Multifamily sales break 8 year-long record in South Florida

Posted on Tuesday, August 12th, 2014 at 4:36pm.

The multifamily market in South Florida posted more sales in the first 6 months of this year than it has since 2006, a new report from CBRE shows.

The report tracks sales in the $1 million to $20 million range and reveals 172 multifamily sales totaling more than $515 million. This is the most sales in 8 years.

In 2013, there were 9,558 net units absorbed in South Florida, according to CBRE’s report. In the previous four years, the region averaged around 4,500 net absorbed multifamily units each year.

Over half of multifamily investment properties transactions in South Florida over the last year involved foreign buyers. The firm reports foreign investors, who are more prevalent than at any previous time in South Florida, are increasingly willing to invest in older product with upside potential. 

CBRE South Florida managing director Ken Krasnow attributes the above-average population growth in the area as the driving force behind these record sales.

MMD Realty Broker and Managing Partner, Michelle Farber Ross explains that the growth trends are slated to continue in Fort Lauderdale, fueled by the second runway coming to Fort Lauderdale Hollywood International Airport. There are still deals in the multi-family space. Email today if you would like more information info@mmdrealty.com.

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Posted on Wednesday, August 13th, 2014 at 12:49pm.

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