Pacific NW Ripe for Multifamily Management Opportunities
Templeton plans to capitalize on the multifamily growth opportunities in the Pacific Northwest and Southern California by expanding its footprint to residents across Seattle and the West Coast.
PORTLAND, OR—According to the National Multi-housing Council, multifamily investments are mainly held by individual investors (74%), LLP, LP, LLC or general partnerships (16%), trustees for estates (4%), nonprofit organizations/housing cooperatives/tenants in common (2%), REITs (1%) and real estate corporations (1%). New York has the most multifamily properties followed by California, according to NMHC.
One firm plans to capitalize on those multifamily growth opportunities in the Pacific Northwest and Southern California with a recent new hire. Portland-based property management firm Templeton Property Management hired veteran real estate industry executive Christopher Koegel as president of property management.
In this newly created role, Koegel will be responsible for leading the execution and strategy related to all property and commercial management for Templeton’s 4 million-square-foot portfolio as the firm prepares to expand deeper into the region.
“As NBP Capital and Templeton look toward the future, we felt the time was right to bring on a skilled property management leader like Chris to position us for continued expansion, growth and broader scale on the West Coast,” said Lauren Noecker Robert, managing member and co-founder of NBP Capital.
Koegel will work alongside the firm’s senior and executive management leaders to direct property, commercial, accounting, capital, maintenance and ancillary services teams. He will also be responsible for implementing policies, programs and initiatives that promote customer satisfaction, operational excellence and strong financial results.
As a 23-year industry veteran, Koegel has a long history of creating value for owners and enhancing teams. He worked in senior level and executive leadership roles for more than two decades at companies such as Trammell Crow, Riverstone Residential Group, BRE Properties, Madrona Ridge Residential and HNN Associates.
“From Vancouver, Eastside Portland and Gresham to the Beaverton, downtown Portland and Tigard districts, Templeton Property Management oversees 37 unique communities in the greater Portland area with a heavy emphasis on rentals that fit our tenants’ specific needs,” Koegel tells GlobeSt.com.
“Looking forward to the year ahead, we are excited to continue expanding our footprint to residents across Seattle and the West Coast.”
As a full-service property management firm specializing in multifamily property management, Templeton was founded by NBP Capital in 2016. Templeton is the property management arm of NBP Capital, a privately held commercial real estate fund with a focus on value-add opportunistic investing primarily on the West Coast. The fund has $1 billion in assets under management and is invested across all sectors, including multifamily, office, hospitality, industrial and self storage. NBP Capital currently has approximately 1 million square feet of new construction in progress, 60 properties owned or managed and 110,000 square feet under renovation.
The US Census Bureau’s apartment vacancy rate for all rental apartments (in buildings with five or more units) rose 40 basis points in the third quarter of 2018 to 8.8%, a 60 bps decrease from the third quarter 2017.
RealPage’s national vacancy rate for investment-grade apartments dropped 40 bps to 4.2% in the third quarter, leaving it 50 bps lower than the previous year’s third-quarter figure. This fall in vacancy rates spanned all regions but was most sizeable in the South, where rates dropped 50 bps to 4.8%. Rates in the Northeast and Midwest followed with a 40 bps decline each to 3.4 and 4.1%, respectively. The West had the smallest reduction, with rates falling 30 bps to 3.7%. Net absorptions of investment-grade market-rate apartments tracked by RealPage fell to 104,492 in the third quarter, down from the 133,112 units absorbed in second quarter 2018. The trailing four-quarter sum, however, rose by 4.8% from second quarter 2018 to 321,529. This marks the fourth consecutive quarter in which the trailing four-quarter sum was more than 300,000 and was the largest fourth-quarter sum since first quarter 2011, says RealPage.