Multifamily Monday
In multifamily, growth demographics continue to drive the DFW market, and demand is still outpacing supply. (After a recession spent sleeping on couches, people are looking for a little privacy.) Factor in that debt is still historically cheap, and it's a recipe for hot deals.
Marcus & Millichap's Michael Ware (left) tells us that he and colleague Will Jarnigan put out a call for offers for two Class-B multifamily assets: the 280-unit Wind Tree and the 206-unit Trinity Oaks. With a great turnout from investors so far, he expects to be in contract on those within the next couple weeks. The duo also has listed the 204-unit Chapel Brook in Bachman Lake. Four deals are in escrow and should close before year's end, putting them at 16 deals closed for the year. Working with the duo is Stephen Crittenden, who focuses on East Dallas and South Dallas. But work isn't what keeps Michael up at night; he's got a 7-week-old daughter. (She's his own version of a micro unit.)
