The Crittenden Multifamily Conference kicks off next Wednesday, May 8. Multifamily investors, developers, brokers, lenders and other experts in the multifamily space will assemble at the Gaylord Texan Resort and Convention Center in Grapevine, Texas, for two days of instruction and networking to take their game to the next level. Here are some highlights of what attendees can look forward to: DAY 1 A five-hour immersive bootcamp kicks off the first day for those looking to get in-depth instruction from a variety of speakers, including Moderator Rasool Mutawakkil, principal, MARA Capital Group ..read more

The Southeast continues to experience strong population growth that is shaping business decision-making and bringing a steady influx of new residents to the region. While population and business growth dynamics are relevant for all commercial real estate sectors, they are particularly important for developers looking for sites for new multifamily housing. Given the timeline required to secure a land site, work through local zoning requirements and move through an 18-month or longer construction cycle, finding the right site at the right time is critical to success. In many cases, this means lo ..read more

Next year will certainly be an interesting year for the multifamily sector, according to Logan King, director of Investments at CP Capital US.  “While there are undoubtedly challenges facing the industry right now — notably higher interest rates, valuation uncertainty given bid/ask spreads and a sizeable new construction supply — we maintain our conviction in the asset class and are excited at the potential opportunities that 2024 might present,” he said. CP Capital US, a leading investment manager focused on the multifamily sector, recently released a new white paper which details why CP ..read more

The Mortgage Bankers Association (MBA) released an updated baseline forecast for commercial and multifamily lending. According to this updated report, lending in these sectors is going to decline by 46% compared to lending in 2022. The new total amount lent for this year is expected to be $442 billion. This is down from $816 billion in total lending in 2022. “The logjam in the commercial real estate markets that began last summer has remained firmly in place,” said Jamie Woodwell, MBA’s Head of Commercial Real Estate Research. “Questions about supply and demand dynamics for some properties, th ..read more

RentCafe, an organization that closely monitors rental real estate, has published an end-of-year report that gives further insights into how the rental market changed in 2023. Compared to 2022, this year saw more growth and stability in certain markets. Overall, an average of nine people competed for each vacant apartment and there was a 94% occupancy rate for rentals. For comparison, 2022 saw 14 people compete for each vacant apartment and a 95% occupancy rate. Miami stayed the hottest rental market for 2023, just as it was in 2022. For this rental market, both the number of rental apartments ..read more

Although there has been some cooling, multifamily borrowers will still see plenty of available lender dollars. Capital will be plentiful for permanent loans, while construction financing will likely remain tight in the short term. Elective refinances will be very limited, and the focus will be on trying to find permanent loan options to take out construction or interim financing. Lenders are paying more attention to the increasing trends in expenses, especially property taxes, insurance and payroll. These expenses have all increased substantially in the past three years, and underwriters are u ..read more

The Sinclair at Callaway Farm, a new 388-unit residential project in Covington, Georgia, near Atlanta, will bring more residential units to a growing area. The project, which is denoted as a Class A multifamily development, was initiated by co-development partners Brook Farm Group, Emory Equity and SilverCap Partners. The co-developers secured financing with the help of both First Horizon Bank and TrustMark Bank. Development is expected to generate over 10,000 jobs by the year 2026. Groundbreaking is anticipated to happen in the third quarter of 2023. “The Sinclair at Callaway Farm is designed ..read more

Real estate development and investment company Denholtz Properties acquired Solo at North Bergen, a luxury multifamily housing community in North Bergen, New Jersey. The 214-unit property was completed this year and is already at 98% capacity. The community includes three 3-story buildings with 138 units and one 5-story elevatored building with 76 units. Amenities include a 5,000-square-foot clubhouse with billiards and gaming tables, a fitness center, an outdoor swimming pool with grilling stations and an outdoor sauna, a community dog run and a full-service package room. “North Bergen’s grow ..read more

Count on multifamily construction lending to be increasingly difficult as the year progresses, especially as more and more lenders move to the sidelines due to capacity issues and balance-sheet issues, or because they have run through their allocations for the year. Borrowers will see less bank capital, especially from the major money-center banks. Debt fund and private money lenders will be the most active, although they will be more selective about what deals they will finance. Look for a pickup of life companies providing construction-to-perm loans to help fill the gap. Borrowers will see t ..read more

Institutional Property Advisors (IPA), a division of Marcus & Millichap, published its Class A Multifamily Outlook Midyear 2023 special report. “Today’s high barriers to homeownership are helping support demand for high-end apartments, particularly among the millennial demographic,” said John Sebree, senior vice president and national director of IPA’s multi housing division. IPA’s Class A Multifamily Outlook provides investors with vital insight and analysis on the current state of the Class A multifamily market sector including: Demand for high-end apartment rentals is outperforming ot ..read more