News
MULTIFAMILY MATH
March 16, 2011
| Jones Lang LaSalle has made another stride into its efforts into the multifamily industry—this time hiring the top two multifamilyinvestment sales broker teams in Atlanta. | |
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| JLL tapped Derrick Bloom and his team from Apartment Realty Advisors, and David Gutting and his team from Cushman & Wakefield to spearhead the multifamily investment sales division in its Atlanta office. For David and Derrick, repeatedly the top two multifamily brokers in the metro area, the idea of merging their teams isn't new to them, they've discussed it for years. ?The timingand the opportunity is right,? David says. In just the past year, multifamily investments have outpaced all others, with pricing returning to pre-recession levels in many cases, experts say. ?What we're going to look at here going forward is a race between rates and effective rent increases.? While caps have compressed, investors see rents at rock bottom with no where to go but up. And investors, in fact, are pricing deals with 'embedded rent growth? of 16% to 20%over the next five years, David tells us. | |
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| And as we reported previously, JLL acquired Primary Capital Advisors and tapped Faron Thompson (seen here with JLL's Clark Gore, and yes, we know this pic has been viewed almost as many times as the Mona Lisa), who now heads up the firm's multifamily servicing and loan origination business. Primary Capital's acquisition gives JLL access to the hot multifamily investment market. And now Derrick and David's teams will help deepen the firm's multifamilybrokerage efforts nationally, officials say. |
