DALLAS—"Horizontal multifamily" is catching on in single-story multifamily neighborhoods. This is in contrast to the typical stand-alone rental homes. And, as more people are leaving apartments and urban centers, banks are starting to finally jump on this trend. Those renters are looking for additional space and a neighborhood feel but many can't afford a home or don't want the responsibilities of home ownership.
John Hutchinson, president, central and southwestern US of Trez, says the trend came to pass when the banks wouldn't finance those types of projects. As a result, Trez started funding these deals with NexMetro. Trez financed one of NexMetro's first projects in Phoenix and completed some 12 projects with this group in the Southwest including Dallas/Fort Worth. And, Trez has begun to work with other companies with this horizontal multifamily product type.
He recently discussed the lending environment behind these types of products.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
