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What to Expect for Multi-Housing Property Debt in 2015

Tuesday, January 27, 2015

It is starting to sound obnoxious to continue to state this year over year, but 2014 was another banner year for multi-housing finance. The headlines from the start of 2014 continued to revolve around the Fed’s anticipated curtailing of quantitative easing and the subsequent removal of downward pressure on interest rates. As a result, many market participants projected the 10-year Treasury to end the year at 3.3 percent or higher. The opposite occurred with the ten-year ending the year at 2.17 percent, an 83 basis point drop from where it started the year at 3 percent. This fueled a variety of acquisition and refinance activity throughout 2014. Using HFF’s volume as an example, multi-housing debt in 2014 increased by 33 percent year over year from 2013, closing over $10.7 billion in 2014. On top of all of this positivity,... [Read More]

HFF Closes Biggest Land and Mixed-Use Sale in New Jersey for 2014

Thursday, January 22, 2015

On January 21, 2015, HFF closed the sale of a 205.6-acre land and mixed-use property site considered to be the largest in acreage in New Jersey during 2014. Part of the larger Giralda Farms complex located in both Madison and Chatham, New Jersey, HFF worked exclusively on behalf of the seller, an entity owned by a CMBS trust, acting by and through its special servicer. Land and Mixed-Use Property Details Located along Route 124 (Madison Avenue) on the border of Madison and Chatham in Morris County near both Interstate 287 and Route 24, the land and mixed-use site is three miles from Morristown, 18 miles from Newark Liberty International Airport and 25 miles west of Manhattan. The site is... [Read More]

One of the Strongest Multi-Housing Markets, Miami, Set to Continue Growth in 2015

Monday, January 19, 2015

Miami is the anchor of the second strongest multi-housing buildings and apartment area in the nation. The Miami, Fort Lauderdale and West Palm Beach metros are all among the top 15 in effective rent growth, as population growth and new jobs fuel demand. As Miami’s tourism industry and other sectors increased their hiring efforts, Miami’s job growth was 2.9 percent in 2014, 110 basis points (bps) above the national average of 1.8 percent. It is a 50-bps increase from 2013, when employment growth was 2.4 percent.The forecast for 2015 shows job growth of 3.2 percent, which should once again equate to strong demand for apartments and multi-housing buildings in Miami. According to Axiometrics, “the entire South Florida apartment market exploded in 2014. The improving... [Read More]

Looking Back - The Perfect Storm Creates Strong 2014 Multi-Housing Market

Tuesday, January 13, 2015

The national apartment market was surprisingly strong in 2014, as a perfect storm of job growth, increased demand, a bevy of new supply and falling home-ownership rates combined to lift effective rent growth to 4.5 percent for the year and occupancy near 95 percent. So strong was 2014 that Axiometrics, deemed it “The Year of the Apartment Market.” Quarterly effective rent growth increased each quarter from its corresponding 2013 period, and annual effective rent growth increased 173 basis points (bps) in 2014 from the year-end 2013 rate of 2.8 percent. It was the second quarter, historically the strongest quarter of the year, that demonstrated how special 2014 was. After a first quarter hindered by cold, snowy weather and attendant construction and relocation delays, the second quarter of 2014 was the national... [Read More]

Multi-Housing Real Estate - A look at the Equity and Debt Markets in 2015

Tuesday, January 06, 2015

Entering 2015, the commercial real estate industry continues to face a seemingly insatiable appetite for all product types across all classes and markets, but most especially the multi-housing sector. Equity allocations for real estate investment have never been higher and the pool of prospective investors is broader and deeper than any time in history. Where For Art Thou Core Multi-Housing Investment Opportunities? Never has this been truer than in the demand for core quality multi-housing communities. Despite 86-percent growth in AUM of closed-end funds that now exceeds $400 billion, these same funds have more than $110 billion to invest, according to Preqin. NCREIF states that open-ended core investment funds have grown by over 27 percent since the last peak in 2008 and now approach $220 billion in AUM with active queues of new investors wanting to participate. Another... [Read More]

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