Bob Faith, founder of multifamily giant Greystar, tells us that shrinking cap rates on multifamily in core markets is forcing capital to develop--hence the 7,586 units across 24 properties Greystar now has under development in the US.
Even in DC, where people have been raising the overbuilt red flag for a while, Bob foresees only a temporary bubble. He thinks concerns about longer-term supply are overstated. Greystar is building two DC communities: the 288-unit Elan Potomac Heights (above) in Woodbridge and the 404-unit Ascent @ Spring Hill Station in McLean. It's also putting up the 240-unit Elan at Settlers Landing in St. Mary's County and is managing lease-up at Mill Creek Residential's 603-unit Trilogy at NoMa.
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