2Q15 - Newmark Grubb Knight Frank

Transcription

2Q15
NATIONAL MULTIHOUSING
MARKET OVERVIEW
2Q15
National Multihousing Market Overview
Table of Contents
2
3 Market Overview
4 Historical Sales Volume
5 Development Pipeline
6 Vacancy Rates
7 Market Metrics: Average Price Per Unit
8 Market Metrics: Average Cap Rate
9 Top 20 Buyers and Sellers
10 International Capital Distribution: Invested Capital $50 + Million
11 International Capital Distribution: Heat Map
12 Largest Landlords by Units
13 Top Regional Buyers
14 Volume by Transaction Type
15 Supply Relative to Job Growth
16 Primary Market Fundamentals
17 Historical Rent Growth vs. Inflation
18 Volume Examination: By Property Type and Market Tier
19 Price Per Unit by Vintage
20 Buyer and Seller Distribution
21 Multihousing Debt Origination
22 Primary vs. Secondary Multihousing Markets
23 Market Insight: Student Housing
24 Significant Investment Sales
25 Properties on the Market
2Q15 NATIONAL MULTIHOUSING MARKET OVERVIEW
2
|2
2Q15
Market Overview
► Multihousing has remained in expansion mode throughout the first half of 2015 with $59.5 billion in transaction volume,
representing a 29.6% increase from the first half of 2014
– Year-to-date, private and institutional investors have accounted for 89.4% of purchases
► National cap rates declined to 5.9% in 2Q15, while the average price per unit increased to $130,375
► Although more than 230,000 units are expected to be delivered in 2015, the National Multihousing Council estimates nearly
300,000 to 400,000 units will be needed to meet annual demand
► Increased capital flow into secondary and tertiary markets is occurring as investors seek higher yield, with a preference for
suburban Class A and Class B product
► Vacancies remained stagnant at 4.2% nationally, while asking and effective rents increased 1.1% in 2Q15
– The West region features the lowest vacancy rate and was the top performing rent growth region year-over-year. Rental rate advance
is predominantly led by appreciation of 5% or greater in Seattle, Denver, Oakland, San Francisco and San Jose
► International Capital over the past 12 months was the strongest in the Southeast region, with both Raleigh-Durham and Atlanta
seeing over $450 million of foreign investment
► As the apartment REITs continue to scale their business, the industry has undergone consolidation
– Brookfield Asset Management recently acquired Associated Estates and Lone Star acquired Home Properties
► There has been a large influx of institutional investment in the student housing sector over the course of the past three years,
highlighted by several new equity entrants
3
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2Q15
Historical Sales Volume
United States (Billions)
$40

Through the first two quarters of
2015, multihousing sales volume
$35
increased 29.6% to $59.5 billion,
compared with $45.9 billion during
$30
the same period in 2014.

$25
Sales volume of garden properties
accounted for 69.1% of multihousing
transactions in 2Q15.
$20

$15
As investors seek higher yields,
secondary markets have experienced
considerable increases in volume
$10
year-over-year:
- Orlando +165.7%
$5
- Charlotte +127.1%
- Minneapolis +122.2%
- Sacramento +118.2%
$0
2005
2006
2007
2008
2009
Source: Newmark Grubb Knight Frank Research, Real Capital Analytics
2010
2011
2012
2013
2014
2015-YTD
4
|4
2Q15
Development Pipeline
Annually Completed Units (United States)

According to the National Multifamily
Housing Council (NMHC), 300,000
180,000
167,754
to 400,000 units will be needed to
160,000
meet national demand.
138,775
140,000

134,971
Reis expects 230,224 units to be
delivered in 2015.
119,330
120,000
100,000
93,227

100,804
100,630
95,205
Houston continues to lead the
country in new construction with
79,654
14,374 units expected to be
79,726
80,000
delivered in 2015, followed by New
York City with 11,548 and Dallas
60,000
with 9,418.
43,016
40,000

