All those multifamily buyers out there are both a good and bad thing for Home Properties and its CEO. Yesterday, Ed Pettinella told us cap rates are just so good that the mutifamily REIT decided to increase dispositions this year, from $160M in 2012 to $200M to $300M. The hefty competition also might mean other investors "will come down and poke around" in the Class-C space that Home dominates (turning outside-the-beltway C to B). That possibility worries Ed, considering Home plans to maintain its acquisitions pace, too. It bought $298M last year and would like to do as much this go-round. One thing helping everyone buy whatever they want? There's never been a time when it was easier to get capital for multifamily, he says.
Good Time for Dispositions?
Related Topics:
Ed Pettinella, Home Properties