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In the first quarter of 2012, apartment valuations took another step toward erasing the losses they suffered after the financial collapse.
Prices in the country's core markets are flattening as more capital chases yield off the beaten path.
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While equity investors continue to favor urban transit–oriented developments, it's growing more difficult to find the debt at leverage levels that would make those deals pencil out.
As the 10-year Treasury has risen over the month of March, deals that once looked like home runs now face questions.
Just two years ago, it was hard to find money if you wanted to buy and rehab an apartment building. But as rents have recovered, the opportunity for rehab has opened up. That's brought money back in the game.
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With the exception of Manhattan, a market that's the exception to a lot of rules, the nation's core coastal markets saw little if any cap rate compression last year.
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Of the Top 10 markets with the most cap-rate compression last year, five were in the Midwest. A peek inside the numbers shows which secondary markets are primed for big years in 2012.
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One of the key metrics that multifamily investors consider before pulling the trigger on a deal may not be what it appears.
Las Vegas, Phoenix, and Miami have been lumped together as the poster children for distress, but each metro is climbing back up in its own way.
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As investors balk at the gates of Gotham, cap rates for core assets in primary markets are inching up, with investors chasing yield and sending cap rates down in secondary markets.
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The apartment sector continues to benefit from a lack of alternative investments, but how long can this dynamic last?
Thou Shalt Not Be Greedy
The current pricing environment continues to surprise observers, forcing many multifamily firms to reconsider their investment strategies. But can capitalization rates continue to trend downward?
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Following a Reuters report last week that revealed Archstone was quietly shopping its apartment portfolio, a shortlist of potential buyers declined to comment on whether or not the Denver-based owner/operator of 57,474 units has solicited their respective firms regarding a deal.
Lower capital appreciation is forcing compression in multifamily investment returns relative to other commercial real esate asset classes.
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In a trade that shows just exactly how much apartment valuations have jumped in the last couple of years (and the strength of the Washington market), the Palatine in Arlington, Va., traded again in May for a pricetage of $141.8 million (and a 4.5 percent cap rate), according to New York-based...
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For much of the economy, Victor Calanog, vice president of research and economics at New York-based Reis, said the first quarter of 2011 was a disappointment. Gross Domestic product (GDP) dropped from 3.1 to 1.8 percent. The contribution of personal consumption expenditures and residential...
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As more investors increase their risk tolerance and cast a wider net in search of yield, secondary markets could see more cap rate compression this year, despite the rise of the 10-year Treasury.
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In the past six months, there have been some aggressive trades in and around Phoenix, as more investors bank on a strong recovery for the battered market.
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Many multifamily investors are turning away from stabilized assets in core markets and focusing instead on secondary markets and riskier plays in search of higher yields.