Nashville is the top-ranked metro
for forecasted inventory growth
20,000
at 15.6%.
0
2005
2006
2007
2008
2009
Source: Newmark Grubb Knight Frank Research, U.S. Census Bureau, Reis
2010
2011
2012
2013
2014
2015-YTD
5
|5
2Q15
Vacancy Rates
United States
2005

5.7%
In 2015, national vacancy rates
remained unchanged and have
2006
5.8%
2007
contracted marginally since 2013.
5.7%
2008

At 3.4%, the West region
continues to boast the lowest
6.7%
vacancy rate in the country,
2009
8.0%
followed by the Northeast at 3.5%.
2010
6.6%
2011

5.3%
2012
Year-over-year, vacancy rates
have declined sharply in Memphis
(140 basis points), Dayton (120)
4.6%
and Las Vegas (100), while Austin
2013
4.3%
2014
4.2%
2015-YTD
4.2%
and Boston have seen vacancy
rates rise 100 and 110 basis
points, respectively.
0%
1%
2%
Source: Newmark Grubb Knight Frank Research, Reis
3%
4%
5%
6%
7%
8%
9%
6
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2Q15
Market Metrics:
Average Price Per Unit
SEATTLE
$205,143
MINNEAPOLIS
PORTLAND
$175,541
$147,957
BOSTON
$286,786
DETROIT
$92,162
SAN FRANCISCO
MANHATTAN
$312,152
$72,375
SAN JOSE
$238,411
$167,831
LAS VEGAS
$491,539
PHILADELPHIA
CHICAGO
WASHINGTON, DC
INDIANAPOLIS
DENVER
KANSAS CITY
$162,256
$63,619
$185,181
$295,893
$68,108
Additional Markets
ST. LOUIS
$84,484
LOS ANGELES
NASHVILLE
CHARLOTTE
$108,066
$90,320
PHOENIX
$219,269
SAN DIEGO
$90,319
$202,025
DALLAS
ATLANTA
$92,380
$96,190
ORLANDO
AUSTIN
$138,718
$114,736
HOUSTON
$82,477
TAMPA
$94,021
MIAMI
$208,656
MSA
Baltimore
Cincinnati
Cleveland
Columbus
Jacksonville
Long Island
Louisville
Palm Beach
Pittsburgh
Raleigh-Durham
Sacramento
Salt Lake City
San Antonio
Stamford
Westchester
PPU
$107,472
$80,870
$46,781
$60,032
$70,690
$139,205
$73,896
$139,973
$53,381
$104,269
$105,600
$133,207
$150,694
$125,448
$181,910
7
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2Q15
Market Metrics:
Average Cap Rate
SEATTLE
5.3%
PORTLAND
5.5%
MINNEAPOLIS
6.3%
BOSTON
4.8%
DETROIT
7.4%
SAN FRANCISCO
MANHATTAN
CHICAGO
3.9%
PHILADELPHIA
6.3%
7.2%
DENVER
SAN JOSE
INDIANAPOLIS
5.3%
4.8%
4.0%
4.0%
KANSAS CITY
WASHINGTON, DC
7.2%
4.0%
LAS VEGAS
6.0%
Additional Markets
ST. LOUIS
7.3%
LOS ANGELES
CHARLOTTE
NASHVILLE
6.1%
6.2%
4.9%
SAN DIEGO
5.1%
PHOENIX
ATLANTA
6.1%
DALLAS
5.5%
6.6%
AUSTIN
ORLANDO
5.3%
6.9%
HOUSTON
6.3%
TAMPA
5.6%
MIAMI
5.2%
MSA
Cap Rate
Baltimore
Cincinnati
Cleveland
Columbus
Jacksonville
Long Island
Louisville
Palm Beach
Pittsburgh
Raleigh-Durham
Sacramento
Salt Lake City
San Antonio
