News
Charlotte CRE: 2013
December 19, 2012
 | ||
| Investors have been buying Charlotte multifamily as fast as they can this year, but next year mightbe different, according to Cassidy Turley regional managing principal Steve Gassaway. ?Apartments will continue to be popular investments in Charlotte in 2013, although I believe the cap rates and sales activity levels will moderate from 2012 peaks,? Steve tells us. There are some fears of overbuilding, given record apartment starts in 2012 and 2013, but more than that, the fundamentals of the residential market are shifting. | ||
 | ||
| Namely, home prices have stopped falling and even recovered a bit. So the option of buying is getting more attention from renters. On the whole, 2013 should be a decent year for investment sales in metro Charlotte (subject to fiscal cliff avoidance), and apartments could very well lead the way. But Steve he anticipates more balance among the product types. The trend may have already started: just this week, Parkway Properties closed on its $47.4M purchase of the 525 N Tryon in uptown Charlotte, an office property that, at 70% occupancy, has some lease-up potential. | ||
 | ||
| Capital Advisors? Riley Skinner—the former Wake Forest QB who's a loan producer as well an ACC commentator—is optimistic about capital markets in 2013. Given the abundance of capital and low interest rates, he tells us that debt and equity activity will increase throughout the Southeast next year for all asset classes. (And he adds that with the addition of Pittsburgh, Syracuse, Louisville, and Notre Dame, except football, the ACC has been able to position itself to be one of the nation's most competitive conferences for years.) |
