Multifamily Money Headed to Development
We've seen tightening cap rates on acquisitions of core multifamily properties in core markets. Now they're chasing capital to development in high-barrier-to-entry markets. Greystar, for one, has7,586 units under development across 24 properties, says Bob Faith, founder of the multifamily giant. For DFW, that's 1,578 units, including:Lakewood Flats, Southwestern, Elan City Center (all in Dallas), and Elan Market Center in Plano. Texas job growth is strong, with Houston, Dallas, Austin, and San Antonio forecast to have more than 3% growth in employment over the next three years. The turbocharged energy industry is keeping thisaccelerationin high gear, he says.