News
Marketing Multifamily
August 19, 2010
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| Marcus & Millichap's Scott Harris and Kyle Shoemaker have seen an uptick in potential buyers for multifamily investment sales in the last six months. They're currently marketing two suburban path properties: a 342-unit, $26M asset in Portage, Ind., and a 252-unit new construction complex for $22.9M in Fairview Heights, Ill., a suburb of St. Louis. Kyle's marketing strategy focuses on institutional, hybrid, and private buyers. He informs buyers that these properties may not be in A+ markets, but their location demographics are better suited for renters rather than buyers, which means the properties are likely to stay stabilized. | |
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| It takes a lot of time and energy to put those assets up for sale in the submarkets that may not be as well-known, but buyers have been very aggressive and the company now sees a much more defined market, since some sales are setting pricing precedents.Operationally, apartments are running very smoothly and occupancy is higher than last year. The company hopes natural drivers will turn out more deals in the next 12 months. |
