Multifamily is hot in Texas – and across the U.S. – and New York-based Global Real Estate Advisors is pursuing opportunities to buy, sell and finance deals, with new offices.
The company was created as a national platform, combining various local or regional brokerages. Following deals in the Texas cities of Alice, Corpus Christi, Edinburg, El Paso, Harlingen and McAllen, GREA announced it was opening 11 offices nationwide, including three in Texas – Austin, Houston and Dallas – as well as eight cities nationally, including in Miami, New York and Chicago.
Joe James, one of GREA’s founding partners, is currently leading a team of five people working remotely as there is no plan for a physical office in Central Texas. The firm has recruited agents from commercial giants such as Brown Realty Advisors, Greystone SF, HFO Investment Real Estate, National Apartment Advisors and Rittenhouse Realty Advisors. According to a press release from GREA, these brokerages represented more than $4.5 billion in combined sales in 2021.
“This is a market where we are constantly seeing new buyers wanting to get in,” James told the Austin Business Journal.
According to the Real Estate Center at Texas A&M University, Austin has the lowest overall apartment cap rates of any Texas metro area, including Dallas-Fort Worth and Houston. Low cap rates–short for capitalization rates–present lower risks and returns but greater expected net income, which makes Central Texas arguably the strongest multifamily market in the state.
“Transaction levels, rents, all the metrics that go into the multifamily market have remained really strong over the pandemic. I personally don’t see that slowing down at all,” said James.
James’ previous company was Dallas-based Greystone Sales Group LLC, which posted $726 million of sales volume in 2020.
[Austin Business Journal] – Madeline Sperling