JLL hires three for SF office with multifamily focus

The move comes as institutional investors flood multi-family market

JLL's Ryan Wagner, Matt Kroger and Brandon Geraldo (iStock, Colliers)
JLL's Ryan Wagner, Matt Kroger and Brandon Geraldo (iStock, Colliers)

JLL hired three people from Colliers for its office in San Francisco, where they’ll provide advisory services on multi-family housing to institutional investors.

The company said Ryan Wagner, Matt Kroger and Brandon Geraldo joined the Chicago firm’s San Francisco office to focus on the Bay Area, northern California and northern Nevada. They have a combined 47 years of experience in the industry and had already been working in the Bay Area.

“We’re seeing the business rapidly move towards a more institutional focus,” Geraldo said in an interview. “Deals that were traditionally private capital are now being acquired by more institutional players.”

Institutional investors are flooding the Bay Area’s multifamily market, pushing aside mom and pop owners, as listings for single-family homes plunged by at least 40 percent in January from a year ago.

JLL isn’t alone. Lee & Associates opened a San Francisco office this month. While the office will specialize in commercial real estate, the firm has plans to ramp up its multifamily capabilities in San Francisco.

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Geraldo said that his team is also looking into Reno, Nevada as tech firms move to places where operational costs are lower than in the Bay Area. With that move, he said their clients are also following the trend and investing in northern Nevada.

Rents in cities across the Bay Area are inching closer to pre-pandemic levels. San Mateo rents were 17 percent higher in February than they were the same period the year prior, with the average asking price $2,370 for a one-bedroom apartment. San Francisco rents increased 16 percent during the same period.

“Once tech comes back, once the financial institutions are back in the office, we’re confident that we’re going to see rent growth really pick up,” Geraldo said.

JLL, which struggled during the pandemic, reported a net income of $421.4 million for the fourth quarter, about 40 percent more than in the same quarter last year.

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