Stamford
Westchester
5.9%
7.9%
7.0%
7.0%
6.9%
5.7%
6.5%
5.1%
6.7%
6.1%
5.6%
6.5%
5.8%
5.9%
6.6%
8
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2Q15
Top 20 Buyers
Top 20 Sellers
Past 12 Months (Millions)
Past 12 Months (Millions)
BH Management Services
$692
Invesco Real Estate
$742
David Werner Real Estate
$695
Related Companies
$775
Kushner Companies
$714
Capri
$785
Invesco Real Estate
$719
Bettina Equities
$800
$806
Essex Property Trust
$782
Alliance Residential
Kennedy Wilson
$788
City Investment Fund
Rockpoint Group
$799
Cortland Partners
$910
Heitman
$914
Brookfield Asset Management
$917*
Greystar Real Estate Partners
$953
TIAA-CREF
$982
Starwood Capital Group
Maximus Real Estate Partners
Thor Equities
TruAmerica Multifamily
$1,224
Guardian Life Insurance Co
Blackstone
Lone Star
Blackstone
$1,052
AvalonBay
$1,068
Rockpoint Group
$1,068
Fairfield Residential
$1,084
Wood Partners
$1,126
$1,208
$1,036
Urban American Management Corp
$1,058
Strata Equity Group
Fortress
$1,004
Fannie Mae
JP Morgan
Praedium Group
$1,348
DRA Advisors
$1,488
Bell Partners
$1,833*
Clarion Partners
$3,478
$917
Gables Residential
$1,141
$1,198
$1,255
$1,328
$1,560
$1,679
$1,935
$2,179
$3,036
* Brookfield Asset Management’s acquisition of Associated Estates and Lone Star’s acquisition of Home Properties are scheduled to close by 4Q15; therefore, they are not calculated in our methodology at this time.
9
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2Q15
International Capital Distribution
United States (Past 12 Months)
Singapore
2.1%
Sweden
2.4%
Kuwait
2.9%
INVESTED CAPITAL $50 + MILLION
Brookfield Asset Management
Other
6.6%
$1 B+
Bahrain
3.8%
UBS Financial Services, Starlight Investments
Investcorp, CPP Investment Board, Wafra
$500 M - $999 M
$250 M - $499 M
Percentage Based Upon
Dollar Volume of
Properties Purchased
UK
4.9%
Canada
55.4%
Mexico
6.3%
Zurich Financial, Akelius Fastigheter AB, Balfour Beatty,
H&R Retail, IDB Group, Mapletree Commercial Trust,
Ruimy Family, Pure Multi-Family REIT, Ergas Group,
Caisse de Depot, Grosvenor, Venterra Properties
$100 M - $249 M
Kenedix, Menora Mivtachim Holdings, Kaufu Properties
LLC, Mitsui Fudosan, Belkorp Industries Inc, Olayan
Group, Acro Group, Universal-Investment, Land &
Houses PLC, Brass Enterprises, Retirement Concepts,
Emma Capital, Polar Investments Ltd
$50 M - $99 M
Israel
4.8%
Switzerland
10.8%
10
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2Q15
International Capital Distribution
Past 12 Month

