Jeffrey I. Friedman, chairman, president and CEO of Associated Estates, a multifamily REIT based in Richmond Heights, Ohio, took time to chat with REIT Insider, sharing his thoughts on weak job growth, future apartment demand, cap rates, potential overbuilding and REIT valuations.
Friedman has a unique perspective since Associated Estates is the smallest apartment REIT in the U.S. and also boasts a significant presence in the Midwest, a region that doesn’t get much attention from other apartment REITs. The REIT is focused on both acquisition and development, and as a result, Friedman is tracking closely cap rate compression and new unit permitting.
Friedman has been involved in the real estate business since 1969, joined Associated Estates in 1974 and took over as chairman and CEO in 1993. Today, the REIT’s portfolio consists of 54 properties containing 13,835 units across 10 states.
Read more...Friedman: Household Formation, Not Job Growth, Key to Apartment Sector via NREIonline.com