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Kislak's Jason Pucci and Robert Holland
If you’re a multifamily buyer or seller, now’s the time to make your move, says The Kislak Co SVP and co-managing director Robert Holland. How about across the Hudson? Join us Sept. 8 in Iselin, NJ for our New Jersey Multifamily Summit, which Robert (right, with COO Jason Pucci) will be moderating. The biggest trend he sees: everyone’s desperately seeking apartment buildings, from REITs to small investors. But there’s difficulty finding apartment buildings to sell. “Why would owners want to sell when a building is generating income?” he asks. Owners: consider selling, because there are plenty of investors borrowing at phenomenal interest rates. Not only are buyers locking in long-term, low-rate financing, but they're getting cash-on-cash returns of 6% or more. “Sellers can benefit from this demand,” he says. What’s clear: investors want to escape Wall Street’s uncertainty and volatility through the safe haven of multifamily.
Cole Schotz real estate co-chair Michael Leighton
There’s also a growing need for rental housing to live in, as recession-battered homebuyers abandon plans to purchase houses and seek rental alternatives. Get those shovels ready, since there’s not much new development, says Cole Schotz real estate co-chair Michael Leighton, who’s also moderating. Developer clients are planning potential projects, including the reconversion of condo developments back to rental and the refinancing and repositioning of aging multifamily housing stock, “which is now gaining longer useful life as existing rental excess begins to be absorbed.” These transactions have run the gamut, from luxury digs to affordable housing in NJ’s newest neighborhoods to its oldest cities. Wanna learn more? Join Robert, Michael, Mill Creek Residential’s Peter Porraro, HFF’s Jose Cruz, AvalonBay’s Ron Ladell, Prudential Real Estate Investors’ Chip Walters, Vantage Properties’ Devin Aronstam, and Jersey City Economic Development Corp’s Dan Frohwirth to hear the latest. Great schmoozing, too! Register here.