| Find Waldo. It's no secret that multifamily development has picked up the pace in the Charlotte area in recent months, and for Grandbridge Real Estate Capital SVP Michael Ortlip, it's now clear that existing properties have firmed in occupancy, rents, and concession reduction. It doesn't add up to overbuilding just yet, he concludes, though the market is worth keeping a close eye on because the risk is there. "New development is under way in a few submarkets, and we could certainly over-build should too much new product come out of the ground," he tells us. Grandbridge is still confident about the health of strong multifamily properties in the market, however. Its most recent deal involved originating a $21.6M acquisition loan for the 214-unit Morrison at SouthPark (pictured). |
Keep a Close Eye on Multifamily
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Michael Ortlip
