltz Cos. is gearing up to convert a 450-unit property here into a premier condominium community. The partnership recently shelled out $123 million for the Coral Harbor Apartments, located on 30 acres within the Broken Sound golf course in this Palm Beach County town. The seller was Rreef Real Estate.
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MARKET SPOTLIGHT: Class B Apartments in Metro Washington, DC
By Sule Aygoren Carranza
Conflicting rental and vacancy trends in Metro Washington, DC’s class B apartment market indicate that while there might be a “flight to quality” by tenants now, the story may reverse going forward. While average rents rose 4.5% to $1,159 in the three submarkets of the region, vacancy rates moved up 30 basis over the year to 2.6%, according to a third-quarter study by Delta Associates.
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