News
Multifamily Monday
March 21, 2011
| Out with the old and in with the new. That's the growing trend formultifamily properties, as developers clear out the old properties ingood locations to make way for new construction. So where's the new "it" building? (Basically, if the cast of Glee were a residential building, which one would they be?) | |
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| Henry S. Miller Brokerage?s multifamily investments division VPMark Porterfield, here with HSMB investments division prez Robert(he won't answer to Bob) Grunnah, tells us that he's seeing growing occupancy and improving rental rates in the Dallas area. He focused a majority of market research on one such improving area,East Dallas, where Mark says reports show annual new apartment unit completions come in at more than 1,000 units. Much of the older stock has been (or is being) removed to make way for the newer properties. | |
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| Mark says one area bolstering this market is a strong, existing Hispanic community. Area owners are also experiencing higher occupancies and rental increases for the existing properties since there's a diminishing supply within their community, he says. And many of the '80s vintage buildings that are on the fringe of these new developments could draw former Class-A tenants looking to be closer to their employment base without having to pay the higher rents in more trendy areas. | |
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| Mark is marketing Garrett Gables (above), near the intersection of Greenville and Ross Avenues. Built in 1985, it has 28 one-bedroomunits with various floor plans and an occupancy above 90% for the last few years. Mark's looking forward to his next motorcycle trip, an annual event (this is year six) each September with his three brothers and some longtime ridding buddies. They head up intoColorado and Wyoming. | |
