Trevor Koskovich

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PHOENIX—The multifamily asset class may be white hot right now, but there are still attractive investment options in the sector, according to Trevor Koskovich, president of NorthMarq’s Multifamily division.

“There are excellent opportunities happening out there in the marketplace,” he tells “There are especially attractive deals in the new construction space especially in high quality assets with a long term hold. The market is still starved for yields.”

New Construction

New construction spaces are currently appealing because they have good basis points and investors can purchase new products for close to the cost of an older product. “For example, I can buy a new building for $35,000 more than the cost of an old building. Of course I would naturally gravitate towards the new construction,” says Koskovich.

Affordable Housing

Koskovich observes that the affordable housing space is attractive and there are a lot of investors taking advantage of that niche market. The problem is that regulations are so stiff that building affordable housing can get stifling. “As a matter of fact, the difference between the cost of constructing affordable housing versus the cost of putting up a luxury high-rise building isn’t that much,” he says.

Value-add Properties

As for value-adds, “there is a lot of capital chasing those properties,” says Koskovich. “As a result, it can get pricey quick. It’s a competitive environment.”

An investment strategy which includes moderately light renovations to these older properties may offer significant potential upside. Once renovated, these properties often provide renters with a valuable, reasonably-priced alternative to new construction.


Koskovich sees the strong multifamily investment trend continue into the rest of 2019, but with a more modest growth compared to last year.

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