Why It's A Good Time To Be A Multifamily Seller In The OC
Orange County has become a seller's market for multifamily.
"There's a lot of money chasing not many deals," Sares Regis president of multifamily investments Bill Montgomery said last week at the Bisnow OC multifamily event in Irvine.
"It's a great time to be a seller right now," TruAmerica senior managing director Greg Campbell said.
Campbell said his company has received four rounds of bids for a property without getting countered at all.
There is a tremendous amount of capital from around the world that wants to take advantage of what the OC has to offer, according to Berkadia partner Shane Shafer.
Montgomery said there is a lot of development in DTLA and downtown San Francisco, which has capped the rents in those markets.
Shafer said debt is very cheap, and most investors see apartments as a positive place to put capital these days.
He sees the OC as poised for continued growth.
"The biggest things happening are around green rewards and affordability," Walker & Dunlop vice president Mark Grace said.
Going green provides substantial savings and enough benefits to make going through the necessary hoops an attractive option for developers, he said.
