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June 29, 2019

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Strong Profit Growth Keeps Apartments as Favored Property Type


Great article from CoStar on the strong fundamentals in the multifamily asset class - particularly the Class B communities that PGP tends to focus on.


We are actively looking for new properties in the $2,000,000 to $4,000,000 price point, 50 to 100 units, with strong occupancy history and some value-add possibilities!


From the article:


Apartment property performance in 2015 continued to outperform even the strong performance seen in 2014 and 2013, according to the latest financial data collected on thousands of multifamily complexes. And the net operating income performance for the property sector may still head higher. 

The combined 2015 net operating income at nearly 5,900 conventional multifamily complexes reporting year-end numbers totaled $8.16 billion, according to Fannie Mae and Freddie Mac data collected through April and analyzed by CoStar Group. Those complexes contained 1.16 million apartment units -- consequently representing NOI per unit of $7,044....


“As an investment, we feel multifamily makes sense as long as investors are selective and focus on the right product in the right markets,” Resource’s Rizzo said. “We think the best opportunities are in the older, existing Class B communities that are ripe for rehabilitation. Ideally they are located in suburban communities with employment growth and strong schools.” 

“Not only are these desirable areas to live but they are places where it is extremely difficult to build new supply. High-end, Class A, luxury apartments make up the majority of new construction. They are expensive and tend to be located in urban areas,” she added. 


Full Article here: 

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