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MIAMI-Broward County continues to be a target market for apartment residents as well as investors, according to a new report by Apartment Realty Advisors of Boca Raton.

In fact, the county received the second-best grade for multifamily investment from M/PF Research, whose research includes the multifamily market. Just four other submarkets in the country got a higher grade.

Two factors that make Broward County preferable among investors are its decreasing amount of land available for new multifamily projects and its diversified economy. Not a lot of new units are being added to the market, according to Brad Capas, senior vice president of Apartment Realty Advisors.

This year, Broward County multifamily permits seem to be slowing after peaking at about 6,300 in 2002, both due to the lack of undeveloped residential land and Fort Lauderdale’s moratorium that prohibits issuing new multifamily permits in the downtown area. This should strengthen existing apartment communities in the area, according to the report.

Apartment development in the county in the future mainly will consist of additional phases of existing apartment communities, urban infill developments and locations that developers have passed on in the past, the report adds.

In addition, an increase in condominium conversion projects is only helping the apartment investment market because existing units are coming out of the rental market, Capas tells GlobeSt.com.

“It just helps a rental apartment owner, or for an investor, it’s favorable,” Capas says.

The report adds: “Converters that have traditionally focused on coastal or urban properties are now actively seeking garden and mid-rise properties in Broward’s suburban markets.”

Condo conversion projects in Broward County include Pinecrest Village with 240 units, in Downtown Fort Lauderdale; Heather Glen with 234 units in Sunrise, Royal Gardens with 136 units in Coral Springs; The Newport with 152 units in Plantation; and LeCercle by the Beach with 91 units in Fort Lauderdale Beach.

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