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Keep a Close Eye on Multifamily

Keep a Close Eye on Multifamily
Morrison at SouthPark.
Find Waldo. It's no secret that multifamily development has picked up the pace in the Charlotte area in recent months, and for Grandbridge Real Estate Capital SVP Michael Ortlip, it's now clear that existing properties have firmed in occupancy, rents, and concession reduction. It doesn't add up to overbuilding just yet, he concludes, though the market is worth keeping a close eye on because the risk is there. "New development is under way in a few submarkets, and we could certainly  over-build should too much new product come out of the ground," he tells us. Grandbridge is still confident  about the health of strong multifamily properties in the market, however. Its most recent deal involved originating a $21.6M acquisition loan for the 214-unit Morrison at SouthPark (pictured).
Related Topics: Michael Ortlip