Multifamily Monday
Riding the multifamily wave, Transwestern more than doubled last year's deal volume. The multifamily team closed on 600 units last week and has 4,000 more set to close in the next 60 to 90 days.
Transwestern VP Philip Wiegand (with his wife, Melissa, and their 6-month-old son, Luke, in Sedona, Arizona) tell us two deals closed last week including the Springcrest Apartments in Arlington and the 19Twenty Apartments in Denton. In the next two weeks, the group has 1,000 units across five properties set to close. Another 3,000 units are under contract (set to close in 60 to 90 days) including a 576-unit Class-B portfolio. Since May, the team has closed more than 3,300 units totaling $140M in deals.
Transwestern multifamily managing director Taylor Snoddy (right, with Butler Burgher Group senior managing director Chris Roach fishing on the Colorado River in Vail with a guide) tells us he's seeing Class-B assets trading north of $100k/unit, establishing new exit strategies for this product with less emphasis on price-per-unit thresholds.
Secondary markets specialist James Roberts (with son, Mason in Destin, Fla.) says Texas’ secondary and tertiary markets are also very sought-after for multifamily investment. The team is closing on a Class-B asset in Longview and also just sold a Class-A asset in Tyler with a 1031 exchange buyer.
