If anyone thought the red-hot multifamily sector was cooling going into 2013, the activity of the past few weeks would certainly prove them wrong. Take, for instance, Equity Residential and AvalonBay Communities’ $16-billion buy of Archstone Inc.’s assets. The deal, which hasn’t officially closed, not only quenched long-circulated rumors and speculation of a potential Archstone IPO, but it also marks the largest deal in the sector since 2007.
If that’s not enough, take a look at some of the latest data. CoreLogic, for one, recently reported that residential rental income grew 12% year-over-year in September. What’s more, the firm says the growth “shows no signs of slowing down.”
That’s pretty much on par with what most in the industry have been saying for months. At the RealShare Apartments 2012 conference in Los Angeles in late October, concerns over slow job growth and tepid economic recovery did little to dampen optimism of the 1,700-plus multifamily professionals that attended the event.
Read more...Multifamily Quarterly: ’13 Unlucky? Not for Apartments - Real Estate Forum Article - GlobeSt.com
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