In the days, months and even years following the Great Recession and the financial aftermath, it seemed as though multifamily was the rising star of commercial real estate. The coming-of-age of Echo Boomers, combined with disillusionment with home ownership, caused a good chunk of the population to flee to rentals. Added to the issue was constrained supply from lack of construction. The result was a commercial real estate sector at which investors eagerly threw money and bid against one another for ownership rights.
However, the multifamily assets over which investors fought was primarily infill, core product—projects and developments located in central business districts or bustling urban submarkets. Even as developers started ramping up again and bringing units on line to meet the apparently insatiable demand, “coming out of the recession, the only areas in which we saw new development were those core, infill locations,” comments M. Patrick Carroll, founder and CEO of the Carroll Organization in Atlanta.
Read more...Multifamily Quarterly: Is Infill Tapped Out? - Real Estate Forum Article - GlobeSt.com
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