YESTERDAY'S BIG MULTIFAMILY SUMMIT
More than 500 of you joined us yesterday for our Multifamily Summit at the W Hotel in Midtown. The news from the multifamily world: Get ready for a new round of development.
It's certainly true for Post Properties, which is eyeing development on many of its land holdings, says CEO David Stockert, chatting with the audience above. "We think we have a window and we think that's where we ought to focus our attention," he says.
|Here?s our first panel, which featured multifamily owners: Wood Partners COO Joseph Keough, AMLI Residential Chairman Gregory Mut z, King & Spalding Partner Clay Howell (skilled moderator), David Stockert, and Gables Residential CEO David Fitch pondering the state of the apartment industry. Development is getting attention since the opportunity to buy properties is dwindling, driven in large part by pressure on pricing. Joseph says his company is planning six new projects across the country, including in Atlanta, Boston, Baltimore, and San Diego.|
|Refinancing is ruling the day in multifamily, according to our second expert panel, which included Metlife Real Estate Director Thomas Ryan, Transwesterns' Mike McGaughy, Reznick's Wendy Langlais-Tillery (moderator), Robert LaChapelle, EVP of CBRE's debt and equity financing group, and Darrell Moore with Walker & Dunlop. Both Darrell and Thomas said demand is about 80% for refinancing. The prospect of more mixed-use projects is also dwindling, especially since rents in multifamily projects developed in the past few years have not met rental expectations, Thomas says. "The academics are going to move to the sidelines and developers are going to move toward more efficient development," Robert noted, citing how mixed-use financing has fallen out of favor.|
|The day ended on a positive note from Thomas: "It sure feels much better this year than last." That was until Mike interjected, "With the exception of the University of Georgia losing three in a row in the SEC." (Or maybe that's good news to a few of our readers.)|
We snapped King & Spalding's Timothy Goodwin, Pollack Partners Steven Shore, and King & Spalding's Clay Howell schmoozing over coffee and pastries. Steven tells Bisnow his company is chasing deals. Most recently Pollack Partners purchased a foreclosed St. Petersburg condo project called Bay Isle Key for $32.5M.
Also spotted: CoreLogic SafeRent?s John Sullivan, Frank Pounds, and Larry Feld. CoreLogic was one of our illustrious sponsor?s for Wednesday?s event. The team was promoting CoreLogic's renters insurance programs as well as a statistical lease screening product called Registry ScorePLUS.