The top five metros for multihousing
investment by international capital
over the past 12 months were: New
York City ($1.8 billion), San
Francisco ($785.7 million), Dallas
($769.4 million), Washington, DC
($701.1 million), and RaleighDurham ($547.8 million).
Regional Volume Analysis
Midwest
10.0%
Southeast
23.5%
MidAtlantic
12.1%
Northeast
20%
West
14.2%
Northeast
20.1%
Southwest
20.1%
11
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2Q15
Largest Landlords by Units
United States and Regions
Company
Equity Residential
MAA
Clarion Partners
Blackstone
Aimco
Fairfield Residential
Westdale
UDR
Home Properties
AvalonBay Communities
GE Capital
Weidner Apartment Homes
Morgan Properties
General Investment & Development
Morgan Stanley
Fowler Property Acquisitions
JRK Asset Management
Goldman Sachs
Bridge Investments
DRA Advisors
Ares Management
Harbor International Group
Total Units
110,552
80,411
63,834
51,848
45,275
40,770
39,876
38,444
37,034
35,065
34,618
34,204
33,479
31,786
31,361
30,289
29,906
29,862
28,491
28,482
28,433
25,953
25,861
25,823
25,314
Northeast
Total Units
Mid-Atlantic
Total Units
Cammeby’s International Group
18,375
Southern Management
24,468
RiverBay Corporation
15,372
Home Properties
22,789
CWCapital
12,514
Morgan Properties
21,552
Equity Residential
12,053
Sawyer Realty Holdings
17,329
Morgan Management
11,814
Equity Residential
15,108
Southeast
Total Units
Midwest
Total Units
MAA
51,614
Monarch
13,484
Cortland Partners
17,339
Mills Properties Inc.
9,539
Lindsey Management Co
16,939
Princeton Enterprises
9,240
Bell Partners
14,554
Apollo Property Management
9,235
13,976
K&D Group
9,041
Southwest
Total Units
West
Total Units
MAA
22,998
44,893
Westdale
21,554
Equity Residential
30,936
CWS Capital Partners
18,958
Irvine Companies
22,940
Weidner Apartment Homes
18,251
Kennedy Wilson
19,710
Bridge Investments Group
14,719
AvalonBay Communities
17,916
* Brookfield Asset Management’s acquisition of Associated Estates and Lone Star’s acquisition of Home Properties are scheduled to close by 4Q15; therefore, they are not calculated in our methodology at this time.
12
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2Q15
Regional Buyers
YOY% Change of Top Buyers
West
Company
Midwest
Southwest
Company
YOY %
Guardian Life
Insurance Co
274%
Clarion Partners
871%
Heitman
New
Entry
Lone Star
New
Entry
TruAmerica
Multifamily
289%
Lone Star
562%
Weidner Apt
Homes
230%
Clarion Partners
Maximus Real
Estate Partners
667%
Olympus
Property
661%
Lone Star
New
Entry
Essex Property
Trust
-83%
Invesco Real
Estate
84%
Solomon
Organization
Kennedy Wilson
114%
Fowler Property
Acquisitions
248%
Georgetown
Company
Company
Northeast
YOY %
Company
YOY %
Dweck
Properties Ltd
New
Entry
Brookfield Asset
Management
New
Entry
New
Entry
David Werner
Real Estate
New
Entry
Kushner
Companies
677%
Cortland
Partners
163%
Redbrick
Partners
New
Entry
Cammeby’s
International
367%
New
Entry
Starwood Capital
Group
New
Entry
TIAA-CREF
-23%
Clipper Equity
New
Entry
New
Entry
Blackstone
346%
Pantzer
Properties
42%
HFZ Capital
Group
YOY %
Company
Mid-Atlantic
YOY %
Company
Southeast
YOY %
7%
13
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2Q15
Volume by Transaction Type

