Continental began selling off its multifamily assets in 2006. "Idon't know if that was ever one of their primary businesses," NickMatt tells GlobeSt.com. Managing director of Holiday FenoglioFowler LP, which is marketing the property for the JV, Matt adds,"They built apartments primarily in conjunction with their retaildevelopments," such as the Waterfront MXD.
More recently, Matt says, Columbus, OH-based Continental hasbeen focusing more on "core competencies and property groups, and Ithink they'd probably say that's retail and office to a certainextent." Matt is confident that the Waterfront multifamily asset,which consists primarily of rental units, will find a buyerquickly.
"We have a couple of things going for us," he tells GlobeSt.com."Number one, occupancy is strong"—currently at 97%, according to anews release from HFF. "Also, there's a real opportunity to raiserents, because right now, demand is outstripping supply. With thecrisis enveloping single-family housing, residents are just notable to finance single-family properties and so the market ismoving more toward rentals."
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
