DALLAS-FORTH WORTH: Top Marks For B and C
High demand for Class-B and Class-C multifamily in Dallas-Fort Worth is fueled by population and job growth, Marcus & Millichap national multi housing group associate director Michael Ware tells us. (He’s center, in Isla Mujeres, with a six-foot sailfish.) DFW is set to add 113,900 jobs this year and increase payroll 3.6%, which will keep absorption high. That offsets the 19,000 units of new supply and keeps rents on the uptick. Debt remains historically cheap, Michael says, and an influx of new buyers and unsolicited offers is a telltale sign of a sellers’ market. On the flip side, many owners have delayed listing (even for a record price) over concerns about replacing their existing asset and cash flow in this competitive market. The fish prefers Class-Sea assets.