2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Individual sales remain the core
transaction type in the multihousing
2015-YTD
sector, accounting for an average
72.9% of all transactions over the
past ten years.

2015 marks the highest level of
entity-level transactions since 2007,
primarily due to Brookfield Asset
Management’s purchase of
56.3%
57.2%
Associated Estates for nearly
62.4%
$2.5 billion.
74.3%
22.1%
75.5%
79.2%
82.6%
16.4%
21.7%
22.9%
4.0%
20.7%
Entity
2.8%
1.3%

80.2%
16.2%
20.2%
17.4%
0.0%
Portfolio
Portfolio transactions have risen
slightly in 2015, as volume was
36.6%
87.5%
11.2%
4.4%
23.0%
72.5%
74.3%
boosted by UDR’s $908 million
19.3%
purchase of 3,246 units previously
0.5%
11.2%
1.0%
4.3%
20.7%
owned by Home Properties.
Individual
14
| 14
2Q15
Supply Relative to Job Growth
85
1.30
9.00
75
8.50
2004 2006 2008 2010
Apartment Inventory
2.60
17
1.70
16
1.65
15
1.25
16
1.15
2004 2006 2008 2010
Apartment Inventory
21
1.80
Southwest
15
2012 2014
Total Employment
10
8
1.60
6
4
1.40
2
2.00
2004 2006 2008 2010
Apartment Inventory
18
2012 2014
Total Employment
Source: Newmark Grubb Knight Frank Research, Reis
1.20
2004 2006 2008 2010
Apartment Inventory
1.60
2004 2006 2008 2010
Apartment Inventory
22.00
14
2012 2014
Total Employment
West
3
0
2012 2014
Total Employment
3
20.00
3
19.00
3
18.00
2004 2006 2008 2010
Apartment Inventory
Millions
19
17
21.00
Millions
2.20
Millions
20
Millions
Millions
2.40
Midwest
1.20
70
2012 2014
Total Employment
South Atlantic
1.75
Millions
80
18
Millions
9.50
Northeast
Millions
1.35
Millions
Millions
10.00
90
Millions
United States
Millions
10.50
3
2012 2014
Total Employment
15
| 15
2Q15
Primary Market Fundamentals
Current Metrics vs. 5 Years Ago
2Q15
2Q10
$520,000
$470,000
$420,000
Price Per Unit
$370,000
$320,000
$270,000
$220,000
$170,000
$120,000
$70,000
3.5%
4.0%
4.5%
5.0%
5.5%
6.0%
6.5%
7.0%
7.5%
Cap Rate
Manhattan
Boston
Washington, DC
Chicago
Los Angeles
San Francisco
16
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2Q15
Historical Rent Growth vs. Inflation
United States
6%

National rents have outpaced
inflation in four out of the past
5%
five years.
4%

3%
Rents in 2014 finished 290 basis
points above the U.S. Consumer
Price Index.
2%

While national rent growth finished
1%
2Q15 up 3.6% year-over-year
nationally, rent growth in Western
0%
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
cities has appreciated at a much
-1%
faster rate than inflation:
- Seattle +5.3%
-2%
- Denver +5.8%
-3%
-4%
- Oakland +6.2%
- San Francisco +7.1%
Effective Rent Growth
Source: Newmark Grubb Knight Frank Research, U.S. Bureau of Labor Statistics, Reis
U.S. Consumer Price Index
- San Jose +7.4%
17
| 17
2Q15
Volume Examination
Volume by Property Type
Volume by Market Tier
$120

2011
$35
Year-to-date, 54% of transactions
$13 $10
have been in primary markets,
$100
compared with 27% in secondary
$42
2012
$38
$80
$52
$21
and 19% in tertiary.
$15

Billions
Billions
$33
$60
$21
2013
$61
$23
in the suburbs have become
$17
more attractive in a lowyield environment.
$19
$40
$64
2014
$71
$62
$28
$23

$55
$20
$38
$32
Class A and Class B product
Despite the trend of building in
urban infill locations, garden
2015-YTD
$32
$16 $11
properties remain the dominant
$0
player in transactions.
2011
2012
Garden
2013
2014
2015-YTD
Mid/Highrise
$0
$50
Primary
$100
Secondary
$150
Tertiary
18
| 18
2Q15
Price Per Unit by Vintage
UNITED STATES
1970-1979
1980-1989
1990-1999
2000-2009
2010-2015
$93,884
$117,680
$132,418
$180,762
$268,482
Mid-Atlantic
Midwest
Northeast
Southeast
Southwest
1970-1979
$97,433
$51,520
$178,963
$46,986
$53,399
1980-1989
$136,351
$85,687
$212,478
$69,816
$68,449
$133,303
1990-1999
$145,555
$83,378
$227,264
$92,397
$115,200
$130,714
2000-2009
$182,074
$115,217
$347,826
$113,420
$127,082
$198,952
2010-2015
$315,251
$226,330
$395,480
$175,867
$172,625
$325,339
West
$135,005
* Based on transactions in the past 24 months.
19
| 19
2Q15
Seller Distribution
Buyer Distribution
100%
7.0%
1.6%
4.9%
2.1%
5.2%
2.5%
5.1%
3.2%
5.7%
1.5%
100%
4.1%
3.2%
4.3%
3.8%
12.5%
3.4%
5.1%
3.3%
23.6%
80%
32.2%
23.6%
34.9%
29.5%
80%
23.0%
26.0%
26.6%
38.5%
27.7%
60%
3.0%
1.8%
60%
49.2%
40%
48.0%
40%
60.0%
58.5%
59.9%
50.4%
20%
56.4%
67.0%
43.7%
51.2%
20%
19.5%
11.3%
8.1%
7.7%
0%
2011
Public/REITs
2012
Private
2013
Institutional
2014
User/Other
3.3%
2015-YTD
International
8.2%
5.3%
2011
2012
0%
Public/REITs
Private
9.7%
8.5%
2013
2014
Institutional
User/Other
5.2%
2015-YTD
International
20
| 20
2Q15
Multihousing Debt Origination
Origination Volume Index

