News
MULTIFAMILY BOOMS
July 25, 2011
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| We caught Bull Realty founder Michael Bull's CRE radio show last week. What auspicious timing: It was all about the multifamily market. Michael spoke with MPF Research's VP Greg Willett, who says fundamentals for apartments across the country are returning to the glory days of the tech boom (you heard that right). Even in Atlanta. Of the 6.3M units MPF tracks nationally, the firm saw a 2.4% revenue growth in apartments and average occupancies now at more than 92%. Greg tells Michael that the strongest markets are the ones with the strongest job growth. But ?maybe the really surprising one was Atlanta,? Greg says. With more than 5,000 units absorbed last quarter, ?that was a market that was showing up until this point with not any demand at all.? He credits the influx of renters less to foreclosure victims (they're renting single-family houses now) and more to Atlanta just being a young city (younger adults tend to rent). Well, they're coming to Atlanta for a reason. Maybe we'll be seeing some positive job numbers soon? | |
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| Speaking of Bull Realty, the firm brokered the sale of RiverView Apartments in Canton. The 138-unit complex along the Etowah River, which was foreclosed on by Patriot Bank of Georgia, was sold to Wilkinson Riverview LLC for $6.4M. Bull's John DeYonker and Rob Whitmire brokered the sale on behalf of the bank. |
