Multifamily Hits 12-Year Occupancy Peak
DFW apartment occupancy hit a 12-year peak at more than 94% in the Q3, despite nearly 5,000 units being delivered over the same three-month period, according to the Transwestern figures. And Transwestern Dallas multifamily group managing director Taylor Snoddy tells us he isn't seeing the wave of new supply take a toll on apartment fundamentals. One reason: DFW job growth remains strong at 100,000 gained over the past year. (You couldn't tell during your commute?) In fact, rents grew 1.4% in the past quarter or 3.4% year over year, he says. Pictured is Taylor and his team: Suzy Reed, Lauren McLarnon, and Devin Etzold, (back row) Philip Wiegand, Taylor, and James Roberts.
Transaction volume is up and cap rates remain stable as interest rates are still at historically low levels, he says. Since August his team has sold more than 2,500 units, closing five deals in the past few weeks for 1,100 units. One property was the 444-unit Regal Commons Apartments in Arlington. A couple other closings were the 208-unit Mountain Viewand the 154-unit City Central, both in Dallas.
He also tells us about his team's great cause: They served served lunch to the homeless on Dec. 13 with The Stewpot organization at the City of Dallas shelter, The Bridge. He tells us it was a very humbling day as they served more than 600 very appreciative people. Here's Devin, Lauren, Taylor, Suzy, James, and Philip. For Christmas, Taylor is getting a new baby boy. Due date: Dec. 21. He really pushed his luck asking Santa for a gift so early.