400
Boosted by strong sales, originations
continue to surge in 2Q15.
350

In 1Q15, conduit lenders provided
additional liquidity with over 20% of
300
multihousing originations.

At 20% of the market, CMBS
250
remains a critical source of capital.

200
In May, the Federal Housing
Finance Agency (FHFA) ruled that
150
agencies could finance an additional
$15 billion. As a result, the GSEs will
100
likely be more active in the market.

50
Between 2015 and 2017, $40.5
billion in legacy multihousing CMBS
0
2010
is set to mature.
2011
2012
Source: Newmark Grubb Knight Frank Research, Mortgage Bankers Association, Trepp
2013
2014
2015-YTD
21
| 21
2Q15
Primary vs. Secondary Multihousing Markets
Cap Rates
Price Per Unit

$246,341
$250,000
8%
Over the past 24 months, cap rates
in the primary markets have
compressed by 50 basis points,
while secondary markets have
7%
6.5%
$200,000
compressed by only 10 basis points.

primary markets increased by 76.4%
$150,000
6%
The average price per unit in the
over the past decade, more than
$98,971
5.0%
5%
$100,000
4%
double the rate of increase in the
secondary markets (34.6%).
$50,000
2005
2007
2009
Primary
2011
2013
2015-YTD
Secondary
2005
2007
2009
2011
Primary
2013
2015-YTD
Secondary
* The six primary markets defined by Real Capital Analytics are New York, Boston, Washington, DC, Chicago, Los Angeles and San Francisco
22
| 22
2Q15
Market Insight: Student Housing
United States

Historical Cap Rates
increased 87.8% from 2010 to 2014,
Over the past 12
months, cap rates
have compressed
70 basis points
10.0%
9.0%
8.6%
7.6%
8.0%
Student housing sales volume
while the number of properties sold
grew by 45.9%.

7.0%
The sector has institutionalized
tremendously over the past 36
6.0%
6.0%
months, with many new entrants.
5.0%
1Q02
1Q03
1Q04
1Q05
1Q06
1Q07
1Q08
1Q09
1Q10
1Q11
1Q12
1Q13
1Q14
1Q15

In 2014, the student housing REITs
came under pressure and were
Number of Properties Sold
200
184
100
them are looking to deploy capital
178
143
137
150
largely sellers, but in 2015, many of
New Equity Entrants
Sandlapper
Capital
50

