Commercial property sales have certainly jumped in recent months. But Transwestern's Jon Kleinberg says what's leading that pack is, hand?s down, multifamily. And he knows firsthand. | |
Yesterday, we snapped Jon with Mike McGaughy at Transwestern's offices in Tower Place 100. He tells us demand for multifamily properties has skyrocketed: ?Caps have fallen quicker than anybody could have imagined." The market has seen a flood of Class B and C apartment properties being put on the block and purchased by investors with cap rates down 100 bps to sub-6 rates at times, Jon says. And he expects even more sales in Q4. Jon has a number of apartment properties on the market, including Hickory Knoll, a 145-unit Class B apartment complex in Canton. | |
Since we had Jon's attention, we showed him recent Trepp LLC data prepared for Bisnow that shows total CMBS loans in special servicing in Atlanta through August. On the face of it, Jon says it appears the market has peaked. But he's quick to say that's notgoing to be the case: ?I think people need to catch their breath because there's a whole lot more on the way.? That's because of maturities. Jon says he sees a deluge of CMBS loans coming to market between 2012 and 2014 as maturities come due, which will spike the amount of loans being serviced in the near future. |
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