MIAMI-The drought in multifamily construction is over for sure. The latest statistics indicate that thousands of new units have been completed in Miami-Dade and Broward counties of late, with thousands more in the development pipeline.
The Hunter Group of Institutional Property Advisors in Fort Lauderdale reports that 13 new rental apartment projects containing 3,508 units were completed recently in Miami-Dade and Broward counties. The report notes that there are another 31 projects with 9,841 units currently under construction, according to the Miami Herald.
Soaring demand has also led to developers planning another eight rental developments with 2,035 units currently in the permitting stage. The report adds that there are an additional 32 projects with 10,313 units planned for the region, as of July.
Jorge Pérez's Related Group is one of the busier multifamily developers in the area with 13 market-rate rental projects with 4,000 units in the pipeline, most of which are located in Miami-Dade and Broward counties. That does not include the firm's affordable rental affiliate, Related Urban, which has thousands more units planned. See story in the Miami Herald.
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