WASHINGTON-An executive with Carlyle Group LP says the firm is considering apartment sales as increased development reduces inventory and depresses price gains.
Robert Stuckey, head of US real estate investing for the Washington, DC-based private equity firm, says, “We went from an unusually high-growth market to a market that is growing and attractive but more stable. Our capital was useful at the front edge of the recovery.”
The firm has invested or committed $800 million of equity into 61 multifamily properties since the beginning of 2011, according to Bloomberg News.
The low apartment vacancies and occupancy increases are attracting institutional investors into the multifamily market that are more focused on steady returns, Stuckey said. “Investors really want the new Class A properties so we're selling into that demand.” See story at Bloomberg News.
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