Multifamily sector sees best sales in eight years

Report shows 172 multifamily purchases totaling $515M in the first half of the year

Aug.August 12, 2014 03:45 PM

During the first half of 2014, South Florida’s multifamily market posted more sales than it has since 2006, according to a report from the CBRE South Florida Multifamily Investment Properties team.

The report, which tracks sales in the $1 million to $20 million range, showed 172 multifamily sales totaling more than $515 million in the first two quarters of the year – the most in eight years.

In 2013, there were 9,558 net units absorbed in South Florida, according to CBRE’s report cited by GlobeSt. In the previous four years, the region averaged around 4,500 net absorbed multifamily units each year.

“Above-average population growth in South Florida is driving the demand for multifamily product,” says Ken Krasnow, CBRE South Florida managing director. “According to the Florida Bureau of Economic and Business Research, South Florida’s population is expected to increase by 2.4 million people, or 29%, between 2013 and 2040.” [GlobeSt.] Christopher Cameron

Related Articles

Rendering of Terra’s project and David Martin

Terra plans massive multifamily project in northwest Miami-Dade

2021-2035 Meridian Avenue, Rani Hussami and Colin Rockson

AquaBlue Group owner lists South Beach apartments for $14M

Gustavo Miculitzki, Jon Paul Perez, and Jay Roberts with a rendering of the project

Related, Block Capital sign deal with short-term rental operator

Daily Digest Miami

Canadian investment group pays $103M for Lauderdale Lakes apartments, Macy’s warns of weak holiday sales

3700 Pacific Point Place and Yaakov Frankforter (Credit: LinkedIn)

Canadian investment group pays $103M for Lauderdale Lakes apartments

The Eureka Drive site, Deme Mekras, Elliot Shainberg

Garco buys Miami-Dade land for multifamily project

FCP’s Palm Beach County portfolio and Bruce Gago

FCP pays $86M for three Palm Beach County apartment communities

WATCH: Developers and co-living operators shed light on the growing industry

WATCH: Developers and co-living operators shed light on the growing industry