During one of the panels of the GlobeSt. Multifamily Fall Conference, titled "Transactions and Dealmaking," panelists expressed their active engagement in the market, scrutinizing every deal that comes their way.
"Our capital partners are somewhat lagging behind us right now, exhibiting uncertainty and a lack of conviction," stated Rob Lester, senior vice president at RMR Residential. "However, we remain focused on value-added opportunities. We dive deep, moving quickly and decisively, even though our success rate has dipped a bit."
Discussing 1031 exchanges, Jennifer Keen, EVP and western regional manager at IPX1031, noted a trend of individuals leaving California in search of lower taxes and more favorable environments. Those who have chosen to stay in The Golden State, she added, are seeing appreciation. "California is unique and special, which is why so many people are drawn to investing here."
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Moderator John Sebree, senior managing director and head of real estate investment sales at Lument, highlighted another shift in the California market: the emergence of sophisticated buyers. Otto Ozen, executive vice president at Mogharebi Group, remarked that recent activity has primarily come from private capital.
Ozen also commented on the current seller profile, noting that many deals from 2019 to 2022 were underwritten under different conditions. "There's a limited pool of transactions that need to clear the market now, especially for those unable to refinance or misjudging exit cap rates. This situation creates good buying opportunities for those ready to act."
The last few years have revealed which groups can effectively operate and which cannot, Lester explained. "Those facing operational challenges and lacking the means to address them are struggling."
When it comes to rent growth, panelists are optimistic. Meghan Czechowski, SVP and head of apprise at Apprise by Walker & Dunlop said that fundamentals remain strong nationwide, particularly in the Midwest. She emphasized the importance of monitoring rent trends in oversupplied areas. "Rents are going to rip."
Lester added that the gap between completions and starts is substantial. "Historic supply is being absorbed, indicating that 'rents will rip' as Meghan put it. And it will be significant. We're at a generational moment for rent growth."
Check out our previous coverage from the multifamily conference and come back for future stories.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
