TAMPA-The hot Miami multifamily market is prompting some investors, particularly those from South America, to look for more attractive opportunities a little farther north, in markets like Tampa and Orlando.
John W. Stone, managing director of Multifamily Investment Services at Colliers International Tampa Bay, says he expects third quarter multifamily sales figures for Tampa Bay to drop approximately 20% from the post-recession high of $368 million in the second quarter.
However, the impact of higher rates will not temper demand in the long term, he notes, saying that available capital and market demand will keep multifamily investment at health level for the next decade.
Darron Kattan, managing director of real estate firm Franklin Street, says that some of the Tampa Bay multifamily demand is being driven by South American investors who are finding it difficult to land multifamily properties in the Miami market. See story in the Tampa Bay Business Journal.
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