Denny St. Romain believes the equity space will be fluid this year as some investors fall back while new ones step in.
“I think the opportunistic joint venture equity—they put so much money out in the last two or three years in multifamily development that they’re harvesting and want to see how that goes before they put anymore out,” he says. “But, as for most things in real estate, as some people get out, new people will be in.”
St. Romain, managing director for capital markets at Chicago-based Jones Lang-Lasalle, sees a shift occurring as opportunities cool off in primary markets, and secondary markets become the shining stars of 2014.
Read more...Chasing Yield: Secondary, Tertiary Markets to Shine in 2014 - Multifamily Executive Magazine