Veteran Launches Firm

Jones, who was senior vice president with Colliers International's multifamily advisory group in Phoenix, recently left the brokerage house to create his own business, Duane Jones Realty Advisors. While negotiating for office space to set up shop, Jones shares his new company's vision and mission: to work with rentals and redevelopments in the Phoenix, Tucson and Denver markets. Within that niche, he says the sky is the limit. "We're specializing in multifamily development and sales," Jones says, "from the ground up and sales of existing apartment buildings to investors."

Armed with more than two decades in the industry with companies like National Equity Advisors, Pinnacle Realty Management Co. and Security Financial Realty Corp., Jones believes the market's future will focus on rentals, rather than condominium sales. "I see the condo market tapering off," he tells GlobeSt.com. "We're slowing down on product. There's still a lot being developed, but some of the prices they're going for are in the million-dollar range." The craze to convert everything rental into condos will ultimately increase renter demand and, in turn, make rental properties and development of those properties more desirable to investors, he predicts.

It's not only the buildings that will appeal. "For example, we might buy an older apartment building that came up in the 1960s and 70s, one that has enough land, then tear it down and put up a new multifamily in place," Jones says.

Jones acknowledges he's bucking the trend, but stands by his predictions based on his years of experience and knowledge of the market. "I have a feeling that's where trend is headed here, more multifamily rentals," he adds.