Kayne
Anderson
89
88
and/or invest in their pipeline.
Candlebrook
Properties
Blue Vista
Since 2012, 216,645 beds have
been delivered, only 7,000 less than
Starwood
Capital
Group
the total number of beds delivered
from 1980 to 2006.
0
2010
2011
2012
2013
2014
2015-YTD
Source: Newmark Grubb Knight Frank Research, Real Capital Analytics, Axiometrics
23
| 23
2Q15
Significant Investment Sales
Recently Completed Transactions by ARA Newmark
Farrington Lake
Chapel Hill, NC
Inman Quarters
Atlanta, GA
Randall Highlands
Aurora, IL
Broadway Square
Houston, TX
Horizons at Rock Creek
Superior, CO
Woodland Villas
Pleasanton, CA
Address:
Address:
Address:
Address:
Address:
Address:
6123 Farrington Rd
299 N Highland Ave
1241 N Ritter St
8751 Broadway St
2200 S Tyler Dr
4320 Valley Ave
Buyer:
Buyer:
Buyer:
Buyer:
Buyer:
Buyer:
Resource Real Estate
TriBridge Residential
Steadfast Companies
Easy Park
Bell Partners
Greystar Real Estate
Seller/Client:
Seller/Client:
Seller/Client:
Seller/Client:
Seller/Client:
Partners
Sterling Equities
South City Partners
Marquette Companies
Post Investment Group
Simpson Housing LLLP
Seller/Client:
Price:
Price:
Price:
Price:
Price:
MCERA/Woodmont
$46.8 million
$72.5 million
$32.1 million
Confidential
Approximately $250 million
Price:
Price Per Unit:
Price Per Unit:
Price Per Unit:
Price Per Unit:
Price Per Unit:
$53 million
$113,747
$247,000
$219,966
Confidential
Approximately $207,297
Price Per Unit:
Units:
Units:
Units:
Units:
Units:
$353,333
411
200
146
2,470
1,206
Units:
Year Built:
Year Built:
Year Built:
Year Built:
Year Built:
150
1990
2014
2013
1976
1997
Year Built:
1982
Source: Newmark Grubb Knight Frank Research
24
| 24
2Q15
Properties on the Market
Currently Available via ARA Newmark
Crescent Alexander Village
Charlotte, NC
Ravaudage
Orlando, FL
ALARA at Summerfield
Aurora, IL
Cortona Lofts & Gardens
Fairview, TX
Waterline
Portland, OR
Enso
San Jose, CA
Units:
Units:
Units:
Units:
Units:
Units:
320
288
368
420
243
183
Year of Completion:
Year of Completion:
Year of Completion:
Year of Completion:
Year of Completion:
Year of Completion:
2015
2017 (Expected)
1999/2002
2008
2015
2014
Acres:
Acres:
Acres:
Acres:
Acres:
Acres:
18.6
4.0
25.7
17.7
1.8
3.2
Quick Facts:
Quick Facts:
Quick Facts:
Quick Facts:
Quick Facts:
Quick Facts:
Best-In-Class Amenities and
Proven Developer in Florida,
Excellent Value-Add
Superior Location, Quality
Class A Riverfront Location,
Premium Class A
Unit Finishes, 40,000 Jobs
Located Near Orlando’s
Opportunity, Institutionally-
Construction, First-Class
2015 LEED Gold
Community in the Heart of
Within 3 Miles
Largest Employment Centers
Owned Class A Property
Interior Finishes
Construction
Silicon Valley
Lead Broker:
Lead Broker:
Lead Broker:
Lead Broker:
Lead Broker:
Lead Broker:
Blake Okland
Patrick Dufour
Susan Lawson
Brian Murphy
Gail Neuburg
Mark Leary
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
Source: Newmark Grubb Knight Frank Research
25
| 25
New York City
HEADQUARTERS
125 Park Avenue
New York, NY 10017
212.372.2000
James Kuhn
President
212.372.2200
[email protected]
Blake Okland
Vice Chairman
704.926.4431
[email protected]
Jonathan Mazur
Managing Director, Research
212.372.2154
[email protected]
Michael Wolfson
Capital Markets Research Analyst
212.372.2453
[email protected]
Newmark Grubb Knight Frank has implemented a proprietary database and our tracking methodology has been revised. With this expansion and
refinement in our data, there may be adjustments in historical statistics including availability, asking rents, absorption and effective rents.
Newmark Grubb Knight Frank Research Reports are also available at www.ngkf.com/research
All information contained in this publication is derived from sources that are deemed to be reliable. However, Newmark Grubb Knight Frank (NGKF) has not verified
any such information, and the same constitutes the statements and representations only of the source thereof, and not of NGKF. Any recipient of this publication
should independently verify such information and all other information that may be material to any decision that recipient may make in response to this publication,
and should consult with professionals of the recipient’s choice with regard to all aspects of that decision, including its legal, financial, and tax aspects and
implications.
Any recipient of this publication may not, without the prior written approval of NGKF, distribute, disseminate, publish, transmit, copy, broadcast, upload, download, or
in any other way reproduce this publication or any of the information it contains.
www.aranewmark.com

2Q15 - Newmark Grubb Knight Frank

Transcription

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