Spotlight On The Sun Belt
The first day of summer is tomorrow, so rising temps are on our mind. We thought it fitting to bring the heat with these flaming Sun Belt markets.
DALLAS-FORT WORTH: The Only Prescription Is More Units
Multifamily is burning up new submarkets like Fort Worth's Medical District, where the first-ever ground-up apartment project has reached 84% occupancy. Fort Worth developer Stephen Eisner (left, with Bank of Texas' Rachel Dillard) built the Phoenix Fort Worth at 429 College Ave last fall because of the fabulous employment base. (Every hospital has to employ a wise-cracking janitor and a sexy surgeon.) The submarket has 40,000 workers and is growing. Now, the area has developers looking for possible multifamily project sites to cash in.
MIAMI: A Soccer-Loving Condo Melting Pot
Miami's a futbol town, and where better to watch than from your new condo’s living room? Snapped: The Rilea Group's Diego Ojeda, Brightstar Corp's Marcelo Claure, and famed footballer David Beckham, who visited 328-unit The Bond on Brickell's sales center this week to greet supporters as part of his quest to bring a pro soccer team to Miami. Miami condo prices may have accelerated, as Sakor Development principal Barbara Salk recently told us, but as far as many Latin Americans and Europeans are concerned, it’s still a bargain. (Another perk: They buy in cash—no financing.)
CHARLOTTE: Keeping All Sectors Happy
A solid 2013 for multifamily set the stage for talk of a boom in all of Charlotte's property types this year, said panelists at Bisnow's fourth annual Charlotte State of the Market this week. (CohnReznick partner Cristi Lewis, above, is with Crescent Communities regional director for the Southeast Ben Collins.) Retail, office, and hospitality have heated up, as the local economy outpaces much of the nation. Charlotte's seen 2% to 3% job growth each year for the last four years, which can sustain demand for apartments. According to Ben, Crescent delivered about 4,500 units in the Charlotte market, and about that many of its units have been absorbed.