Ain't Goin' Down
CRE's darling multifamily will continue to dominate in 2013, says JLL's new Texas multifamily managing director Jeff Price. Why? First, Jeff says, it's the most popular investment vehicle for many investors. Second: the reliable and attractive debt with Fannie Mae, Freddie Mac, and life companies. Third: the fair amount of new construction still hasn't met demand. Fourth: transaction volume in virtually every city from '05 to '07was huge. Assuming seven-year holds, '12 through '14 will be big transaction years. Finally, Texas markets are experiencing solid growth. Even with a lot of competition, there are still outstanding investment opportunities.
The JLL DFW multifamily team: David Fersing, Janet McEowen, Bill Simmons, Jeff, Alisan Rutland, and Susan Gosslee. JLL acquired The Apartment Group, where Jeff was founder and prez, earlier this month. JLL's attributes influenced his decisions, and his realm grew from DFW and Austin to the entire state. Jeff will QB efforts to add more people to the team. Something you may not know about Jeff: He's a big fan of The Duke. His favorite John Wayne movies: The Searchers, In Harm's Way, and The Quiet Man. (If you look closely over Jeff's shoulder, you'll even see a John Wayne photo on his desk. That's right, pilgrim.)